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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).
“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,”
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)
About WQN Inc.:
Headquartered in Dallas, Texas, WQN, Inc. is a distributer of online and mobile applications developed around child safety.
B. Michael Adler