On4 Communications Inc (OTCMKTS:ONCI) shares were up 85.71% on Wednesday to $0.00130 and unchanged in after-hours trading. Share prices have been trading in a 52-week range of $0.00 to $0.01. The company has a market cap of $3.64 million at 2.80 billion shares outstanding.
On4 Communications Inc is a company that intends to become the onsite provider of certain mobile home care dental related services to senior citizens in their senior assisted living facilities where such onsite services are not being provided. The company is also focused on providing other medical services, with the additional focus of acquiring and/or merging businesses primarily operating in the healthcare industry. The company was engaged in providing prepackaged software as well.
In a press release, On4 Communications announced that that they have released their fiscal Q1 earnings on OTC Markets and reported their first ever revenues.
“I am proud to announce the first ever revenue flow for On4 Communications which initiated in November 2016 from our initial FMS Clients,” On4 Communications CEO Steve Berman stated. “I also wish to assure our shareholders that we are lowering ONCI’s O/S by 1.5B shares as previously stated and advise our shareholders to please watch for a Supplemental Filing on OTC Markets for the O/S reduction to be reflected soon. As well, we’re currently in the process of redomiciling On4 Communications in the State of Colorado and delivering on our earlier promise of reducing ONCI’s Authorized Shares.”
He added that their reported Q1 revenues only represent the initial FMS purchase orders which began to flow into On4 Communications at the end of November 2016.
ONCI has now entered a bold new era of growth during fiscal Q2 and I very much look forward to renewed communication to market on several exciting growth driving fronts over the next several weeks,” he concluded.
The company’s first project is focusing on businesses operating in the $1.7 trillion U.S. healthcare industry and their new targeted businesses are operating in the trillion-dollar mobile app space. Their first acquisition in this space is FMS Marketing, which is a global creator and distributor of mobile apps for Android and iPhones. The company is also targeting businesses to acquire and joint venture with in the medical marijuana and emerging MJ ancillary products space.
At the start of this year, On4 Communications Inc secured 8 new Auto Dealer Vendors in Florida State for their premium FMS Drive Safe App. Berman noted that it takes approximately 6 months for full vendor implementation but that they extrapolated attaining an average $7K in recurring monthly revenue per vendor.
With the demand for our FMS Drive Safe App service now gaining an incredible amount of traction amongst auto dealers, I will be returning to Florida in approximately 3 weeks to close on 10 more auto dealers who have already expressed a great deal of interest,” Berman explained.
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