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.