VANCOUVER, May 31, 2012 /CNW/ - The Management of On4 Communications, Inc. ("On4")(OTCQB: ONCI) and the Management of NetCents Systems Ltd. ("NetCents") with which On4 has entered into a binding share exchange agreement to acquire 100% of the outstanding shares of NetCents, would like to update the shareholders of both companies on the exciting corporate events that have been taking place over the last few weeks and months.
The management teams of both On4 and NetCents have been working diligently to complete the share exchange agreement that was previously signed between the two companies. The process is very involved but both management teams are confident that the terms will be met and the transaction closed before the end of the next quarter. The name of On4 is in the process of being changed to NetCents Systems International Ltd. to reflect the anticipated completion of the merger. It is expected that the new name will take effect before the end of June 2012.
On4 is currently planning a funding to meet ongoing working capital requirements and to prepare for expansion of the NetCents operation. The management teams are reviewing a number of funding opportunities that have been presented and it is anticipated that a decision will be made imminently.
After the successful completion of the Foundations For Life Pilot Project, the management of NetCents are preparing to launch its technology for the online multi level marketing industry on a large scale. Now that the software has been proven and tested, the next step is to build the infrastructure to support the roll out.
Management of On4 and NetCents are very excited about the upcoming months as NetCents graduates from a development company into a company with significant revenue.
NetCents is a seamless, transparent technology accepted by major financial institutions to allow their clientele the option of conducting financial transactions on the web in a secure fashion without the use of a credit card. 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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