VANCOUVER, Jan. 17, 2012 /CNW/ - On4 Communications, Inc. ("On4") (OTCQB: ONCI) is pleased to announce that NetCents Systems Ltd. ("NetCents"), with which On4 has entered into a binding share exchange agreement to acquire 100% of the outstanding shares of NetCents, has signed over 1,600 new registered users since the launch of its Person-To-Person Direct Money Transfer.
"We are very encouraged by the number of new users that have recognized NetCents and have chosen to sign up to and use the Person-To-Person Direct Money Transfer," stated Clayton Moore, President and CEO of NetCents. "This result is without any marketing effort and reflects the level of acceptance of the technology by the general public. We are looking forward to aggressive growth once we start our marketing effort and the positioning our company to be a major contender in the online payment processing industry."
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 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. NetCent's 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 business activities.
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 statements.
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