NEW YORK, NY -- (Marketwired) -- 09/15/17 -- 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.
About On4 Communications
On4 is a holdings company with an aggressive focus of acquiring proven and profitable businesses. Our first project is focusing on businesses operating in the $1.7 trillion U.S. healthcare industry. Our newest targeted businesses are operating in the trillion-dollar mobile App space. Our first acquisition in the mobile App space is FMS Marketing a global creator and distributor of mobile Apps for Android and Iphones. We are also targeting businesses to acquire and joint venture with in the medical marijuana and emerging MJ ancillary products space.
This release includes forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. All statements regarding our expected future financial position, results of operations, cash flows, financing plans, business strategy, products and services, competitive positions, growth opportunities, plans and objectives of management for future operations, as well as statements that include words such as "anticipate," "if," "believe," "plan," "estimate," "expect," "intend," "may," "could," "should," "will," and other similar expressions are forward-looking statements. All forward-looking statements involve risks, uncertainties and contingencies, many of which are beyond our control, which may cause actual results, performance, or achievements, as described in our reports filed with the Securities and Exchange Commission, which are available for review at www.sec.gov, to differ materially from anticipated results, performance, or achievements. We are under no obligation to (and expressly disclaim any such obligation to) update or alter our forward-looking statements, whether as a result of new information, future events or otherwise.
On4 Communications, Inc.