“PNC ownership reinforces the strength of WQN, Inc.’s balance sheet,” said B. Michael Adler, CEO of WQN, Inc.
Dallas, TX (PRWEB) February 15, 2011
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.
“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. (http://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.
B. Michael Adler