VANCOUVER, Dec. 13, 2012 /CNW/ - On4 Communications, Inc. ("On4") (OTCQB: ONCI) is pleased to announce that the company has reduced its convertible note
liability by $250,000.
"We are pleased to have successfully reduced a large portion of our debt
burden" stated Clayton Moore, President and CEO of On4. "As we move
closer to the completion of the merger between On4 and NetCents we want
to ensure the company is as financially stable as possible so we are
taking aggressive steps to strengthen our balance sheet." Mr. Moore
further stated, "The Company's management team will continue to work to
reduce outstanding debt."
On4 Communications, Inc. 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:
please contact: 604-620-6879
On the web: www.net-cents.com