VANCOUVER, April 11, 2012 /PRNewswire/ - On4 Communications, Inc. ("On4") (OTCQB: ONCI) The Management of ON4 is pleased to announce that NetCents Systems Ltd. ("NetCents"), with which On4 has entered into a binding share exchange agreement to acquire 100% of the outstanding shares of NetCents, has signed a definitive Agreement with World Accessibility subsequent to the Letter of Intent announced March 14, 2012. Under the terms of the Agreement, NetCents and World Accessibility will work together to develop and market a turnkey online payment system specifically designed for use by persons with disabilities. World Accessibility will bundle the NetCents payment system as part of its portfolio of services.
According to a recent World Health Organization report about 15% of the world's population lives with some form of disability. In Canada alone, there are over 5,200,000 people with disabilities, many of whom do not have access to a credit card and performing a simple undertaking such as writing a cheque to pay a bill is a daunting task. Currently there is no readily available online payment system specifically tailored to this rapidly expanding market.
NetCents, in conjunction with World Accessibility, is customizing its payment technology to specifically meet the needs of the disabled for optimum utility. The NetCents system will allow people with disabilities to accept payments from institutions such as insurance companies, charities or governments in an electronic format that is quick and easy to use. The user can then utilize the system to pay providers such as nurses or attendants online in real time without having to rely on a third party such as a lawyer, accountant or trustee to write and deliver a cheque, thereby reducing time and eliminating unnecessary professional fees while gaining further independence.
"NetCents will work closely with all of World Accessibility's critical stakeholders to ensure an effective adaptability of its payment and money transfer system for the Ability Market", stated Mr. Clayton Moore, President & CEO, NetCents. " We are expecting to start user trials of the customized system, mid-way through the second quarter of this year"', he added.
About World Accessibility
Based in Burnaby, British Columbia, World Accessibility was incorporated in 2000. Roger B. Jones, President & CEO, has championed issues of rights and access for people with disabilities for twenty-five years. His lifelong goal has been to address conceptual and marketplace constraints regarding accessibility. He has been an advocate of market-led solutions for accessibility, drawing attention to the untapped potential of what he refers to as "The Ability Market".
Through his work with World Accessibility, Roger became acutely aware that accessibility and inclusion is not just a concern to people with disabilities. The company has now been collaborating with a diverse group of like-minded individuals, organizations and corporations, to create products and services accessible to all.
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.
SOURCE On4 Communications, Inc.