On4 Communications Inc (ONCI)

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On4 Communications Initiates Reduction of Authorized Shares

NEW YORK, NY -- (Marketwired) -- 06/23/16 -- On4 Communications, Inc. (OTC: ONCI) is pleased to announce that the company will be filing the necessary paperwork with the State of Delaware to reduce ONCI's authorized shares to 3.75 billion shares, which is a reduction from the current 5 billion shares currently authorized. The company had previously stated in a letter to shareholders that it would be reviewing the authorized shares in order to determine a balance between immediate shareholder interests while allowing room for strategic acquisitions. Just over 1.5 billion shares are restricted of the issued and outstanding.

In the past 30 days, Mr. Steve Berman, CEO of On4 Communications, had business related travel outside of the country to both Russia and Japan. Now with his feet firmly back in the United States, Mr. Berman is placing the company's focus on carrying through on the steps necessary to continue building the company.

The company is also pleased to announce the appointment of Jeffrey Mahl as Senior VP of Business Development for On4 Communications, Inc. Mr. Mahl has a very strong history in business development and sales. Mr. Mahl's professional resume may be viewed on Linkedin HERE.

The company is quick to acknowledge appreciation for the shareholder base that has been so gracious as to support the company. The company is working on pending contracts which it hopes to provide further details on in the near future. We look forward to providing additional updates as they unfold.