VANCOUVER, Nov. 29, 2011 /CNW/ - On4 Communications, Inc. ("On4") (OTCBB: ONCI) is pleased to announce that NetCents Systems Ltd. ("NetCents"), with
which On4 has entered into a binding share exchange agreement, has
signed a merchant agreement with Swimco to facilitate the processing of
their online transactions.
"The fact that Swimco has signed with us is a reflection of the growing
acceptance by the online retail industry for our payment platform,"
stated Clayton Moore, President of NetCents. "Being recognized by
Swimco, one of the leading swimwear retailers in Western Canada, is a
sign of the growing confidence and acceptance of our technology."
On4 is a development stage company, whose original business was
providing wireless communications solutions to telecommunication
companies, consumers and businesses. Its main 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. Management has identified NetCents
Systems Ltd., a British Columbia based technology company, that is on
the verge of establishing itself as a global contender in the online
payment industry. On November 3, 2011 On4 entered into a Binding
Letter of Intent 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.
NetCents' main asset is a technology that delivers a 100% secure,
self-administered and anonymous payment system developed for the purpose of making safe online purchases
and money transfers. The technology is simple yet innovative and
provides a real-time two-way flow of funds over the web while
protecting the users from identity theft or credit card fraud.
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
Net-Cents is a seamless, transparent enabling technology adopted by
financial institutions to allow their clientele the option of
conducting financial transactions on the web in a secure fashion
without the use of credit card information. 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.
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
SOURCE On4 Communications, Inc.
For further information:
please contact 480-525-4361 or 888-583-7158 or visit www.net-cents.com