Crednology Holding Corp. (OTC: COHO) ("Crednology"), is pleased to announce that California Recycling, Inc., Crednology's wholly owned subsidiary, has signed a long term multi-year contract to provide the City of Torrance with electronic waste recycling for the City, its residences and business community. The Contract runs through September 30, 2020. The scope of work includes the collection of E waste from the city's municipality's buildings and the approval to hold several events annually for residents and businesses to bring their end of life electronics for recycle. The City has agreed to promote these events and our recycling efforts. The Company anticipates that many of the large scale businesses in the City will take advantage of the Company's services.
Oriel Rechtman, CEO of Crednology Holding Corp. commented, "This is a great achievement for our organization and it is a testament to the good work the organization is performing for other municipalities and the great reputation the company has built in Los Angeles County and beyond during the last 10 years. We expect to continue building on this momentum and achieve other similar contracts with other municipalities in and around Los Angeles County. Our services to the community are appreciated by all, and directly contribute to keeping our planet green."
The Company anticipates a 10% to 15% increase in Revenue and Earnings as a result of the main activities performed under this contract and this will lead to increased Shareholder value. In addition, there is great potential for further growth as a result of ancillary services related to the contract such as Data Shredding and Destruction which the Company has been negotiating with the City.
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.
The market for cloud computing is growing at a staggering pace. In 2015 the industry experienced a rapid growth of 33% with the segment of business reaching over $16 billion by the year end. This market trend is expected to continue with growth of approximately 30% expected annually for the next few years. E-Waste is growing at a significant pace with double digit increases anticipated annually over the next few years.