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The Reverse Split is Necessary to Enable the Completion of the Reg A Financing
Northridge, CA, March 06, 2019 (GLOBE NEWSWIRE) -- Crednology Holding Corp. (OTC Pink: COHO; "Crednology") announces that, subject to FINRA approval, it will change its name to CorpTech Holding, Inc. (which more clearly fits our business) and has had to file the necessary paperwork to complete a 10 for 1 reverse split.
This action became necessary to insure that the number of shareholders was reduced from 550 to less than 500 per a request from the SEC who stated it was necessary before they could approve our Reg A filing. We first attempted to purchase the stock of any shareholder with less than 100 shares of common stock, through letters and by calling where we had telephone numbers, but either had no response or no interest from the shareholders we did reach.
Orie Rechtman, CEO of Crednology commented: “Unfortunately, although a reverse was not our preference, we were left with no option as we would not have been able to get the Reg A financing approved. It should also be understood that the change of name and reverse are still subject to FINRA approval.”
Orie continued: “It is essential that this funding is approved as it gives us the ability to finalize terms on at least one of the acquisition opportunities we are currently reviewing. Our best prospect is in the technology sector, with a vertical solution in Cloud Accounting for midsize firms, has annual revenues in excess of $7 million, EBITDA over $1.0 million, with organic growth prospects of over 20% annually based on its current performance. Keep watching as the Reg A approval will empower us to drive Revenues, EBITDA and as a result Shareholder 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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