On4 & NetCents Agree to a Memorandum of Understanding
VANCOUVER, June 4, 2014 /PRNewswire/ - On4 Communications, Inc. ("On4") (OTCQB: ONCI) has entered into a Memorandum of Understanding (MOU) with NetCents Systems Ltd.
As was indicated in an earlier release, the management of both companies decided that prior to the merger between the two companies being finalized, On4 and NetCents will enter into a licensing agreement that will allow On4 to begin utilizing the NetCents payment processing platform and to fulfill on the company's merchant/retailer obligations. The MOU is the first step in the process.
On4's CEO, Clayton Moore says, "the MOU initiates the process for On4 to use the payment technology to meet existing merchant obligations."
On4 Communications is a development stage company focused on wireless and online payment technologies. On4 is actively looking for acquisitions and merger opportunities within these industries. 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.
SOURCE On4 Communications, Inc.