Archive for the 'Press Release' Category
12/23/2010 – ICOA, Inc. Year-End Update and 2011 National Wi-Fi Strategy

WARWICK, RI, Dec 23, 2010 (MARKETWIRE via COMTEX) — ICOA, Inc. (PINKSHEETS: ICOA) today announced its progress on the following projects that were planned for completion during the fourth quarter of 2010:

Joint Ventures and or Accretive Acquisitions: The Company is in the final stage of merger negotiations with two private Wi-Fi providers as previously announced. One candidate has informed Icoa that it has cleared with its major investor to proceed with the merger and is preparing its financials for presentation and DD by the Icoa executives during the month of January 2011.The second candidate is preparing its financials for presentation to Icoa also during the same month. ICOA’s management is familiar with their operations and anticipates that it can complete the DD rather quickly.

Issued and Outstanding share reduction: Following up on its previous announcement of December 3, 2010, to reduce the existing issued and outstanding shares over the next quarter, the Company has completed a total reduction of 2.3 Billion shares. As previously announced, the Company is working with the major stakeholders, who have given their strong commitment to work with the company, to further reduce the issued and outstanding shares by an additional two billion shares during the first quarter of 2011.

Corporate Website update and revision: The Company has taken the steps to revise and update its website. According to the latest information from the inFLUX-STUDIO management, they have completed the design, screenshots are ready and upon final approval by ICOA’s management, the website is scheduled to go live on December 31, 2010 or January 3, 2011. The Company is working closely with the developers to help them meet their timeline.

Restructuring Balance Sheet: During the past six months of 2010 ICOA negotiated settlements on $2.1 million of its debt which was converted to equity with lock ups of up to twelve months. This action is important to the execution of ICOA’s strategy as it tries to grow both organically and via accretive acquisitions.

Strategy: The Company is positioning its business strategy for 2011 to capitalize on the explosive growth of Data Traffic as major Mobile Operators will need offloading solutions from their 3G networks to Wi-Fi Hotspots, femtocell, or 4G network solution. The popularity of smartphones, mobile laptop dongles and flat rate data plans has brought explosive growth in data traffic. Cisco Systems predicted a 39 fold increase in Mobile data traffic from 2009 to 2014.

Connected Planet on September 29, 2010 published the following article: “As Mobile data demand spikes, can Wi-Fi come to 3G rescue?”

http://connectedplanetonline.com/4gparadox/Can-Wi-Fi-come-to-3G-rescue-0929/index.html

Other:

The Company is continuing work on the completion of its financial statements for previous years. Since there has been no reporting for several years, this effort will not be completed until the first quarter of 2011.

About ICOA ICOA, Inc. (PINKSHEETS: ICOA) 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 broadband access installations in high-traffic locations across 40 states, located in airports, quick-service restaurants, hotels and motels, travel plazas, marinas etc. ICOA networks are compatible with widely-used 802.11x technology and with virtually all Internet service providers. Further information is at www.icoacorp.com.

Safe Harbor:

This press release includes forward-looking statements related to theglobe.com, inc. that involve risks and uncertainties, including, but not limited to, risks and uncertainties relating to integration of newly acquired businesses and assets, product delivery, product launch dates, risks relating to the Internet, development and protection of technology, the availability of financing or other capital to fund its plans and operations, the management of growth, market acceptance of our products, our ability to compete successfully against established competitors with greater resources, the uncertainty of future governmental regulation (particularly as it pertains to the Internet), pending litigation and other risks. These forward-looking statements are made in reliance on the “Safe Harbor” provisions of the Private Securities Litigation Reform Act of 1995. For further information about these and other factors that could affect ICOA’s future results and business plans, please see the Company’s filings with the Securities and Exchange Commission, including in particular our Annual Report on Form 10-K for the year ended December 31, 2005, and our Quarterly Report on Form 10-Q for the quarter ended September 30, 2006. Copies of these filings are available online at http://www.sec.gov. Prospective investors are cautioned that forward-looking statements are not guarantees of performance. Actual results may differ materially and adversely from management’s expectations.

Contact:
ICOA, Inc.
investor@icoamail.com
www.icoacorp.com

 

12/03/2010 – ICOA, Inc. Cancels Additional 1.0 Billion of Its Issued-Outstanding Shares

ICOA Revises and Updates Website to Reflect Present Status

WARWICK, RI, Dec 03, 2010 (MARKETWIRE via COMTEX) — ICOA, Inc. (PINKSHEETS: ICOA) today announced that it has completed the documentation for the cancellation of the second tranche of 1.0 billion shares held by related parties. It would be effective by December 7, 2010.

Following up on its previous announcement on October 7, 2010, to reduce the existing issued and outstanding shares over the next quarter, the Company is pleased to execute the second cancellation.

The company has taken the steps to revise and update its website and it anticipates introducing a number of the updates in the first half of December 2010.

The Company is also working on the completion of the financials of the previous years. Since there has been no reporting for several years, this effort will not be completed until the first quarter of 2011.

About ICOA ICOA, Inc. (PINKSHEETS: ICOA) 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 broadband access installations in high-traffic locations across 40 states, located in airports, quick-service restaurants, hotels and motels, travel plazas, marinas etc. ICOA networks are compatible with widely-used 802.11x technology and with virtually all Internet service providers. Further information is at www.icoacorp.com.

Safe Harbor: This press release includes forward-looking statements related to theglobe.com, inc. that involve risks and uncertainties, including, but not limited to, risks and uncertainties relating to integration of newly acquired businesses and assets, product delivery, product launch dates, risks relating to the Internet, development and protection of technology, the availability of financing or other capital to fund its plans and operations, the management of growth, market acceptance of our products, our ability to compete successfully against established competitors with greater resources, the uncertainty of future governmental regulation (particularly as it pertains to the Internet), pending litigation and other risks. These forward-looking statements are made in reliance on the “Safe Harbor” provisions of the Private Securities Litigation Reform Act of 1995. For further information about these and other factors that could affect ICOA’s future results and business plans, please see the Company’s filings with the Securities and Exchange Commission, including in particular our Annual Report on Form 10-K for the year ended December 31, 2005, and our Quarterly Report on Form 10-Q for the quarter ended September 30, 2006. Copies of these filings are available online at http://www.sec.gov. Prospective investors are cautioned that forward-looking statements are not guarantees of performance. Actual results may differ materially and adversely from management expectations.

Contact:
ICOA, Inc.
investor@icoamail.com
www.icoacorp.com

 

11/12/2010 – ICOA, Inc. Engages inFlux Studio to Update and Maintain Its Website

WARWICK, RI, Nov 12, 2010 (MARKETWIRE via COMTEX) — ICOA, Inc. (PINKSHEETS: ICOA) today is pleased to announce that it has entered into an agreement with inFlux Studio of Rhode Island to take over the project of redesigning, updating and maintaining the ICOA, Inc. corporate website.

The redesigned website will feature easy access to the Company’s project information, financial and shareholder communications including links to OTC Markets and Yahoo Finance.

The Company’s objective with the updated website is to provide a clean interface from which shareholders and prospective partners can navigate to learn about the Company’s products, services, projects and latest news.

In addition the website will be used as a platform to inform its shareholders and strategic partners on new developments and opportunities in the exploding Public Wi-Fi Industry.

Paulo Martins, Managing Director of inFlux Studio, stated, “ICOA is looking to update and redesign their existing website as a means of providing a new look and feel to their existing brand. Web site redesign is necessary to effectively reach new audiences and communicate changes and developments based on recent and upcoming technological advancements which affect the industry. ICOA, Inc. requires a site that:

– Provides a modern web presence that clearly reflects and establishes their brand;
– Offers relevant information;
– Gives current and potential clients the means to contact the company;
– Provides company ease of updating information.

About ICOA ICOA, Inc. (PINKSHEETS: ICOA) 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 broadband access installations in high-traffic locations across 40 states, located in airports, quick-service restaurants, hotels and motels, travel plazas, marinas etc. ICOA networks are compatible with widely-used 802.11x technology and with virtually all Internet service providers. Further information is atwww.icoacorp.com.

Safe Harbor: This press release includes forward-looking statements related to theglobe.com, inc. that involve risks and uncertainties, including, but not limited to, risks and uncertainties relating to integration of newly acquired businesses and assets, product delivery, product launch dates, risks relating to the Internet, development and protection of technology, the availability of financing or other capital to fund its plans and operations, the management of growth, market acceptance of our products, our ability to compete successfully against established competitors with greater resources, the uncertainty of future governmental regulation (particularly as it pertains to the Internet), pending litigation and other risks. These forward-looking statements are made in reliance on the “Safe Harbor” provisions of the Private Securities Litigation Reform Act of 1995. For further information about these and other factors that could affect ICOA’s future results and business plans, please see the Company’s filings with the Securities and Exchange Commission, including in particular our Annual Report on Form 10-K for the year ended December 31, 2005, and our Quarterly Report on Form 10-Q for the quarter ended September 30, 2006. Copies of these filings are available online at http://www.sec.gov. Prospective investors are cautioned that forward-looking statements are not guarantees of performance. Actual results may differ materially and adversely from management expectations.

Contact:
ICOA, Inc.
investor@icoamail.com
www.icoacorp.com

 

11/09/2010 – ICOA, Inc. Converts $2,070,000 of Debt to 688,000 Preferred Shares…

WARWICK, RI, Nov 09, 2010 (MARKETWIRE via COMTEX) — ICOA, Inc. (PINKSHEETS: ICOA) today announced that it has completed the conversion of $2,070,000 of debt to equity as follows:

– A judgment against the company of $1.0 million for unpaid lease costs plus accrued interest of about $100K was settled for $750,000 of Pfd B (300,000 shares) at a price of $2.50 per share.

– Accrued payroll in the amount of $970,000 was converted to equity through the issuance of 388,000 shares of Preferred B at a price of $2.50 per share.

– The Preferred B Series shares have a mandatory lock-up of one year while the company is a non-reporting entity and six months when it becomes reporting with the SEC. In addition, all conversions are then subject to the rules of Rule 144 as they might apply to the holders.

As previously announced, the Company plans to substantially reduce its debt load through conversion of debt into equity. This will help strengthen the Company’s Balance Sheet in anticipation of its previously announced plans regarding the acquisition of private Wi-Fi providers by the end of the year which we are currently negotiating.

About ICOA ICOA, Inc. (PINKSHEETS: ICOA) 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 broadband access installations in high-traffic locations across 40 states, located in airports, quick-service restaurants, hotels and motels, travel plazas, marinas etc. ICOA networks are compatible with widely-used 802.11x technology and with virtually all Internet service providers. Further information is at www.icoacorp.com.

Safe Harbor: This press release includes forward-looking statements related to theglobe.com, inc. that involve risks and uncertainties, including, but not limited to, risks and uncertainties relating to integration of newly acquired businesses and assets, product delivery, product launch dates, risks relating to the Internet, development and protection of technology, the availability of financing or other capital to fund its plans and operations, the management of growth, market acceptance of our products, our ability to compete successfully against established competitors with greater resources, the uncertainty of future governmental regulation (particularly as it pertains to the Internet), pending litigation and other risks. These forward-looking statements are made in reliance on the “Safe Harbor” provisions of the Private Securities Litigation Reform Act of 1995. For further information about these and other factors that could affect ICOA’s future results and business plans, please see the Company’s filings with the Securities and Exchange Commission, including in particular our Annual Report on Form 10-K for the year ended December 31, 2005, and our Quarterly Report on Form 10-Q for the quarter ended September 30, 2006. Copies of these filings are available online at http://www.sec.gov. Prospective investors are cautioned that forward-looking statements are not guarantees of performance. Actual results may differ materially and adversely from management expectations.

Contact:
ICOA, Inc.
investor@icoamail.com
www.icoacorp.com

 

10/28/2010 – ICOA, Inc. Cancels Additional 1.3 Billion of Its Issued-Outstanding Shares

ICOA Revising and Updating Website to Reflect Present Status

WARWICK, RI, Oct 28, 2010 (eTeligis.com via COMTEX) ICOA, Inc. (PINKSHEETS: ICOA) today announced that it has completed the documentation for the cancellation of the second tranche of 1.3 billion shares held by related parties.It would be effective by November 3rd, 2010.

Following up on its previous announcement on October 7, 2010, to reduce the existing issued and outstanding shares by over sixty-five percent over the next quarter, the Company is pleased to execute the second cancellation earlier than was originally anticipated.

The Company has set a goal to complete the remaining reduction of the existing issued and outstanding shares by the end of November 2010 rather than the original deadline of December.The steps necessary to complete this are currently under way.

The company has taken steps to revise and update its website by November 15th, 2010.

The Company is also working on the completion of the financials of the previous years.Since there has been no reporting for several years, this effort may take several more weeks.

About ICOAICOA, Inc. (PINKSHEETS: ICOA) 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 operatesbroadband access installations in high-traffic locations across 40 states, located in airports, quick-service restaurants, hotels and motels, travel plazas, marinas etc. ICOA networks are compatible with widely-used 802.11x technology and with virtually all Internet service providers. Further information is at www.icoacorp.com.

Safe Harbor:This press release includes forward-looking statements related to theglobe.com, inc. that involve risks and uncertainties, including, but not limited to, risks and uncertainties relating to integration of newly acquired businesses and assets, product delivery, product launch dates, risks relating to the Internet, development and protection of technology, the availability of financing or other capital to fund its plans and operations, the management of growth, market acceptance of our products, our ability to compete successfully against established competitors with greater resources, the uncertainty of future governmental regulation (particularly as it pertains to the Internet), pending litigation and other risks. These forward-looking statements are made in reliance on the “Safe Harbor” provisions of the Private Securities Litigation Reform Act of 1995. For further information about these and other factors that could affect ICOA’s future results and business plans, please see the Company’s filings with the Securities and Exchange Commission, including in particular our Annual Report on Form 10-K for the year ended December 31, 2005, and our Quarterly Report on Form 10-Q for the quarter ended September 30, 2006. Copies of these filings are available online at http://www.sec.gov. Prospective investors are cautioned that forward-looking statements are not guarantees of performance. Actual results may differ materially and adversely from management expectations.

Contact:
ICOA, Inc.
investor@icoamail.com
www.icoacorp.com

 

10/20/2010 – ICOA, Inc. Takes Action to Expand Business and Revenue

Company Enters Negotiations to Acquire Privately Held Wi-Fi Operator Providing Wi-Fi Services to Multiple Venues Company Also in Discussions to Form Joint Venture With Private Wi-Fi Company Specializing in Providing Wi-Fi to Hundreds of Apartment Buildings

WARWICK, RI, Oct 20, 2010 (MARKETWIRE via COMTEX) — ICOA, Inc. (PINKSHEETS: ICOA), a national Provider of Wireless Broadband Internet Networks and Managed Services in high-traffic locations and a provider of Managed Services to Independent Wi-Fi service providers, today announced that it is moving forward with the actions required to expand its business and increase its revenue as follows:

First, the Company has entered into negotiations to acquire a privately held Wi-Fi Operator that provides Wi-Fi Services to multiple venues. The Companies anticipate announcing a binding Letter of Intent in November and completing the acquisition by December 30th 2010.

Second, the Company is in negotiations to form a Joint Venture (JV) with a privately held Wi-Fi Company that specializes in providing Wi-Fi services to a large number of Multiple Dueling Units. The Companies anticipate announcing a joint Memorandum of Understanding in November and finalize a JV Operating Agreement in December 2010.

Both transactions are very synergistic to ICOA’s Wi-Fi operations and will contribute positive revenue, accretive to ICOA’s bottom line. Through these opportunities, ICOA and the operating companies expect to see significant benefits from the cost reductions that can be realized.

The partnerships will utilize ICOA’s experienced Support and Customer Service Center combined with the award-winning Operating Support System (OSS) “TollBooth(TM)” platform. The intent is to provide strong creative entrepreneurs with the combined advantages of retaining local independence while enjoying the benefits of a publicly listed company.

As stated in our previous press release of 10/13/2010 “ICOA’s new acquisition model is based on a share-for-share agreement, usually starting with a minority position in the new partner. Cash is not immediately released; this potentially ensures a higher and more sustainable long-term profit. ICOA’s Management says, “We are convinced that our improved strategy will enable us to expand the number of companies in our network and our revenue more rapidly than originally anticipated.”

About ICOA ICOA, Inc. (PINKSHEETS: ICOA) 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 broadband access installations in high-traffic locations across 40 states, located in airports, quick-service restaurants, hotels and motels, travel plazas, marinas etc. ICOA networks are compatible with widely used 802.11x technology and with virtually all Internet service providers. Further information is at www.icoacorp.com.

Safe Harbor: This press release includes forward-looking statements related to theglobe.com, inc. that involve risks and uncertainties, including, but not limited to, risks and uncertainties relating to integration of newly acquired businesses and assets, product delivery, product launch dates, risks relating to the Internet, development and protection of technology, the availability of financing or other capital to fund its plans and operations, the management of growth, market acceptance of our products, our ability to compete successfully against established competitors with greater resources, the uncertainty of future governmental regulation (particularly as it pertains to the Internet), pending litigation and other risks. These forward-looking statements are made in reliance on the “Safe Harbor” provisions of the Private Securities Litigation Reform Act of 1995. For further information about these and other factors that could affect ICOA’s future results and business plans, please see the Company’s filings with the Securities and Exchange Commission, including in particular our Annual Report on Form 10-K for the year ended December 31, 2005, and our Quarterly Report on Form 10-Q for the quarter ended September 30, 2006. Copies of these filings are available online at http://www.sec.gov. Prospective investors are cautioned that forward-looking statements are not guarantees of performance. Actual results may differ materially and adversely from management expectations.

Contact:
ICOA, Inc.
investor@icoamail.com
www.icoacorp.com

 

10/18/2010 – ICOA, Inc. Cancels 1.3 Billion of Its Issued and Outstanding Shares

WARWICK, RI, Oct 18, 2010 (eTeligis.com via COMTEX) ICOA, Inc. (PINKSHEETS: ICOA) today announced that it has executed the cancellation of 1.3 billion shares held by related parties.

Following up on its previous announcement on October 7, 2010, to reduce the existing issued and outstanding shares by over sixty five percent over the next quarter, the Company is pleased to execute the first cancellation earlier than was originally anticipated.

The Company has set a goal to complete the remaining reduction of the existing issued and outstanding shares by the end of November 2010 rather than the original deadline of December. The steps necessary to complete this are currently under way.

The Company is also working on the completion of the financials of the previous years. Since there has been no reporting for several years, this effort may take several more weeks.

About ICOAICOA, Inc. (PINKSHEETS: ICOA) 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 broadband access installations in high-traffic locations across 40 states, located in airports, quick-service restaurants, hotels and motels, travel plazas, marinas etc. ICOA networks are compatible with widely-used 802.11x technology and with virtually all Internet service providers. Further information is at www.icoacorp.com.

Safe Harbor:This press release includes forward-looking statements related to theglobe.com, inc. that involve risks and uncertainties, including, but not limited to, risks and uncertainties relating to integration of newly acquired businesses and assets, product delivery, product launch dates, risks relating to the Internet, development and protection of technology, the availability of financing or other capital to fund its plans and operations, the management of growth, market acceptance of our products, our ability to compete successfully against established competitors with greater resources, the uncertainty of future governmental regulation (particularly as it pertains to the Internet), pending litigation and other risks. These forward-looking statements are made in reliance on the “Safe Harbor” provisions of the Private Securities Litigation Reform Act of 1995. For further information about these and other factors that could affect ICOA’s future results and business plans, please see the Company’s filings with the Securities and Exchange Commission, including in particular our Annual Report on Form 10-K for the year ended December 31, 2005, and our Quarterly Report on Form 10-Q for the quarter ended September 30, 2006. Copies of these filings are available online at http://www.sec.gov. Prospective investors are cautioned that forward-looking statements are not guarantees of performance. Actual results may differ materially and adversely from management expectations.

Contact:
ICOA, Inc.
investor@icoamail.com
www.icoacorp.com

 

10/13/2010 – ICOA, Inc. Develops Business Strategy to Expand Wi-Fi Network Rapidly

WARWICK, RI, Oct 13, 2010 (MARKETWIRE via COMTEX) — ICOA, Inc. (PINKSHEETS: ICOA), a national Provider of Wireless Broadband Internet Networks and Managed Services in high-traffic locations and a provider of Managed Services to Independent Wi-Fi service providers, today announced that due to the changing dynamics within the Wi-Fi industry, along with an intimate knowledge concerning the needs of independent Wi-Fi service providers, the Board of ICOA Inc. has revised its business strategy to reflect these considerations.

ICOA Inc. is in the process of forming partnerships with privately owned Wi-Fi Service Providers and marketing service companies, to deliver a broad spectrum of Wi-Fi Services and disciplines in select market verticals. The partnerships will utilize ICOA’s experienced Support and Customer Service Center combined with the award winning Operating Support System (OSS) “TollBooth(TM)” platform. The intent is to provide strong creative entrepreneurs with the combined advantages of retaining local independence while enjoying the benefits of a publicly listed company.

A number of independent Wi-Fi Providers have already expressed their desire to be part of a future network which combines the advantages of a National Network relationship, while preserving the benefits of their independence. ICOA’s management believes “a flexible ownership strategy provides such a partnership, allowing both parties to achieve their objectives while benefitting from collective growth.”

ICOA’s new acquisition model is based on a share-for-share agreement, usually starting with a minority position in the new partner. Cash is not immediately released; this potentially ensures a higher and more sustainable long-term profit. ICOA’s Management says, “We are convinced that our improved strategy will enable us to expand the number of companies in our network and our revenue more rapidly than originally anticipated.”

The key partners will become shareholders of ICOA as a listed company along with all other shareholders and will have a substantial incentive in promoting the success of ICOA, Inc. This long term financial incentive will further enhance and therefore drive the cooperation between the individual companies.

Successful partners will ultimately be merged into one of ICOA’s subsidiaries with the goal of being spun out to ICOA’s shareholders of record as separate independent public companies, while ICOA still maintains a shareholder position in the new entity.

ICOA, Inc is in negotiations with a number of funding groups to secure the necessary long term funding in order to execute on its new business growth strategy. Management believes any dilution from funding will be more than offset by the value of the shares issued to shareholders in the new companies being spun off as well as the potential increase of ICOA’s share valuation due to increasing assets and potential combined revenue.

About ICOA ICOA, Inc. (PINKSHEETS: ICOA) 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 broadband access installations in high-traffic locations across 40 states, located in airports, quick-service restaurants, hotels and motels, travel plazas, marinas etc. ICOA networks are compatible with widely-used 802.11x technology and with virtually all Internet service providers. Further information is at www.icoacorp.com.

Safe Harbor: This press release includes forward-looking statements related to theglobe.com, inc. that involve risks and uncertainties, including, but not limited to, risks and uncertainties relating to integration of newly acquired businesses and assets, product delivery, product launch dates, risks relating to the Internet, development and protection of technology, the availability of financing or other capital to fund its plans and operations, the management of growth, market acceptance of our products, our ability to compete successfully against established competitors with greater resources, the uncertainty of future governmental regulation (particularly as it pertains to the Internet), pending litigation and other risks. These forward-looking statements are made in reliance on the “Safe Harbor” provisions of the Private Securities Litigation Reform Act of 1995. For further information about these and other factors that could affect ICOA’s future results and business plans, please see the Company’s filings with the Securities and Exchange Commission, including in particular our Annual Report on Form 10-K for the year ended December 31, 2005, and our Quarterly Report on Form 10-Q for the quarter ended September 30, 2006. Copies of these filings are available online at http://www.sec.gov. Prospective investors are cautioned that forward-looking statements are not guarantees of performance. Actual results may differ materially and adversely from management expectations.

Contact:
ICOA, Inc.
investor@icoamail.com
www.icoacorp.com

 

10/07/2010 – ICOA, Inc. to Reduce Outstanding Shares by 4.5 Billion

WARWICK, RI, Oct 07, 2010 (MARKETWIRE via COMTEX) — ICOA, Inc. (PINKSHEETS: ICOA) (www.icoacorp.com) today announced the Company’s Board of Directors has agreed to reduce the issued and outstanding shares by 4.5 billion shares held by related parties.

The reduction will be executed in three phases: Phase I: 1.5 billion shares will be cancelled as soon as practical in the month of October 2010. Phase II: 1.5 billion shares will be cancelled during the month of November 2010. Phase III: 1.5 billion shares will be cancelled in the month of December 2010.

While these shares were restricted for three years, the Company believes this strategic action will provide a long term benefit to existing stakeholders and potentially inspire confidence to future shareholders.

The Company intends to expedite the necessary documentation and conclude the reduction of the issued and outstanding shares, earlier than originally planned.

Regarding the transaction with American Marketing Complex (AMC) announced on October 4th 2010, the Company wishes to clarify that this transaction will record equity of $10 million in ICOA’s Balance Sheet. The numbers of shares (20,000,000) are issued at a price that is $0.50 Cash Equivalent Credits per share (Media etc credits). In the Company’s opinion this is a strong indication of the direction AMC believes the Company is headed. This transaction will strengthen our balance sheet significantly and management believes it was executed in the best interest of its shareholders. These shares are restricted and cannot be traded in the market until released from restriction in accordance with SEC rules: twelve months for non-reporting or six months for reporting companies.

About ICOA ICOA, Inc. (PINKSHEETS: ICOA) 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 broadband access installations in high-traffic locations across 40 states, located in airports, quick-service restaurants, hotels and motels, travel plazas, marinas etc. ICOA networks are compatible with widely-used 802.11x technology and with virtually all Internet service providers. Further information is at www.icoacorp.com.

Safe Harbor: This press release includes forward-looking statements related to theglobe.com, inc. that involve risks and uncertainties, including, but not limited to, risks and uncertainties relating to integration of newly acquired businesses and assets, product delivery, product launch dates, risks relating to the Internet, development and protection of technology, the availability of financing or other capital to fund its plans and operations, the management of growth, market acceptance of our products, our ability to compete successfully against established competitors with greater resources, the uncertainty of future governmental regulation (particularly as it pertains to the Internet), pending litigation and other risks. These forward-looking statements are made in reliance on the “Safe Harbor” provisions of the Private Securities Litigation Reform Act of 1995. For further information about these and other factors that could affect ICOA’s future results and business plans, please see the Company’s filings with the Securities and Exchange Commission, including in particular our Annual Report on Form 10-K for the year ended December 31, 2005, and our Quarterly Report on Form 10-Q for the quarter ended September 30, 2006. Copies of these filings are available online at http://www.sec.gov. Prospective investors are cautioned that forward-looking statements are not guarantees of performance. Actual results may differ materially and adversely from management expectations.

Contact:
ICOA, Inc.
investor@icoamail.com
www.icoacorp.com

 

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.

###

 

Next »