SCOTTSDALE, AZ, Feb. 3 /PRNewswire-FirstCall/ -- On4(TM) Communications Inc. ("On4(TM)") (ONCI.OB) announces that, on February 3, 2010, it paid $75,000 towards debt owed to Penny Green and Bacchus Entertainment Ltd., in accordance with a post merger agreement with Penny Green, Bacchus Entertainment Ltd. and Bacchus Filing Inc. dated September 14, 2009. Pursuant to the terms of the post merger agreement, Penny Green and Bacchus Entertainment Ltd. have submitted for cancellation a total of 52,223,931 common shares in the capital of On4(TM).
"As On4(TM) Communications entered into 2010, this was one of the steps in our long term plan to build structure and stability for the company and our shareholders. The retirement of the 52,223,931 which represents approximately 52% of the outstanding shares of the company is a big step in the right direction. This signifies to our shareholders our commitment to continue to focus on increasing shareholder value whenever possible," said On4(TM) Communication's CEO, Cameron Robb.
About On4(TM)
On4(TM) Communications is a globally diversified Location Based Services (LBS) company with offices in Scottsdale, Arizona; in Richmond, British Columbia and representation in China. On4(TM) can provide either hardware-only (GSM or CDMA devices) or fully integrated custom solutions, depending on end-user requirements. On4(TM) also looks to leverage its strategic relationships through joint ventures, partnerships and acquisitions to provide market opportunities for emerging technologies in the LBS space.
About PetsMobility(TM)
PetsMobility is a fully owned subsidiary of On4(TM) and offers a wide line of products designed to keep you and your pets connected while ensuring their safety.
About Charity Tunes
Charity Tunes is a fully owned subsidiary of On4(TM) and is North America's first charity-driven digital entertainment distributor, offering music enthusiasts the opportunity to support charitable organizations by downloading their favourite tunes and some of the amount collected from each download to any of a number of partner charities.
Safe Harbor Statement
Safe Harbor statement under the Private Securities Litigation Reform Act of 1995: The statements in this release relating to completion of the acquisition and the positive direction are forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Some or all of the results anticipated by these forward-looking statements may not occur. Factors that could cause or contribute to such differences include, but are not limited to, contractual difficulties which may arise, the failure to obtain necessary approvals, the future market price of On4 Communications, Inc.'s common stock and the ability to obtain the necessary financing.
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 Communication's filings with the United States Securities and Exchange Commission which identify specific factors that may cause actual results or events to differ materially from those described in the forward-looking statements.
On4 Communications Inc. http://www.on4communications.com/ http://www.pets911.com/ http://www.petsmobility.com/ http://www.petlifeline.com/ http://www.charitytunes.com/
On4 Communications, Inc.
CONTACT: Investor Enquiries: Cameron Robb, President & CEO, On4
Communication, Inc., crobb@on4communications.com, (480) 344-7755
