PNC Financial Files Form 13G Disclosing a 6.8% Share Holding of WQN, Inc. (ORCPK: WQNI)

PNC, a diversified financial services company disclosed today a 6.87% share holding in WQN, Inc., a distributer of online and mobile applications developed around child safety (ORCPK: WQNI).
 
 
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Mobile
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Safety
Internet Safety
Pnc

Industrys:
Technology
Internet
Mobile

Location:
Dallas - Texas - US

Feb. 15, 2011 - PRLog -- DALLAS, TEXAS – PNC, a diversified financial services company disclosed today a 6.87% share holding in WQN, Inc., a distributer of online and mobile applications developed around child safety (ORCPK: WQNI).

“PNC ownership reinforces the strength of WQN, Inc.’s balance sheet,” said B. Michael Adler, CEO of WQN, Inc. “Fortunately, we have a strong balance sheet with 27 million shares of WebSafety, which represents 42% ownership or $8,600,000 worth of equity as of market closing on February 14, 2011,” continued Adler.

WebSafety, Inc. , is a leading provider of mobile and computer software solutions that help to prevent incidences of cyber-bullying as well as explicit or degrading texting, sexting issues, and unlawful Internet behavior such as cyber predators.

The WQN, Inc. balance sheet also retains a 3.56% investment in Sea View Capital Mezzanine fund.  “The Sea View investment should start paying dividends soon,” stated John Williams, CFO of WQN, Inc.  “The latest audited report shows a gain of 42% on our original investment,” added Mr. Williams.

The WQN, Inc. balance sheet is comprised of mostly equity investments and has little or no dept.

About PNC Financial:
The PNC Financial Services Group, Inc. (www.pnc.com) is one of the nation's largest diversified financial services organizations providing retail and business banking; residential mortgage banking; specialized services for corporations and government entities, including corporate banking, real estate finance and asset-based lending; wealth management and asset management. Follow @PNCNews on Twitter for breaking news, updates and announcements from PNC.

About WQN Inc.:
Headquartered in Dallas, Texas, WQN, Inc. is a distributer of online and mobile applications developed around child safety.

Contact:
B. Michael Adler
WQN, Inc.
Phone: 214-679-5777
Email: barrymichaeladler@yahoo.com
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Source:WQN, Inc.
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