VANCOUVER, May 1, 2012 /CNW/ - On4 Communications, Inc. ("On4") (the "Company") (OTCQB: ONCI) is pleased to announce that it has begun the process of changing its name from On4 Communications, Inc. to NetCents Systems International Ltd. to reflect the anticipated completion of the share exchange between On4 and NetCents Systems Ltd. ("NetCents"). Upon receipt of the Certificate of Amendment from the State of Delaware, an application will be made to FINRA (Financial Industry Regulatory Authority) to recognize the new name and request a new trading symbol. It is expected that the approval process should not take more than four weeks.
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.
For further information:
480-525-4361 or 888-583-7158