On4 Communications Inc (ONCI)

[xdrive]

On4 Communications Announces a 73.6% Increase in Revenue Over 2nd Quarter

NEW YORK, NY--(Marketwired - Sep 15, 2017) - On4 Communications, Inc. (OTC: ONCI) today announced it has released its financials with a 73.6% increase in revenue over 2nd Quarter.

CEO Steve Berman states, "We are in the perfect storm of business, and dealers and manufacturers realize that they need to put an end to the worldwide epidemic of distracted driving. We are now in dealerships in over 25 states and have a global presence in Asia and South America and Europe."

"This is the first time On4 Communications has an increase in net income in 5 years, and things look great for the rest of the year. Our net income has risen to over $300,000."

"Today's meeting with BMW was amazing, and they have asked us to make some design changes to our basic unit to fit the new European diagnostics. After we make the changes we will meet in another 60 days to discuss how to implement our product into BMW vehicles similar to the way we are working with Chrysler Corp today."

"We are also pleased to announce that we have signed a letter of intent to purchase a 15,000 sq. ft. factory in Budapest, Hungary, to satisfy our European contracts. This factory will allow On4 to distribute throughout Europe and expand our global presence in the EU. This acquisition is non dilutive, and will be financed through a loan against receivables."

"Share reduction will come in 3 stages; I will be reducing more shares than previously announced. The first stage begins next week and involves a reduction of preferred shares."

"Additional revenue contracts and updates next week," CEO Steve Berman concludes.

http://www.otcmarkets.com/stock/ONCI/news/On4-Communications-Announces-a-73-6--Increase-in-Revenue-Over-2nd-Quarter?id=169938&b=y