Crednology Holding Corp (OTCMKTS:COHO) shares rallied 33.33% to $0.00080 and were unchanged in after-hours trading. Share prices have been trading in a 52-week range of $0.00 to $0.01. The company has a market cap of $575,413.00 at 719.27 million shares outstanding.
Crednology Holding Corp announced that it has signed a Letter of Intent to acquire a company providing cloud based services to various customers. This acquisition currently uses Crednology’s cloud network to provide these services to its customers. Due diligence has been completed and the transaction is expected to close this month.
“This is the first step in our targeted expansion plans for this year in the technology sector. We continue to improve our internal growth, particularly in our E Waste division, while we focus on our business plan which includes our internal and external growth plans while maintaining low overhead. We recognize that we still have dilution which is impacting our desire to improve shareholder value, however we believe that we can stay ahead of that dilution by the execution of business fundamentals and our specific growth plans,” remarked Crednology Holding Corp CEO Oriel Rechtman.
Crednology Holding Corp projects that revenues will increase by over $400,000 with profit increasing by approximately $200,000 per annum. This represents a 55% increase over the revenues for the twelve months ending in December 31, 2016. Also, the company says that this is its first targeted acquisition in the sector.
Crednology Holding Corp is a holding company whose subsidiaries concentrate their activities within the financial and credit industry. It is engaged in the cloud computing segment of the technology sector, as well as the electronic waste and recycling business. Its 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.
The company’s subsidiaries include CreditDNA, Inc. and ScoreNavigator, Inc. CreditDNA, Inc. offers personal credit and financial management program. ScoreNavigator, Inc. is a credit data analysis company designed for customers and loan originators.