VANCOUVER, Dec. 13, 2012 /PRNewswire/ - On4 Communications, Inc. ("On4") (OTCQB: ONCI) is pleased to announce that the company has reduced its convertible note liability by $250,000.
"We are pleased to have successfully reduced a large portion of our debt burden" stated Clayton Moore, President and CEO of On4. "As we move closer to the completion of the merger between On4 and NetCents we want to ensure the company is as financially stable as possible so we are taking aggressive steps to strengthen our balance sheet." Mr. Moore further stated, "The Company's management team will continue to work to reduce outstanding debt."
On4 Communications, Inc. is a development stage company focused on wireless and online payment technologies. On4 is actively looking for acquisitions and merger opportunities within these industries. On4 has identified NetCents Systems Ltd., (www.net-cents.com), a technology company that is on the verge of establishing itself as a global contender in the online payment industry. On4 has a signed agreement in place with NetCents and will be facilitating the global rollout of the NetCents platform. 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.
NetCents is an integrated, international financial transaction hub that delivers a 100% secure, self-administered and anonymous payment system developed for the purpose of making safe online purchases and money transfers.
The NetCents technology is simple, innovative and works in harmony with existing banking platforms. Triggered by a valid email address, it provides a real-time, two-way flow of funds over the web while protecting users from identity theft or credit card fraud and can significantly reduce transaction costs for Merchants and consumers.
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.
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.