World News: 23:21 GMT Friday 14th September 2018. [ON4 Communications, Inc. via Globe Newswire via SPi World News]
NEW YORK, Sept. 14, 2018 (GLOBE NEWSWIRE) -- via OTC PR WIRE - On4 Communications (OTCPINK:ONCI) announces letter to shareholders from CEO Steve Berman as follows:
Shareholders: I am happy to report another record quarter with sales up over 11% from last quarter. We achieved new milestones with the signing of AN and C max and more big names to come. We have started shipping AN and I will be discussing states and distribution with C max next week. To date we have shipped 12 AN stores and more coming in the next month.
I am also pleased to announce that we have made a distribution deal with a company that provides logistics and software to almost every municipality in the USA and in Europe.
They want to create the first distracted driving network for government fleets of Cars and Trucks. As soon as our NDA expires and it will be soon I will announce the name of the company.
I am pleased to announce that we have signed a letter of intent to purchase 75% of a craft Cannabis company called Sifthouse BC. Sifthouse is a craft Cannabis company and a new business based in Vancouver. If you think of craft cannabis like a craft beer company, they will grow highly profitable and specialty blends in the way craft beer, such as montaulk IPA, does. This business is about to explode and we are in on the ground floor. It is my expectation that big tobacco and spirits companies will be in control of this business going forward and the expectations and potential profits will be amazing. Terms of financing are being worked out and will be announced in the next update but we will be sending Sifthouse a payment of $100,000 within the next few weeks. As new markets and countries open we will be able to franchise our company to every city that makes cannabis legal over the next few years and I believe craft growers will be the biggest part of the cannabis boom.
ALL CAPS DEEMED NECESSARY HERE: LET ME SAY THIS AGAIN, AGAIN, AGAIN and AGAIN: THERE WILL BE NO REVERSE SPLIT.
LET ME SAY THIS AGAIN AS WELL: THERE ARE NO PLANS TO DO ANOTHER 3A1O.
So if you don’t understand it, again, there are no plans on the table to do a reverse split.
If you can't read or don’t understand this, get glasses. In my expectation, we will get the Hexagon deal done and be able to make the move to Colorado shortly. Nobody is more frustrated then me about this.
The company is in great shape as we continue to close deals and increase revenue. Closing the 3 huge dealer groups is a blockbuster event and will increase revenue three fold in the future.
In addition, we are looking at ways to unlock shareholder value in everyway as we open new opportunities and look to capitalize at every turn.
As of today at 3:30pm we have received a verbal agreement for our first private label deal. We have been working on this deal for the last 4 months and after many meetings we got the verbal today. As soon as we have the docs signed I will announce the company as it is a very big company and a huge deal for us. I was hoping to get signatures today but it is not possible.
We are also working on two more big private label deals one in Europe and the other in Turkey. We have made every change they have asked us to make and we are pushing forward everyday. I am hoping to get answers ASAP.
AS discussed per our attorneys I sent a board Resolution to our TA only to find we have 3 issues to overcome:
1. we need to settle with Delaware.2. we have 2 share reservation letters one from 2015 and one from 2014. Both of these companies hold no shares but we have to get revision letters from them to remove the reservations. I have reached out to both companies and was hoping to hear back by today.3. I have made an offer to Delaware to reduce the amount and we believe they will accept. Once these 3 items are complete the share reduction will take place.
This is totally on me and I can only take full responsibility for these items but it will get done and soon.
HEXAGON 6TH LEG
As of today, the 6th leg of hexagon is complete we have started a new platform for merchandise to freely trade. We have purchased a variety of domain names and we are waiting to get financing in place. As soon as that happens we will announce via a PR all details. I am sure this will be a GRAND SLAM.
I will discuss the dental and the beta testing and the OBD development in the next update as we are moving everything along.
The company is in a great position to capitalize on new markets. Distracted driving is an epidemic in the world and is only getting bigger. Cannabis is one of the fastest growing business led by total legalization in Canada with 10 other countries to follow. We are positioned for the future and will ride the wave.
Sincerely, Steve Berman, CEO
Globe Newswire: 23:21 GMT Friday 14th September 2018
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