VANCOUVER, Sept. 20, 2012 /CNW/ - On4 Communications, Inc. ("On4") (OTCQB: ONCI) would like to update shareholders on the pending name and symbol
change. As previously released, On4 is in the process of changing its
corporate name from On4 Communications, Inc. to NetCents Systems
International Ltd. The new name has been reserved with the State of
Delaware, the necessary resolutions have received shareholder approval
and all required documentation has been prepared and is expected to be
filed within a few days. It is anticipated that the name and symbol
change will be in effective prior to October 31, 2012, in time for the
planned closing of the share exchange agreement previously signed
between On4 and NetCents Systems Ltd.
On4Communications is a development stage company focused on wireless and
online payment technologies. On4 is actively looking for acquisitions
and merger opportunities within these industries. On4 has identified NetCents Systems Ltd., (www.net-cents.com), a technology company that is on the verge of establishing itself as a
global contender in the online payment industry. On4 has a signed
agreement in place with NetCents and will be facilitating the global
rollout of the NetCents platform.
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
NetCents is an integrated, international financial transaction hub that
delivers a 100% secure, self-administered and anonymous payment system
developed for the purpose of making safe online purchases and money
The NetCents technology is simple, innovative and works in harmony with
existing banking platforms. Triggered by a valid email address, it
provides a real-time, two-way flow of funds over the web while
protecting users from identity theft or credit card fraud and can
significantly reduce transaction costs for Merchants and consumers.
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:
On the web: www.net-cents.com