VANCOUVER,
June 20, 2013 /PRNewswire/ - On4
Communications, Inc. ("On4") (OTCQB: ONCI) is pleased to
announce that it has reduced the company's outstanding debt by an
additional $485,000. On December 15, 2011 NetCents Systems Ltd.
("NetCents") and On4 entered into a binding share exchange
agreement where, upon closing, On4 was to acquire 100% of the
outstanding shares of NetCents.
The management of On4 Communications continues
to work diligently to reduce balance sheet debt as part of the
company's pre-merger restructuring obligations. In the last two
months, On4 has reduced its debt by a further $485,000 bringing the company's total debt
reduction to approximately $1.0
million over the last six months.
While it has taken longer than anticipated for
On4 to meet its pre-merger corporate restructuring and debt
reduction obligations, both NetCents and On4 remain committed to
finalizing the merger between the two parties. The Management of
both companies will continue to work to close the transaction in a
timely manner.
NetCents CEO, Clayton
Moore said, "NetCents sees the opportunities that would
result from a merger between NetCents and On4, but for both
companies to realize the most benefit from the merger On4 has to
complete its to restructuring and debt reduction."
In the interim, NetCents will focus on the
continued integration of their payment solution onto their
merchants' payment platforms and increasing their revenues from
operations.
About On4
On4 Communications is a development stage company focused on
wireless and online payment technologies. 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.
About NetCents
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 with existing banking platforms while
protecting users from identity theft or credit card fraud and can
significantly reduce transaction costs for merchants and
consumers.
Forward-Looking Statements
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.