VANCOUVER, Nov. 23, 2012 /PRNewswire/ - On4 Communications, Inc. ("On4") (OTCQB: ONCI) is pleased to announce that NetCents Systems Ltd. ("NetCents") through its partnerships with banking institutions in Canada and the US, has begun integrating its is proprietary online payment system with the US banking system to process online payments in the United States of America.
Online transactions are growing exponentially in the US. It is expected by the year 2013 there will be over 268 billion online transactions annually. In the most recent report by comScore, Inc., in the first quarter of 2011, US retail e-commerce exceeded $38 billion. Alternative payment methods are becoming the preferred method of payment for online consumers and merchants. It is anticipate that within the next five years, alternative payment methods will account for over one-third of all online retail transactions. NetCents is an alternative payment system that provides its customers and merchants with every form of online payment option with two major benefits: transaction privacy and two-way real time transaction processing. The features of the NetCents system are highlighted below:
On4 Communications, Inc. is a development stage company focused on wireless and online payment technologies. On4 is actively looking for acquisitions and merger opportunities within these industries. On4 has identified NetCents Systems Ltd., (www.net-cents.com), a technology company that is on the verge of establishing itself as a global contender in the online payment industry. On4 has a signed agreement in place with NetCents and will be facilitating the global rollout of the NetCents platform. On December 15, 2011 On4 entered into a definitive Share Exchange Agreement with NetCents Systems Ltd. ("NetCents") where at closing On4 will acquire 100% of the issued and outstanding shares of NetCents and NetCents will become a wholly owned subsidiary of On4. The Company is a Development Stage Company, as defined by Financial Accounting Standards Board ("FASB") Accounting Standards Codification ("ASC") 915, Development Stage Entities, and has not yet generated significant revenues from their intended business activities.
NetCents is an integrated, international financial transaction hub that delivers a 100% secure, self-administered and anonymous payment system developed for the purpose of making safe online purchases and money transfers. The NetCents technology is simple, innovative and works in harmony with existing banking platforms. Triggered by a valid email address, it provides a real-time, two-way flow of funds over the web while protecting users from identity theft or credit card fraud and can significantly reduce transaction costs for Merchants and consumers. NetCents provides the merchant with the means to connect with all consumers whether or not they hold direct access to a credit card. This payment option for consumers and merchants provides peace-of-mind with no fear of identity theft or credit card fraud.
Except for the historical information contained herein, the matters discussed in this press release are forward-looking statements. Actual results may differ materially from those described in forward-looking statements and are subject to risks and uncertainties. See ON4's filings with the United States Securities and Exchange Commission which may identify specific factors that may cause actual results or events to differ materially from those described in the forward-looking statements.
SOURCE On4 Communications, Inc.