SCOTTSDALE, AZ, Nov. 9, 2011 /CNW/ - On4 Communications, Inc. ("On4") (OTCQB: ONCI) has entered into a binding Letter of Intent (the "LOI") to acquire 100%
of the issued and outstanding shares of NetCents Systems Ltd.
("NetCents"), a private Alberta corporation engaged in the development
and implementation of a unique and secure electronic payment system for
online merchants and consumers. The Letter of Intent provides for a
period of due diligence which will lead to a formal agreement whereby
On4 will acquire 100% of the issued and outstanding capital of NetCents
in a share exchange transaction that will result in NetCents becoming a
wholly owned subsidiary of On4.
On4 is a globally diversified Location Based Services ("LBS") company
with offices in Scottsdale, Arizona and Richmond, British Columbia. On4
is in the business of providing Public Safety; Personal Assets and
Healthcare location based tracking and monitoring services. The Company
is currently in the process of designing, developing and marketing
personal LBS devices that are intended to provide tracking and location
monitoring for people, animals and property of any nature. Specific
applications include tracking of: the elderly, medical patients, teens
and children and the monitoring of: public safety officers, executives,
cars, trucks, motorcycles, aircraft, boats, personal watercraft, ATVs,
equipment, cargo, tools, trailers, electronic equipment, retail goods
and consumer goods in transit.
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.
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 call 480-525-4361 or 888-583-7158 or visit www.net-cents.com