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.