On4 Communications is Acquiring Its 51 Percent Par
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Posted On: 09/01/2017 7:32:16 PM
On4 Communications is Acquiring Its 51 Percent Partner in the FMS Safe Driving App and Announces a $450,000 Deal with a 10 Dealer Group in Arizona
http://www.marketwatch.com/story/on4-communic...2017-09-01
NEW YORK, NY, Sep 01, 2017 (Marketwired via COMTEX) -- NEW YORK, NY--(Marketwired - Sep 1, 2017) - On4 Communications ONCI, +39.09% today announced it is acquiring its 51% partner in the FMS Safe Driving APP.
CEO Steve Berman states, "The price is 3,500,000 USD and will be paid in 6 installments over the next 6 months. This will be financed by a loan against receivables and will not be dilutive to the company. Our partner also owns a fleet business which adds another sector to our holdings and is an established business in itself.
"All NDAs expire next Friday at which time we will announce the name of the acquired partner as well as the apps currently being sold and beta tested.
"This acquisition allows us to reduce costs dramatically and develop our apps more profitably.
"In addition we have signed a $450,000 contract with a 10 dealer group in Arizona at 150 units per month and $250 per unit.
"We have officially obtained the stamp for Hexagon Holdings Corporation on our application with the Colorado Secretary of State, and our SEC attorney in California can now file with FINRA today.
"I met with Chrysler Corporation yesterday and they asked us to make some specific changes to our software. I spoke with our developers and this change will happen within 30days. After the change we will set up a follow up meeting and determine how to implement our FMS safe driving APP into Chrysler vehicles.
"Both meetings with the offices of the Mayor of San Antonio and the Governor of Michigan have been postponed and will be rescheduled after their involvement in the clean up and rescue in Houston is complete," CEO Steve Berman concludes.
$$$$ ONCI $$$$
http://www.marketwatch.com/story/on4-communic...2017-09-01
NEW YORK, NY, Sep 01, 2017 (Marketwired via COMTEX) -- NEW YORK, NY--(Marketwired - Sep 1, 2017) - On4 Communications ONCI, +39.09% today announced it is acquiring its 51% partner in the FMS Safe Driving APP.
CEO Steve Berman states, "The price is 3,500,000 USD and will be paid in 6 installments over the next 6 months. This will be financed by a loan against receivables and will not be dilutive to the company. Our partner also owns a fleet business which adds another sector to our holdings and is an established business in itself.
"All NDAs expire next Friday at which time we will announce the name of the acquired partner as well as the apps currently being sold and beta tested.
"This acquisition allows us to reduce costs dramatically and develop our apps more profitably.
"In addition we have signed a $450,000 contract with a 10 dealer group in Arizona at 150 units per month and $250 per unit.
"We have officially obtained the stamp for Hexagon Holdings Corporation on our application with the Colorado Secretary of State, and our SEC attorney in California can now file with FINRA today.
"I met with Chrysler Corporation yesterday and they asked us to make some specific changes to our software. I spoke with our developers and this change will happen within 30days. After the change we will set up a follow up meeting and determine how to implement our FMS safe driving APP into Chrysler vehicles.
"Both meetings with the offices of the Mayor of San Antonio and the Governor of Michigan have been postponed and will be rescheduled after their involvement in the clean up and rescue in Houston is complete," CEO Steve Berman concludes.
$$$$ ONCI $$$$
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