SCOTTSDALE, AZ, June 21 /PRNewswire-FirstCall/ - On4(TM) Communications, Inc. ("On4(TM)") (ONCI.OB) is pleased to announce the actions between McCann Family Holding Company ("MFHC") and On4(TM) Communications, Inc., as well as the action between On4 Communications Inc. and DataTrail Inc. ("DTI") have been resolved as all parties have reached an out of court settlement with full releases issued.
According to the terms of the settlement, the terms of the agreement cannot be disclosed but all parties involved are pleased with the outcome.
Cameron Robb, President and CEO of On4(TM) said: "Since the beginning of the year, we have focused on company structure and moving from a development stage company to implementation of a re-occurring monthly revenue model for 2010. We feel this is another very positive step in that direction."
Pat Hamilton President of DTI added: "This agreement brings final closure to all issues among the parties allowing DTI and On4(TM) to focus their energies and resources on emerging market opportunities."
On4(TM) Communications is a globally diversified Location Based Services (LBS) company with offices in Scottsdale, Arizona; in Richmond, British Columbia and representation in China. On4(TM)' is a leading provider of Public Safety, Personal Asset and Healthcare location based asset tracking and monitoring services. The company is currently in the process of designing, developing, and marketing personal LBS devices that are intended to provide tracking and location monitoring for people, animals and property of any other nature. Specific applications may include offender monitoring, elderly, medical, teens and children tracking, public safety officers, executives, cars, tracks, motorcycles, aircraft, boats, personal watercraft, ATVs, equipment, cargo, tools, trailers, electronic equipment, retail goods, and consumer goods in transit.
On4(TM) will utilize numerous technologies, including but not limited to CDMA, GSM, GPS, E911, A-GPS, radio frequency and beacon technology. On4(TM)'s leading edge technology leverages global positioning system satellites and wireless technology enabling its network of members to locate anyone or anything to which our device is attached in real time.
Cautionary Statement Relevant To Forward-Looking Information
This press release may contain certain "forward-looking statements" relating to the business of On4 Communications, Inc. (the "Company") and its subsidiaries. All statements, other than statements of historical fact included herein are "forward-looking statements" including statements regarding: the general ability of the Company to achieve its commercial objectives; the business strategy, plans and objectives of the Company and its subsidiaries; and any other statements of non-historical information. Words such as "anticipates," "expects," "plans," "projects," "believes," "seeks," "estimates," and similar expressions are intended to identify such forward-looking statements. The statements are based upon management's current expectations, estimates and projections, are not guarantees of future performance, and are subject to a variety of risks, uncertainties and other factors, some of which are beyond the Company's control and are difficult to predict, including those discussed in the Company's periodic reports that are filed with the SEC and available on its website (http://www.sec.gov). You should not place undue reliance on these forward-looking statements, which speak only as of the date of this press release. Unless legally required, On4 Communications, Inc. undertakes no obligation to update publicly any forward-looking statements, whether as a result of new information, future events or otherwise.
SOURCE On4 Communications, Inc.