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?”
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.
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.