VANCOUVER, June 20, 2013 /CNW/ - On4 Communications, Inc. ("On4") (OTCQB: ONCI) is pleased to announce that it has reduced the company's outstanding
debt by an additional $485,000. On December 15, 2011 NetCents Systems
Ltd. ("NetCents") and On4 entered into a binding share exchange
agreement where, upon closing, On4 was to acquire 100% of the
outstanding shares of NetCents.
The management of On4 Communications continues to work diligently to
reduce balance sheet debt as part of the company's pre-merger
restructuring obligations. In the last two months, On4 has reduced its
debt by a further $485,000 bringing the company's total debt reduction
to approximately $1.0 million over the last six months.
While it has taken longer than anticipated for On4 to meet its
pre-merger corporate restructuring and debt reduction obligations, both
NetCents and On4 remain committed to finalizing the merger between the
two parties. The Management of both companies will continue to work to
close the transaction in a timely manner.
NetCents CEO, Clayton Moore said, "NetCents sees the opportunities that
would result from a merger between NetCents and On4, but for both
companies to realize the most benefit from the merger On4 has to
complete its to restructuring and debt reduction."
In the interim, NetCents will focus on the continued integration of
their payment solution onto their merchants' payment platforms and
increasing their revenues from operations.
On4 Communications is a development stage company focused on wireless
and online payment technologies. 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
transfers. The NetCents technology is simple, innovative and works with
existing banking platforms while protecting users from identity theft
or credit card fraud and can significantly reduce transaction costs for
merchants and consumers.
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: 604-620-6879