Published On: Wed, Jun 29th, 2016

On4 Communications Inc (OTCMKTS:ONCI) Aims To Become Current With The SEC As It Works To Develop New Business Model

On4 Communications Inc (OTCMKTS:ONCI) has announced that it would be meeting with an audit firm, later in the week. The company has revealed that it once again plans to become a fully reporting company, which is why it was looking to engage with a PCAOB certified accounting firm. The new audit firm would be responsible for handling all the paperwork, concerning the necessary filings with the SEC.

On4 Communications has disclosed that is working on building a solution, which would create waves in the dental hygiene and elderly nursing industries. As was disclosed in a recent article by NY Times, there is a huge void in proper dental hygiene services at nursing homes for the elderly. If successful, the company could possibly gain access to a market of 1.7 million consumers.

The company has also revealed that its new business model is being built around the idea that the dental equipment would be taken inside the nursing facilities, for use. This is to ensure that the consumers do not risk themselves by going out. Furthermore, the move would also reduce the insurance cost for these facilities. ONCI also plans to hire, the needed dental professionals, on a contract basis, so as to avoid the need to pay them additional benefits. Currently, deals are being negotiated with nursing homes in Florida, New York, Connecticut and New Jersey. ONCI also plans to expand its business model, after initial success, to include all sorts of medical services to the elderly.

In an earlier update, On4 Communication had announced that it would be filing the necessary paperwork, to reduce the number of its authorized shares from 5 billion, to 3.75 billion. A total of 1.5 billion of these shares are currently restricted. Moreover, the company believes that the number of authorized shares is enough to keep a balance of shareholder interest and the needs of future strategic acquisitions.

On4 Communications Inc (OTCMKTS:ONCI) experienced a trade volume of 263.6 million, during the June 28 trading session, to reach a close at $0.0013 per share. The stock lost 50% of its share value, during the session.

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