VANCOUVER, Jan. 26, 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 letter of intent to acquire 100% of the outstanding shares of NetCents, has commenced a pilot project in partnership with Foundations For Life Inc. ("FFLI"), a leading provider of on-line business and marketing solutions for independent sales associates.
The purpose of the pilot project is to fine tune NetCents' unique technology via the creation of a seamless, secure, turn-key payment processing solution specifically tailored to online direct marketing that does not require the use of credit card information. The Company has identified that the multi-billion dollar online network marketing industry is growing exponentially with many of the Fortune 500 companies turning to direct selling to expand their sales. NetCents has positioned itself to be a front runner for this rapidly expanding industry. It is anticipated that the pilot project will be completed by March 2012 and the official roll out launched immediately after.
"The goal of the FFLI pilot project is to demonstrate to the network marketing industry that we have a turnkey payment processing system that is simple to use and seamless to implement" stated Clayton Moore, President and CEO of NetCents. "The pilot project is the final step in preparing our technology for launch in this arena and we are very much looking forward to the completion and our going to market in March of 2012" Mr. Moore added.
Foundations For Life Inc.
Foundations For Life Inc. ("FFLI") is a turnkey business and marketing system designed to provide independent sales associates with the tools they need to help build their distribution networks. FFLI provides turnkey solutions such as Personalized Web-Sites, Lead Generation Tools, Customized Client Relationship Management Systems, Business Training, and other productivity processes. For more information on Foundations For Life Inc. please go to www.fflhealth.com.
NetCents 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.
On4 is a development stage company, whose original business was providing wireless communications solutions to telecommunication companies, consumers and businesses. Its initial 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. 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 business activities.
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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