On4 Communications Inc (OTCMKTS:ONCI) shares jumped 85.71% on Wednesday to $0.00130 and were flat 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 announced 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,” said On4 Communications Inc CEO Steve Berman.
“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 explained.
“It bears noting that our reported Q1 revenues only represent the initial FMS purchase orders which began to flow into the company 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,” Berman concluded.
The company’s first project is focusing on businesses operating in the $1.7 trillion U.S. healthcare industry and their newest targeted businesses are in the trillion-dollar mobile apps space. In particular, their first acquisition in the mobile app space is FMS Marketing 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.
In January, On4 Communications Inc announced the launch of a new proprietary FMS tracking device platform and secures its first pilot project contract with 500 pre-sold units to select USA Auto Dealers and Service Departments in the North-East. This allows all auto dealer vehicles, commercial fleet vehicles, logistics companies and shippers to remotely locate all their fleet vehicles on the road through the new FMS proprietary technology platform. A week later, the company shared that that they have secured 8 new Auto Dealer Vendors in Florida State for their premium FMS Drive Safe App.
“As previously mentioned in earlier press, it takes approximately 6 months for full vendor implementation. For this particular group of Vendors, we have 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 stated.
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.