Shares of elderly dental services provider, On4 Communications, Inc. (OTC Pink: ONCI) are down 15% on Tuesday, June 28, 2016. The company normally experiences average daily volume of around 9.13 million shares, over the past three months. However, over 40.6 million or $89,320 in dollar volume have exchanged hands in the first half hour of trading Tuesday.
The sell off on heavy volume comes after the company released a statement detailing of On4 Communications, Inc. (OTC Pink: ONCI)’s meeting with an audit firm to “create a culture of transparency that a fully reporting status ensures,” according to the press release. The sell off could be attributed to the fact that the hiring of the audit firm and the wording may suggest to investors that the company has not been exercising proper transparency. Here is the press release detailing of On4 Communications, Inc. (OTC Pink: ONCI) and their audit firm announcement:
NEW YORK, NY–(Marketwired – Jun 27, 2016) – On4 Communications (OTC: ONCI) is pleased to announce that the company is meeting with an audit firm this week in order to discuss their potential engagement by the Company. The Company seeks to create a culture of transparency that a fully reporting status ensures. The Company is scheduled to meet with a capable PCAOB (http://pcaobus.org) certified accounting firm that could complete a company audit and file any/all additional paperwork necessary with the SEC for On4 to achieve fully reporting status.
ONCI is currently working to build what the Company believes will be a disruptor in the dental and elderly care industry as the industry currently exists. The CDC reports that in 2014 there were 15,600 elderly homes in the United States with 1.7 million licensed beds. In these elderly facilities there exists a huge void in proper dental hygiene services. The New York Times ran an article entitled “In Nursing Homes, an Epidemic of Poor Dental Hygiene”
The Company is developing and building the business model whereby equipment will be transported inside elderly care facilities so patients do not have to risk going outside the elderly care facility to receive much needed dental care.
The Company will bring everything necessary for patient’s dental care inside the facility. This reduces the exposure of the care facility to accidents and lowers their insurance costs. The dental staff hired will be on a contract basis which is cost-effective as the Company is not responsible for additional benefits. The Company currently has contracts being negotiated with facilities in New York, New Jersey, Connecticut, and Florida.
The Company also has its sights on expanding services into the podiatry and optometry fields to become a full service mobile medical provider to the elderly care market.
The Company also recently announced the appointment of Jeffrey Mahl as Senior VP of Business Development for On4 Communications, Inc. Mr. Mahl has a very strong history in business development and sales. Mr. Mahl was previously the President of Sales for ESPN as well as President of Grandparents.com. Mr. Mahl will be spearheading the development of sales and contracts for ONCI.
On4 is a holdings company with an aggressive focus of acquiring proven and profitable businesses, especially those businesses operating in the $1.7 trillion U.S. healthcare industry.
Forward-Looking Statement Any statements made in this press release which are not historical facts contain certain forward-looking statements; as such term is defined in the Private Security Litigation Reform Act of 1995, concerning potential developments affecting the business, prospects, financial condition and other aspects of the company to which this release pertains. The actual results of the specific items described in this release, and the company’s operations generally, may differ materially from what is projected in such forward-looking statements. Although such statements are based upon the best judgments of management of the company as of the date of this release, significant deviations in magnitude, timing and other factors may result from business risks and uncertainties and other factors, many of which are beyond the control of the company. The company disclaims any obligation to update information contained in any forward-looking statement. This press release shall not be deemed a general solicitation.
On4 Communications, Inc.