Archive for the '2006' Category
2006/08/21 – ICOA Reports 75% Rise In Quarterly Revenue

WARWICK, RI— (MARKET WIRE) — August 18, 2006 — ICOA, Inc. (OTC BB: ICOA.OB), a national provider of wireless broadband Internet networks and managed services in high-traffic public locations, today reported a 75% increase in revenues and a 95% reduction in net loss for the three months ended June 30, 2006.

Revenues for the second fiscal quarter were $767,590, an increase of $328,841 from the $438,749 reported for the second quarter of 2005. The company reported a net loss of $91,102 for the latest quarter, compared to a net loss of $1,717,128 for the same period a year earlier.

The company noted that a large portion of the reduction in loss, $1,264,197, resulted from a “mark to market” adjustment of a derivative liability related to certain debentures. The Company determined that the conversion feature of these debentures represented an embedded derivative, and that the conversion feature must be accounted for as a derivative liability rather than as debt.

The operating loss for the latest quarter was $1,044,438, an improvement of $133,347 from the operating loss of $1,177,785 for the year-earlier quarter.

George Strouthopoulos, the Company’s Chairman, President and Chief Executive Officer, said, “In the final days of the quarter we made key changes intended to restore ICOA’s momentum, accelerate sales, focus on our higher-margin core areas of business, strengthen our balance sheet and, most importantly, ensure that we continue to earn the confidence and loyalty of our customers and strategic partners.”

On June 26 Mr. Strouthopoulos, then Board Chairman, took the additional posts of President and Chief Executive Officer. The Board also named Erwin Vahlsing Jr. to the position of interim Chief Financial Officer.

Since the management change, ICOA has eliminated approximately $600,000 per year in recurring operating expenses and established an ongoing program aimed at reducing overhead. It has stabilized revenues, and begun an extensive program to increase margins. The Company has also raised $305,600 in equity and convertible debenture funding.

“Key to our long term growth and improving margins will be our continuing success in moving to a business model based on recurring service revenues, rather than one-time equipment sales and installation projects,” Mr. Strouthopoulos said. “During the first six months of 2006, more than 84% of revenue was from recurring sources, compared to about 64% a year earlier.”

ICOA is a provider of Wi-Fi or wireless broadband networks and services, primarily delivering Internet access to the customers of airports, hotels, chain restaurants, marinas, RV parks and other high-traffic, high-value locations. In many cases these venues offer the Wi-Fi service as a free or paid amenity.

In addition to handling the equipment, installation and configuration of these Wi-Fi networks, ICOA offers important back-end services to manage and secure these networks, handle customer support for the venue’s customers, serve venue-specific advertising and other content, and optionally screen out offensive content.

“Offering Wi-Fi access is a powerful way to build customer traffic and loyalty,” Mr. Strouthopoulos noted. “But a restaurateur or hotel manager doesn’t want to configure a wireless network, or help a customer configure VoIP software. We provide the expertise, back-office technology and end-user support that makes Wi-Fi truly hassle-free for the venue,” he said.

About ICOA, Inc. ICOA, Inc. is a national provider of wireless and wired broadband Internet networks in high-traffic public locations. ICOA provides design, installation, operation, maintenance and management of Wi-Fi hot-spot and hot-zone Internet access. Based in Warwick, Rhode Island, ICOA owns or operates over 1,800 broadband access installations in high-traffic locations across 45 states, located in airports, quick-service restaurants, hotels and motels, travel plazas, marinas, universities, and municipal structures and locales. ICOA networks are compatible with widely-used 802.11x technology and with virtually all Internet service providers. Further information is at www.icoacorp.com.

This document contains “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995, which are subject to a number of risks and uncertainties, many of which are outside ICOA’s control. These include but not limited to the impact of competitors’ products, services and pricing; product demand; market acceptance; new product development; reliance on key strategic alliances; the regulatory environment; fluctuations in operating results; and other risks which are detailed from time to time in the Company’s filings with the Securities and Exchange Commission. ICOA disclaims any obligation to update or alter its forward-looking statements whether as a result of new information, subsequent events or otherwise.

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2006/07/06 – ICOA Board Changes Management

Warwick, Rhode Island – July 6, 2006 – ICOA, Inc. (OTCBB: ICOA) a leading provider of wireless and wired broadband Internet networks and services across 45 states, announced that the Board of Directors, in keeping with its fiduciary responsibilities to shareholders, on June 23rd requested the immediate resignation of Richard Schiffmann as CEO and appointed founder and Board Chairman George Strouthopoulos as President and Chief Executive Officer.

In addition, the Board on June 23rd requested the immediate resignation of Stephen Cummings as CFO and appointed Erwin Vahlsing Jr. to the position of interim Chief Financial Officer in addition to his position as a member of the Board of Directors.

The Board directed Mr. Strouthopoulos to take all steps necessary to strengthen the company’s balance sheet, reach operational profitability and deliver intrinsic value to shareholders.

“The Board acknowledges the company’s significant growth in revenue over the past 36 months, the 8 strategic acquisitions completed, and the operational expansion to over 1,500 high-traffic locations across 45 states”, said Chairman and CEO George Strouthopoulos. “Going forward let me be clear that the company is focused first and foremost on maximizing shareholder value from our considerable asset base as well as profitable expansion into the considerable growth opportunities already in the ICOA sales pipeline.”

The ICOA portfolio of broadband/Wi-Fi locations includes ICOA-branded and location-branded venues including: 24 airports, Panera Bread, I-Hop, Dunkin Donuts, Au Bon Pain, Denny’s, and Stop & Shop. ICOA also owns and operates the LinkSpot™ network of locations in RV parks and campgrounds throughout the United States, as well as the iDockUSA™ marina network across most marinas in California.

“This is an exciting time for ICOA, given our national presence and market-leading back-office systems, proven technology and strong pipeline of new business opportunities, both in terms of new customers and through expanded services to our existing customers,” said Mr. Strouthopoulos. “I and the entire ICOA team of dedicated and experienced broadband wireless veterans look forward to delivering profitable results for our shareholders and value to our customers.”

Mr. Strouthopoulos established ICOA in its present form in 1999, to focus on delivering Internet service to public access locations in North America, initially via kiosks, and later via wireless access points. He ran the company as CEO until April of 2005, and was responsible for the decision to aggressively expand into Wi-Fi, and to build the company organically and through acquisitions to become one of the nation’s largest providers of wireless and wired broadband Internet access.

Mr. Vahlsing has been with ICOA since 2001, and has been intimately involved with almost all aspects of the company’s financial and operational management. Prior to joining ICOA, Mr. Vahlsing held senior-level positions at several large manufacturing and service companies.

“Erwin has the background and business instincts that ICOA needs at this point,” said Mr. Strouthopoulos. “He is an experienced financial manager with a clear understanding of ICOA’s operations, and will make an immediate, positive impact, Mr. Strouthopoulos added.

About ICOA, Inc. ICOA, Inc. is a leading vertically integrated national provider of wireless and wired broadband Internet networks in high-traffic public locations. ICOA designs, installs, operates, maintains and manages Wi-Fi hot spot and hot zone infrastructure. ICOA owns or operates over 1,500 broadband access installations in high-traffic locations across 45 states. These locations include airport facilities, quick-service restaurants, universities, travel plazas, marinas, hospitality and municipal/hot zones.

For additional information, visit www.icoacorp.com or contact George Strouthopoulos, Chairman & CEO, at (401) 352-2360 or email gstrouthop@icoacorp.com. To subscribe to ICOA’s email alert system, send an email to: news-subscribe@icoacorp.com.

The foregoing contains “forward-looking statements” which are based on management’s beliefs, as well as on a number of assumptions concerning future events and information currently available to management. Readers are cautioned not to put undue reliance on such forward-looking statements, which are not a guarantee of performance and are subject to a number of uncertainties and other factors, many of which are outside ICOA’s control that could cause actual results to differ materially from such statements. For a more detailed description of the factors that could cause such a difference, please see ICOA’s filings with the Securities and Exchange Commission. ICOA disclaims any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise. This information is presented solely to provide additional information to further understand the results of ICOA.

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2006/06/20 – ICOA’s TollBooth Platform Gets a Major Upgrade

WARWICK, RI — (MARKET WIRE) — 06/20/2006 — ICOA, Inc. (OTCBB: ICOA), a national provider of wireless broadband Internet networks and managed services in high-traffic public locations, announced today that it has released the latest version of its award winning TollBooth™ OSS platform.

Key to this new release is TollBooth’s Time-Based Billing Plan feature. Time-based billing was designed based on the request from location operators to vary Internet access availability and/or billing on a per location and local time-of-day basis. For example, a restaurant with limited parking may want to offer free Wi-Fi during all hours except their busy lunch hour. During the lunch rush, Internet access may not be available. Other options include giving users a limited amount of free Internet access (30 minutes for example) after which a billed period begins.

The flexibility built into the Time-Based Billing Plan allows an unlimited number of billing periods per day. Each billing period may be configured with a combination of free access, paid access, and no access. “The improved TollBooth system gives location operators, for the first time, virtually unlimited control over their customer’s access to the Internet,” said Alan Kobran, ICOA’s Vice President of Marketing and Product Development. “Whether it’s free access, paid access, or no access, our customers can now customize their Wi-Fi service to enhance their business goals.”

In addition to the Time-Based Billing Plan feature, ICOA’s new release has also improved functionality for end-user reporting, tracking, and other support functions.

About ICOA, Inc. ICOA, Inc. is a national provider of neutral-host wireless and wired broadband Internet networks in high-traffic public locations. ICOA provides design, installation, operations, maintenance and management of neutral, common-use 802.11x standard WLAN Wi-Fi hot spot and hot zone infrastructure throughout airport facilities, quick-service restaurants, universities, travel plazas, marinas, hospitality and municipal/hot zone locations. ICOA owns or operates over 1,500 broadband access installations in high-traffic locations across 45 states. For additional information, visit http://www.icoacorp.com. To subscribe to ICOA’s email alert system, please send an email to: news-subscribe@icoacorp.com. For more information regarding ICOA, contact Rick Schiffmann, President & CEO at (401) 352-2360 or email rschiffmann@icoacorp.com.

The foregoing contains “forward-looking statements” which are based on management’s beliefs, as well as on a number of assumptions concerning future events and information currently available to management. Readers are cautioned not to put undue reliance on such forward-looking statements, which are not a guarantee of performance and are subject to a number of uncertainties and other factors, many of which are outside ICOA’s control that could cause actual results to differ materially from such statements. For a more detailed description of the factors that could cause such a difference, please see ICOA’s filings with the Securities and Exchange Commission. ICOA disclaims any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise. This information is presented solely to provide additional information to further understand the results of ICOA.

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2006/05/15 – ICOA Reports Record Quarterly Revenue

WARWICK, RI–(MARKET WIRE) —May 15, 2006 — ICOA, Inc. (OTC BB:ICOA.OB – News), a national provider of wireless broadband Internet networks and managed services in high-traffic public locations, today reported its financial results for its first quarter 2006 ended March 31, 2006 in its 10-QSB filed with the SEC.

In the first quarter of 2006, ICOA reported quarterly revenue of $813,991, a 66% increase compared to $489,915 for the same period in 2005. Gross Profit for the first quarter was $26,059 compared to $101,064 for the same period in 2005. The gross profit in first quarter 2005 was higher than 2006 due primarily to a one time equipment sale.

In the first quarter of 2006 non equipment sales increased as compared to 2005 by 211% or $670,330 versus $218,323. SG&A improved over the same period by 41% or $733,354 in first quarter of 2006 versus $1,243,405 in 2005. The company had a net loss of $1,403,618 during the 2006 quarter versus a net loss of $1,896,081 during the same period of 2005.

“Our revenue growth along with the corresponding reduction in SG&A is a positive trend,” said Stephen Cummings, CFO. “The strong increase in recurring revenue is a positive signal that ICOA’s business model is working properly.”

ICOA’s CEO, Rick Schiffmann, said, “We are happy to report these results and believe that these results clearly establish that ICOA has a baseline business with an annual revenue run rate in excess of $3M. We look forward to the remainder of 2006 as we seek to build upon this foundation and drive the company with an ultimate focus upon becoming EBITDA positive and profitable.”

About ICOA, Inc. ICOA, Inc. is a national provider of neutral-host wireless and wired broadband Internet networks in high-traffic public locations. ICOA provides design, installation, operations, maintenance and management of neutral, common-use 802.11x standard WLAN Wi-Fi hot spot and hot zone infrastructure throughout airport facilities, quick-service restaurants, universities, travel plazas, marinas, hospitality and municipal/hot zone locations. ICOA owns or operates over 1,500 broadband access installations in high-traffic locations across 45 states. For additional information, visit http://www.icoacorp.com. To subscribe to ICOA’s email alert system, please send an email to: news-subscribe@icoacorp.com. For more information regarding ICOA, contact Rick Schiffmann, President & CEO at (401) 352-2360 or email rschiffmann@icoacorp.com.

The foregoing contains “forward-looking statements” which are based on management’s beliefs, as well as on a number of assumptions concerning future events and information currently available to management. Readers are cautioned not to put undue reliance on such forward-looking statements, which are not a guarantee of performance and are subject to a number of uncertainties and other factors, many of which are outside ICOA’s control that could cause actual results to differ materially from such statements. For a more detailed description of the factors that could cause such a difference, please see ICOA’s filings with the Securities and Exchange Commission. ICOA disclaims any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise. This information is presented solely to provide additional information to further understand the results of ICOA.

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2006/05/01 – ICOA and Trustive Sign Roaming Agreement

WARWICK, RI – May 1, 2006 — ICOA, Inc. (OTCBB:ICOA), a national provider of wireless broadband Internet networks and managed services in high-traffic public locations, announced today that it has signed a roaming agreement with Trustive (www.corp.trustive.com), Europe’s premier Aggregator. Integration of the two company’s systems is expected to be completed shortly, allowing Trustive’s subscribers access to ICOA’s network. Trustive has built an expansive virtual network by establishing access agreements with existing WISPs, or ‘roaming partners’ across 49 countries, offering end-users access to over 11,000+ hotspots.

“Our subscribers are looking for global access.” said Trustive Managing Director Gavin Dresselhuis. “ICOA’s footprint of high traffic airports and other hotspots significantly expands the number of North American locations in which we can offer convenient service.”

“ICOA is looking forward to increased network traffic as Trustive’s subscribers take advantage of their new Internet access choices.” said ICOA CEO Rick Schiffmann. “We are pleased that Trustive has chosen ICOA as a service partner and plan to work closely with them to provide a great online experience for their subscribers.”.

About ICOA, Inc. ICOA, Inc. is a national provider of neutral-host wireless and wired broadband Internet networks in high-traffic public locations. ICOA provides design, installation, operations, maintenance and management of neutral, common-use 802.11x standard WLAN Wi-Fi hot spot and hot zone infrastructure throughout airport facilities, quick-service restaurants, universities, travel plazas, marinas, hospitality and municipal/hot zone locations. ICOA owns or operates over 1,500 broadband access installations in high-traffic locations across 45 states. For additional information, visit http://www.icoacorp.com. To subscribe to ICOA’s email alert system, please send an email to: news-subscribe@icoacorp.com. For more information regarding ICOA, contact Erwin Vahlsing, Jr., VP Finance at (401) 352-2310 or email evahlsing@icoacorp.com.

About Trustive Trustive is the largest hotspot aggregator in Europe and one of the fastest growing in the world, offering access to high-speed wireless Internet services through thousands of hotspots in some 49 countries in Europe, Asia-Pacific and the Americas. The company answers end-user demand for access to a global network of hotspots through a unified service with a single familiar user interface, unified charging and a single bill. Trustive is a privately-held company created in 2003 and is based in Amsterdam, Netherlands and Sophia Antipolis, France. For a complete hotspot list and more information visit www.corp.trustive.com.

The foregoing contains “forward-looking statements” which are based on management’s beliefs, as well as on a number of assumptions concerning future events and information currently available to management. Readers are cautioned not to put undue reliance on such forward-looking statements, which are not a guarantee of performance and are subject to a number of uncertainties and other factors, many of which are outside ICOA’s control that could cause actual results to differ materially from such statements. For a more detailed description of the factors that could cause such a difference, please see ICOA’s filings with the Securities and Exchange Commission. ICOA disclaims any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise. This information is presented solely to provide additional information to further understand the results of ICOA.

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2006/04/28 – ICOA to Restructure Cornell Debt

WARWICK, RI–(MARKET WIRE)–Apr 28, 2006 — ICOA, Inc. (OTC BB:ICOA.OB – News), a national provider of wireless broadband Internet networks and managed services in high-traffic public locations, today announced that it has reached a restructuring agreement with major debt holder Cornell Capital Partners, LP.

Under the terms of the Redemption Agreement with Cornell Capital Partners, LP, ICOA agrees to pay $1.5 million dollars to Cornell on or before June 2, 2006, to retire certain amounts owed to Cornell under three previously issued Convertible Debentures, and to issue to Cornell an unsecured amended convertible debenture in the approximate amount of $935,000, with a fixed conversion price of $0.03 per share. In addition, the warrants previously issued by the Company to Cornell will be amended so that the Company can force the exercise of the warrants under certain circumstances.

“This agreement allows ICOA to restructure its debt and replace the existing convertible debentures with Cornell Capital Partners based upon pre-identified terms and conditions. Management believes that shareholder value will be best served by replacing ICOA’s existing floorless-convertible debt instruments with long-term debt or equity,” said ICOA CFO Stephen Cummings. “We are in the process of identifying funding sources with interests more aligned with our shareholders, and expect to have the funding in place to complete this transaction on June 2.”

“We view this agreement as a major step towards enhancing ICOA’s intrinsic value and establishing a foundation upon which to build shareholder value,” said ICOA CEO, Rick Schiffmann. “Upon the completion of this transaction, ICOA will retire the perceived overhang associated with the floorless convertible debt and be in a stronger position to negotiate with the capital markets.”

About ICOA, Inc.

ICOA, Inc. is a national provider of neutral-host wireless and wired broadband Internet networks in high-traffic public locations. ICOA provides design, installation, operations, maintenance and management of neutral, common-use 802.11x standard WLAN Wi-Fi hot spot and hot zone infrastructure throughout airport facilities, quick-service restaurants, universities, travel plazas, marinas, hospitality and municipal/hot zone locations. ICOA owns or operates over 1,500 broadband access installations in high-traffic locations across 45 states. For additional information, visit http://www.icoacorp.com. To subscribe to ICOA’s email alert system, please send an email to: news-subscribe@icoacorp.com.

For more information regarding ICOA, contact Erwin Vahlsing, Jr., VP Finance at (401) 352-2310 or email evahlsing@icoacorp.com.

The foregoing contains “forward-looking statements” which are based on management’s beliefs, as well as on a number of assumptions concerning future events and information currently available to management. Readers are cautioned not to put undue reliance on such forward-looking statements, which are not a guarantee of performance and are subject to a number of uncertainties and other factors, many of which are outside ICOA’s control that could cause actual results to differ materially from such statements. For a more detailed description of the factors that could cause such a difference, please see ICOA’s filings with the Securities and Exchange Commission. ICOA disclaims any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise. This information is presented solely to provide additional information to further understand the results of ICOA.

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2006/04/21 – ICOA to Provide Service at Long Beach Marina

WARWICK, RI – Apr 21, 2006 — ICOA, Inc. (OTCBB:ICOA), a national provider of wireless broadband Internet networks and managed services in high-traffic public locations, announced today its iDockUSA division has signed an agreement with the City of Long Beach, CA to provide wireless Internet access service to the city owned marina.

The Long Beach Marina truly has one of the great locations in California. The boating public appreciates rapid access to open water, prevailing winds and close proximity to Catalina Island. The new deployment represents a major expansion in iDockUSA’s service area. Covering approximately 4,000 slips, the Long Beach deployment will increase the total number of slips covered by iDockUSA service by about 20%. Service will also be available to retail and professional businesses within the wireless signal area.

“As a world class marina and home of the Congressional Cup, Transpac and Olympic trial races, providing advanced services such as wireless Internet access is an important priority for us,” said Mark Sandoval, Manager of Marinas and Beaches. “We look forward to working with ICOA on deploying this service for our boaters.”

“ICOA continues to see significant interest from public marinas, as they increasingly recognize the convenience of our networks and device propagation broadens from the laptop to a wider array of hand-held consumer devices,” said ICOA CEO Rick Schiffmann. “We are pleased that the City of Long Beach has chosen us to be their partner in this project.”

About ICOA, Inc.

ICOA, Inc. is a national provider of neutral-host wireless and wired broadband Internet networks in high-traffic public locations. ICOA provides design, installation, operations, maintenance and management of neutral, common-use 802.11x standard WLAN Wi-Fi hot spot and hot zone infrastructure throughout airport facilities, quick-service restaurants, universities, travel plazas, marinas, hospitality and municipal/hot zone locations. ICOA owns or operates over 1,500 broadband access installations in high-traffic locations across 45 states. For additional information, visit http://www.icoacorp.com. To subscribe to ICOA’s email alert system, please send an email to: news-subscribe@icoacorp.com.

For more information regarding ICOA, contact Erwin Vahlsing, Jr., VP Finance at (401) 352-2310 or email evahlsing@icoacorp.com.

The foregoing contains “forward-looking statements” which are based on management’s beliefs, as well as on a number of assumptions concerning future events and information currently available to management. Readers are cautioned not to put undue reliance on such forward-looking statements, which are not a guarantee of performance and are subject to a number of uncertainties and other factors, many of which are outside ICOA’s control that could cause actual results to differ materially from such statements. For a more detailed description of the factors that could cause such a difference, please see ICOA’s filings with the Securities and Exchange Commission. ICOA disclaims any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise. This information is presented solely to provide additional information to further understand the results of ICOA.

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2006/04/20 – ICOA Reports Record Q4 ’05 and FY ’05 Revenues

WARWICK, RI – 04/20/2006 — ICOA, Inc. (OTCBB: ICOA), a national provider of wireless broadband Internet networks and managed services in high-traffic public locations, today reported its financial results for its fourth quarter and fiscal year ended December 31, 2005 in its 10-KSB filed with the SEC.

For the fourth fiscal quarter ended December 31, 2005, the company generated revenue of $771,038, an increase of 97% versus $392,105 for the same period last year.

For fiscal year 2005, the company reported revenue of $2,475,914, a 111% increase over FY ’04 revenue of $1,170,719. Transaction Service Fee revenue, in FY 2005 was $1,514,830 versus 2004 of $354,324, an increase of 327% year over year.

ICOA showed a Gross Margin Profit for the FY 2005 of $20,339 versus a loss in FY 2004 of ($30,667).

The company reported a net loss of ($9,237,334) as compared to a net loss of ($3,922,130) for the year ended December 31, 2004, due to an increase in one-time interest/finance expense of $3,922,982, which is primarily related to the recording of the convertible debentures, and SG&A of $1,364,795, which reflects the company’s significant operational growth over the course of 2005.

Full financial results for Q4 ’05 and FY ’05 can be found in the company’s 10-KSB, filed on April 20, 2006 with the SEC.

“2005 was a significant year of growth and transformation for ICOA,” said Stephen Cummings, CFO. “The results reflect the positive trends in our business, as the company tightens expenditures on SG&A while improving its gross margins. The strong increase in recurring revenue is a positive signal that ICOA’s business model is beginning to gain traction.”

ICOA’s CEO, Rick Schiffmann, said, “While we are extremely happy to report these financial results, ICOA’s Management team continues to maintain a focus on increasing shareholder value by driving the company to become EBITDA positive and profitable. We believe that the broadband wireless industry is ripe for consolidation, and we hope to continue to build ICOA to be in a strong position in order to become a significant factor in the consolidation of this industry. We anticipate that 2006 will be another year of continued revenue growth for ICOA.”

About ICOA, Inc.

ICOA, Inc. is a national provider of neutral-host wireless and wired broadband Internet networks in high-traffic public locations. ICOA provides design, installation, operations, maintenance and management of neutral, common-use 802.11x standard WLAN Wi-Fi hot spot and hot zone infrastructure throughout airport facilities, quick-service restaurants, universities, travel plazas, marinas, hospitality and municipal/hot zone locations. ICOA owns or operates over 1,500 broadband access installations in high-traffic locations across 45 states. For additional information, visit http://www.icoacorp.com. To subscribe to ICOA’s email alert system, please send an email to: news-subscribe@icoacorp.com.

For more information regarding ICOA, contact Erwin Vahlsing, Jr., VP Finance at (401) 352-2310 or email evahlsing@icoacorp.com.

The foregoing contains “forward-looking statements” which are based on management’s beliefs, as well as on a number of assumptions concerning future events and information currently available to management. Readers are cautioned not to put undue reliance on such forward-looking statements, which are not a guarantee of performance and are subject to a number of uncertainties and other factors, many of which are outside ICOA’s control that could cause actual results to differ materially from such statements. For a more detailed description of the factors that could cause such a difference, please see ICOA’s filings with the Securities and Exchange Commission. ICOA disclaims any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise. This information is presented solely to provide additional information to further understand the results of ICOA.

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2006/03/31 – ICOA Signs Letter of Intent to Acquire CTURN

Warwick, RI – March 31, 2006 – ICOA, Inc. (OTCBB: ICOA), a national provider of wireless broadband Internet networks and managed services in high-traffic public locations, announced today that it has signed a Letter of Intent to acquire 100% of the stock of CTURN Corporation, a high-speed wireless broadband network service provider headquartered in Salem, Oregon. The proposed transaction is subject to the execution of a definitive agreement, and is contingent upon ICOA’s ability to refinance a significant portion of debt with third party creditors.

“ICOA has been studying the fixed wireless and Wi-Max marketplace for some time. We feel that CTURN’s rural market strategy is the right plan at the right time and complements ICOA’s long-term strategy,” said Rick Schiffmann CEO of ICOA.

“Pat Turnidge and his team have developed a comprehensive and well-financed business model that is already receiving significant traction in their developmental markets,” said Stephen Cummings, ICOA’s CFO. “I look forward to expeditiously closing this transaction.”

Pat Turnidge, President of CTURN Corporation, said, “I am extremely excited to be working with ICOA. As we began to look at ICOA’s strong back-office, operational, and engineering capabilities, combining the wireless deployment and operational experience of ICOA’s team with CTURN’s strong position in the rural fixed wireless arena was an obvious step. This proposed transaction greatly enhances CTURN’s development schedule.”

About ICOA, Inc.

ICOA, Inc. is a national provider of neutral-host wireless and wired broadband Internet networks in high-traffic public locations. ICOA provides design, installation, operations, maintenance and management of neutral, common-use 802.11x standard WLAN Wi-Fi hot spot and hot zone infrastructure throughout airport facilities, quick-service restaurants, universities, travel plazas, marinas, hospitality and municipal/hot zone locations. ICOA owns or operates over 1,500 broadband access installations in high-traffic locations across 45 states. For additional information, visit http://www.icoacorp.com. To subscribe to ICOA’s email alert system, please send an email to: news-subscribe@icoacorp.com.

For more information regarding ICOA, contact Erwin Vahlsing, Jr., VP Finance at (401) 352-2310 or email evahlsing@icoacorp.com.

About CTURN Corporation

CTURN Corporation is a Wireless Broadband Network Service Provider. Our vision is to use today’s most advanced technologies to provide world-class service and products for our clients. We are committed to fast, secure and reliable broadband wireless service, unsurpassed customer care, and value added programs designed to enhance the economic development of rural America.

The foregoing contains “forward-looking statements” which are based on management’s beliefs, as well as on a number of assumptions concerning future events and information currently available to management. Readers are cautioned not to put undue reliance on such forward-looking statements, which are not a guarantee of performance and are subject to a number of uncertainties and other factors, many of which are outside ICOA’s control that could cause actual results to differ materially from such statements. For a more detailed description of the factors that could cause such a difference, please see ICOA’s filings with the Securities and Exchange Commission. ICOA disclaims any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise. This information is presented solely to provide additional information to further understand the results of ICOA.

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2006/03/01 – ICOAs iDockUSA Expand its Marina Wi-Fi Network to 50 Marinas

Warwick, RI — March 1, 2006 — ICOA, Inc. (OTCBB: ICOA), a national provider of wireless broadband Internet networks and managed services in high-traffic public locations, announced today its iDockUSA division has significantly expanded its Wi-Fi network serving the marina and boating communities.

iDockUSA service has recently been added to City of Brisbane Marina in Brisbane, CA and City of Martinez Marina in Martinez, CA. Additional locations to be activated in the near future include Balboa Yacht Club in Corona del Mar, CA and Catalina Station on Catalina Island, CA. Network coverage at east coast marinas from recent ICOA acquisitions will also be re-branded and added to the expanding iDockUSA network. Together, service to these new locations adds coverage to another 998 slips, and expands iDockUSAs network to 50 marinas.

Almar Management is a leader in managing marina operations. We seek out innovative partners to provide services at our facilities, said Jim Hayes, Vice President at Almar Management. Feedback from boaters regarding the Wi-Fi service IDockUSA has installed has been very positive.

iDockUSA is one of the largest providers of marina Wi-Fi zones in the U.S., currently reaching more than 20,000 slips with broadband wireless coverage.

About ICOA, Inc.

ICOA, Inc. is a national provider of neutral-host wireless and wired broadband Internet networks in high-traffic public locations. ICOA provides design, installation, operations, maintenance and management of neutral, common-use 802.11x standard WLAN Wi-Fi hot spot and hot zone infrastructure throughout airport facilities, quick-service restaurants, universities, travel plazas, marinas, hospitality and municipal/hot zone locations. ICOA owns or operates over 1,500 broadband access installations in high-traffic locations across 45 states. For additional information, visit http://www.icoacorp.com. To subscribe to ICOAs email alert system, please send an email to: news-subscribe@icoacorp.com.

For more information regarding ICOA, contact Erwin Vahlsing, Jr., VP Finance at (401) 352-2310 or email evahlsing@icoacorp.com.

The foregoing contains “forward-looking statements” which are based on management’s beliefs, as well as on a number of assumptions concerning future events and information currently available to management. Readers are cautioned not to put undue reliance on such forward-looking statements, which are not a guarantee of performance and are subject to a number of uncertainties and other factors, many of which are outside ICOA’s control that could cause actual results to differ materially from such statements. For a more detailed description of the factors that could cause such a difference, please see ICOA’s filings with the Securities and Exchange Commission. ICOA disclaims any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise. This information is presented solely to provide additional information to further understand the results of ICOA.

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