ONCI | Possible Merger Play * Read Below *
On4 Communications further reduces company debt |
|
|
|
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 About NetCents Forward-Looking Statements SOURCE On4 Communications, Inc. 
Copyright 2013 PR Newswire |
