On4 licences payment technology prior to final merge
VANCOUVER, May 6, 2014 /PRNewswire/ - On4 Communications, Inc. ("On4") (OTCQB: ONCI) would like to announce that it will proceed with a licensing agreement with NetCents prior to the final merge between the two companies.
On4 has made substantive progress in reconciling the company's debt to the point where NetCents management wishes to move forward. During this period, NetCents has added platform enhancements that has improved platform scalability and is now able to provide white label payment processing solutions.
Prior to the final 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.
On4's CEO, Clayton Moore says, "With the majority of On4's debt settled, the company can now begin to focus on operations and company growth." The management of both companies will continue to work toward finalizing agreements on the remainder of On4's existing debt.
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.