SCOTTSDALE, AZ, April 23 /PRNewswire-FirstCall/ - On4(TM) Communications, Inc. ("On4") (ONCI.OB) announces that it has converted a debt in the amount of $1,059,350 owed to four lenders by issuing restricted shares of its common stock. Two of the lenders were shareholders of On4(TM). After closing of the conversion, there will be 63,213,187 shares of the Company's common stock issued and outstanding. The decision of such lenders converting their debts to restricted shares allows the company to eliminate both long term and short-term debt from its balance sheet.
Further, in order to allow for new management to come aboard, on April 15, 2010 Penny Green, resigned as the Chief Financial Officer, Principal Accounting Officer, Secretary, Treasurer and a director of On4(TM), effective immediately. The Company wishes to thank Ms. Green for staying on board one year after the merger to ensure a smooth transition to new management. Ms. Green will continue to provide consulting services to the Company. Chief Executive Officer, Cameron will act as an interim CFO prior to announcing its new management team to include a new CFO in the near future.
Both events, the debt conversion and the change in management is in keeping with the companies mandate to provide strength and structure as the company moves from a development stage company to implementation of its re-occurring monthly revenue model for 2010.
About On4(TM)
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.
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