We haven’t checked in with On4 Communications Inc (OTCMKTS:ONCI) in quite some time, and there has been much in the way of recent announcements from the company that we wanted to touch upon here on Street Register today, which also happens to be the product launch date for its Mobile Tracking Device.
Near the beginning of last month, we were taken aback by the company as they had been silent on the PR front for quite some time. All of the sudden, a 180 was pulled as an onslaught of developments began to occur, and nearly a dozen releases were published on various meetings and deals.
So far, the list of high-profile meetings On4 Communications Inc (OTCMKTS:ONCI) has secured to pitch its products grown quite impressively over a very short time. In addition to its tracking devices, there is the company’s safe driving app that it is looking to integrate with some major automakers.
Last week ONCI revealed that it would be acquiring its 51% partner in that app, referred to as the FMS Safe Driving APP.
CEO Steve Berman stated, “The price is 3,500,000 USD and will be paid in 6 installments over the next 6 months. This will be financed by a loan against receivables and will not be dilutive to the company. Our partner also owns a fleet business which adds another sector to our holdings and is an established business in itself.”
He continued to say: “All NDAs expire next Friday at which time we will announce the name of the acquired partner as well as the apps currently being sold and beta tested. This acquisition allows us to reduce costs dramatically and develop our apps more profitably. In addition we have signed a $450,000 contract with a 10 dealer group in Arizona at 150 units per month and $250 per unit.” (Source: Marketwired)
The company’s app which we mentioned above, could make its way to the big-time as well through integration with the offerings of major automakers it has met or will meet with, including GM, Chrysler, and BMW. But just as interesting is the meeting it landed with Enterprise rent a car, for not only its FMS Safe Driving App but also for its Mobile Tracking Device which goes on sale on today. The meeting will take place tomorrow at Enterprise HQ in St Louis Missouri.
The rental car business is a huge multi billion-dollar market, and Enterprise takes up a pretty good share of it. A deal struck between it, and ONCI could mean big things for this small company.
ONCI also reported signing another deal with a luxury car dealer group in Texas including such brands as Mercedes, BMW, Lexus, Audi, Lincoln, Cadillac, Porsche and Infiniti that is expected to be worth nearly half a million dollars annually, similar to the one mentioned above in Arizona. It shows a rapid progression from ONCI which was the initial reason it caught our attention in the first place.
Between the high-profile meetings taking place and the launch of sales on its mobile tracking device, we should expect to see another key update coming down the pipe soon, so we’ll have to be on the lookout for that. We’ll stay up on any further developments with ONCI and pass them along to you! Stay locked on StreetRegister.com and be sure you’re signed up for our 100% free smallcap newsletter. It’s as easy as that! Simply submit your primary active email address in the box below. Subscribe now!
Disclosure: No one at Street Register has been compensated in any way for the publishing of this article, nor do we hold any position in ONCI stock, short or long.