On4 corporate update
Poster: SySAdmin
Posted on May 31, 2012 at 8:21:01 AM
On4 corporate update
VANCOUVER, May 31, 2012 /PRNewswire/ - The Management of On4 Communications, Inc. ("On4")(OTCQB: ONCI) and the Management of NetCents Systems Ltd. ("NetCents") with which
On4 has entered into a binding share exchange agreement to acquire 100%
of the outstanding shares of NetCents, would like to update the
shareholders of both companies on the exciting corporate events that
have been taking place over the last few weeks and months.
The management teams of both On4 and NetCents have been working
diligently to complete the share exchange agreement that was previously
signed between the two companies. The process is very involved but
both management teams are confident that the terms will be met and the
transaction closed before the end of the next quarter. The name of On4
is in the process of being changed to NetCents Systems International
Ltd. to reflect the anticipated completion of the merger. It is
expected that the new name will take effect before the end of June
2012.
On4 is currently planning a funding to meet ongoing working capital
requirements and to prepare for expansion of the NetCents operation.
The management teams are reviewing a number of funding opportunities
that have been presented and it is anticipated that a decision will be
made imminently.
After the successful completion of the Foundations For Life Pilot
Project, the management of NetCents are preparing to launch its
technology for the online multi level marketing industry on a large
scale. Now that the software has been proven and tested, the next step
is to build the infrastructure to support the roll out.
Management of On4 and NetCents are very excited about the upcoming
months as NetCents graduates from a development company into a company
with significant revenue.
About NetCents
NetCents is a seamless, transparent technology accepted by major
financial institutions to allow their clientele the option of
conducting financial transactions on the web in a secure fashion
without the use of a credit card. Triggered by a valid email address,
the Company uniquely delivers a 100% secure, self-administered and
anonymous payment system for the purpose of making safe online
purchases and transferring funds. It enables a simple yet innovative,
swift, two-way flow of funds when paying for goods and services over
the Internet. NetCents provides the merchant with the means to connect
with all consumers whether or not they hold direct access to a credit
card. This payment option for consumers and merchants provides
peace-of-mind with no fear of identity theft or credit card fraud.
About On4
On4 is a development stage company, whose original business was
providing wireless communications solutions to telecommunication
companies, consumers and businesses. Its initial technology was a
platform that was comprised of a global positioning management system
that was able to track people, pets, assets and inventory via two-way
communication devices such as Web browsers, instant messengers and
mobile phones. On4 has been actively seeking other promising projects
in the technology sector that will continue to add to the bottom line
and enhance shareholder value. On December 15, 2011 On4 entered into a
definitive Share Exchange Agreement with NetCents Systems Ltd.
("NetCents") where at closing On4 will acquire 100% of the issued and
outstanding shares of NetCents and NetCents will become a wholly owned
subsidiary of On4. The Company is a Development Stage Company, as
defined by Financial Accounting Standards Board ("FASB") Accounting
Standards Codification ("ASC") 915, Development Stage Entities, and has
not yet generated significant revenues from their intended business
activities.
Forward-Looking Statements
Except for the historical information contained herein, the matters
discussed in this press release are forward-looking statements. Actual
results may differ materially from those described in forward-looking
statements and are subject to risks and uncertainties. See On4's
filings with the United States Securities and Exchange Commission which
may identify specific factors that may cause actual results or events
to differ materially from those described in the forward-looking
statements.
SOURCE On4 Communications, Inc.
On4 Communications, Inc.
CONTACT: please contact: 888-583-7158
On the web: www.on4communications.net or www.net-cents.com
VANCOUVER, May 31, 2012 /PRNewswire/ - The Management of On4 Communications, Inc. ("On4")(OTCQB: ONCI) and the Management of NetCents Systems Ltd. ("NetCents") with which
On4 has entered into a binding share exchange agreement to acquire 100%
of the outstanding shares of NetCents, would like to update the
shareholders of both companies on the exciting corporate events that
have been taking place over the last few weeks and months.
The management teams of both On4 and NetCents have been working
diligently to complete the share exchange agreement that was previously
signed between the two companies. The process is very involved but
both management teams are confident that the terms will be met and the
transaction closed before the end of the next quarter. The name of On4
is in the process of being changed to NetCents Systems International
Ltd. to reflect the anticipated completion of the merger. It is
expected that the new name will take effect before the end of June
2012.
On4 is currently planning a funding to meet ongoing working capital
requirements and to prepare for expansion of the NetCents operation.
The management teams are reviewing a number of funding opportunities
that have been presented and it is anticipated that a decision will be
made imminently.
After the successful completion of the Foundations For Life Pilot
Project, the management of NetCents are preparing to launch its
technology for the online multi level marketing industry on a large
scale. Now that the software has been proven and tested, the next step
is to build the infrastructure to support the roll out.
Management of On4 and NetCents are very excited about the upcoming
months as NetCents graduates from a development company into a company
with significant revenue.
About NetCents
NetCents is a seamless, transparent technology accepted by major
financial institutions to allow their clientele the option of
conducting financial transactions on the web in a secure fashion
without the use of a credit card. Triggered by a valid email address,
the Company uniquely delivers a 100% secure, self-administered and
anonymous payment system for the purpose of making safe online
purchases and transferring funds. It enables a simple yet innovative,
swift, two-way flow of funds when paying for goods and services over
the Internet. NetCents provides the merchant with the means to connect
with all consumers whether or not they hold direct access to a credit
card. This payment option for consumers and merchants provides
peace-of-mind with no fear of identity theft or credit card fraud.
About On4
On4 is a development stage company, whose original business was
providing wireless communications solutions to telecommunication
companies, consumers and businesses. Its initial technology was a
platform that was comprised of a global positioning management system
that was able to track people, pets, assets and inventory via two-way
communication devices such as Web browsers, instant messengers and
mobile phones. On4 has been actively seeking other promising projects
in the technology sector that will continue to add to the bottom line
and enhance shareholder value. On December 15, 2011 On4 entered into a
definitive Share Exchange Agreement with NetCents Systems Ltd.
("NetCents") where at closing On4 will acquire 100% of the issued and
outstanding shares of NetCents and NetCents will become a wholly owned
subsidiary of On4. The Company is a Development Stage Company, as
defined by Financial Accounting Standards Board ("FASB") Accounting
Standards Codification ("ASC") 915, Development Stage Entities, and has
not yet generated significant revenues from their intended business
activities.
Forward-Looking Statements
Except for the historical information contained herein, the matters
discussed in this press release are forward-looking statements. Actual
results may differ materially from those described in forward-looking
statements and are subject to risks and uncertainties. See On4's
filings with the United States Securities and Exchange Commission which
may identify specific factors that may cause actual results or events
to differ materially from those described in the forward-looking
statements.
SOURCE On4 Communications, Inc.
On4 Communications, Inc.
CONTACT: please contact: 888-583-7158
On the web: www.on4communications.net or www.net-cents.com