On4 Communications Inc (ONCI)

[wrenchman]

ON4 COMMUNICATIONS SELECTS MAZARS USA LLP TO AUDIT 2017 AND ALL FINANCIALS MOVING FORWARD!

$ONCI #SHAREREDUCTION $ONCI

https://ih.advfn.com/p.php?pid=nmona&article=75803569

New York, NY -- October 05, 2017-- InvestorsHub NewsWire -- On4 Communications (OTC: ONCI) today announced it has interviewed 2 audit firms in New York, and decided to select Mazars USA LLP.

CEO Steve Berman comments, "It has always been my goal to have fully audited financials and we are close to that goal today. I chose Mazars LLP because of their expertise in foreign accounting as we are now a global company. I will post the engagement letter on twitter later this afternoon. Audit expected to last 6 to 8 weeks. Upon completion all requirements for OTC QB will be met, and maintaining a .01 bid price would be all that remains."

"We would also like to announce that we have signed a contract with a northern Florida auto group with 6 dealerships including Chevy, Kia, Hyundai, Ford, Nissan and Toyota. Each dealership will take 20 units per month at $200 per unit for a grand total of $288,000 per year."

"We are also pleased to announce that we have entered into a contract with a large southwestern extended warranty company; we will be selling their products which include extended warranties, tire and wheel and other after market products in our dealer network and they will be selling our apps in their dealer network. They will start with 50 units per month at $200 per unit and a grand total of $120,000 per yr."

"In addition, I will be travelling back to Kuala Lumpur on October 23rd for meetings with Malaysian cell phone companies, with the hope of selling our apps at their retail locations. There are over 600 retail locations in Malaysia. I will also be meeting with our attorney in Asia regarding finalization on the first manufacturing facility which is expected by November 30 2017. This acquisition will be financed with a loan against receivables."

"The 3rd reduction of the share structure is as follows: I am owed a bonus of 150 million shares for my work in 2016 and 2017. I will not be taking this bonus and the 150 million shares will not be added to our share structure. I will not be taking any bonuses going forward as I want to have as much cash available for operations, and my compensation package for 2018 is being reviewed by the board to reflect these changes."

Berman adds, "I would also like to announce that we will have a shareholder conference call on November 10 ,2017, time and dial in number will be announced shortly."

"Additional revenue contracts coming next week, and working on M&A with an update expected within 2 weeks." CEO Steve Berman concludes.