News this morning.....update from company
VANCOUVER, Nov. 26, 2012 /PRNewswire via COMTEX/ -- On4 Communications, Inc. ("On4") (otcqb:ONCI) would like to update the shareholders of On4 and NetCents Systems Ltd. ("NetCents") on the Share Exchange Agreement previously signed between the two companies.
To date the following events have transpired:
On November 9, 2011, a Binding Letter of Intent ("LOI") was signed between On4 and NetCents. The purpose of the LOI was to set the groundwork for a share exchange whereby On4 would acquire all the outstanding shares of NetCents. Shortly after the LOI was signed, NetCents appointed a new management team for On4.
On December 15, 2011, On4 entered into a definitive Share Exchange Agreement to acquire 100% of the issued and outstanding shares of NetCents. The Agreement obligates both companies to complete the share exchange transaction, subject to certain conditions, with the result being that NetCents will become a wholly owned subsidiary of On4 at the closing of a formal agreement.
On August 28, 2012, in anticipation of the closing of the Share Exchange Agreement, On4 and NetCents combined head offices to improve efficiency and cut costs. The head offices for both companies are now located at 1188 West Pender Street, Vancouver, British Columbia, Canada.
On September 4, 2012, On4 and NetCents completed their pre-condition due diligence and agreed to moving forward with the closing of the previously signed Share Exchange Agreement.
The management teams of On4 and NetCents are continuing to work diligently to close the transaction in as timely a manner as possible. "The entire process has certainly taken longer the we anticipated," stated Clayton Moore, President & CEO of On4. "The amount of auditing and legal work was much more than we expected but we are now very close to the end and are looking forward to completing the transaction" Mr. Moore continued. It is anticipated that the transaction will close before the end of 2012.
..i trade the pennies..
