Everything We are Doing is to Improve Shareholder Value
Northridge, CA, March 11, 2019 (GLOBE NEWSWIRE) -- Crednology Holding Corp. (OTC Pink: COHO; "Crednology").
There has been a reduction in shareholder value over the last few days because we have no option but to complete a 10 for 1 reverse of the stock. We tried everything possible to avoid this action but were not successful.
But why are we doing this? NOT to hurt our shareholders, NOT for overhead as we are profitable and NOT for cash flow as our businesses have good cash flow. We are doing it because we need to grow to bring trueShareholder Value.
Orie Rechtman, CEO commented:
"Let's look at what I have done since selling my Companies to COHO.
- COHO was operating at a loss. There was little or no chance of much growth. I sold my successful cloud computing and disaster recovery companies to COHO. Since then I have acquired California Recycles, Inc. and the customer base of another cloud computing company and loaned my own funds to COHO for the purchases. Not many CEO's would do this.
- Our group is profitable. We have a fantastic reputation in both our industries with incredible customer retention. We continue to be profitable. Now we need to grow. We could of course do more convertible notes but chose to use the Reg A financing program which is less dilution and can get us more funding for larger acquisitions. We are looking at some excellent opportunities.
- Unfortunately, due to actions of the previous COHO's Board of Directors many years ago, we have no option but to do the reverse to enable us to obtain the funding. The funds will be used to grow the Company and create more Shareholder Value.
I thank our shareholders for your continued support of our Company. Together we will grow and improveShareholder Value."
About Crednology Holding Corp.
Crednology Holding Corp, a Delaware corporation, is a public holding company that has been dedicated to enhancing shareholder value through a strategic combination of organic growth, mergers and profitable acquisitions.
The Company is engaged in the cloud computing segment of the technology sector as well as the Electronic Waste and Recycling business. The main products and services include cloud computing and virtual environment, disaster recovery and business continuity and managed services to corporate accounts as well as the recycling and disposal of E-Waste and other materials.
Essentially cloud computing is a way to save and/or access data from remote servers. The company's Private Cloud solution provides fully working environment through our data centers located around the USA as well as real time redundancy and replication of the client's data which will eliminate loss of data and minimize down time close to zero. Cloud computing is growing at a staggering pace. The industry is experiencing rapid growth with the cloud segment of business achieving a growth of over 20% per annum. E-Waste is going through changes as a result of the tariff struggles between China and the US. We are planning to grow our recycling business by future investments in paper and cardboard recycling
Safe Harbor and Informational Statement
This press release may contain forward-looking information within the meaning of Section 21E of the Security Exchange Act of 1934, as amended (the Exchange Act), including all statements that are not statement of historical fact regarding the intent, belief or current expectations of the company, its directors or its officers with respect to, among other things: (i) the company's financing plans; (ii) trends affecting the company's financial conditions or results of operations; (iii): the company's growth strategy and operating strategy; and (iv) the declaration and payment of dividends.
The words "may", "would", "will", "expect", "estimate", "anticipate", "believe", "intend", and similar expressions and variations thereof are intended to identify forward-looking statements. Investors are cautioned that any such forward-looking statement are not a guarantee of future of future performance and involve risks and uncertainties, many of which are beyond the company's ability to control, and that actual results may differ materially from those projected in the forward-looking statements as a result of various factors including the risk disclosed in the company's statements and reports filed with the OTC Markets. The Company claims the safe harbor provided by Section 21E(c) of the Exchange Act for all forward-looking statements.
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Source: Crednology Holding Corp