WARWICK, R.I., July 13, 2012 /PRNewswire/ -- ICOA, Inc.
(OTCPK: ICOA) is providing this update to Shareholders regarding
the Company's share structure and plans regarding restructure of
its capitalization.
The Board has determined that it would be in the Company's best
interest to reduce the authorized shares from 10 billion to 7.5
billion. Management believes that this provides sufficient
shares to accomplish its goals in the foreseeable future.
In connection with the previously announced share reduction of
the "ICOA Creditors Trust", the Trustee has returned 2 billion
(2,000,000,000) shares to the Company for cancellation.
With the current restructuring, ICOA does not anticipate the
need for a reverse stock split in the foreseeable future.
While market conditions are always in flux, this is not part of our
growth and restructuring plan at this time.
About ICOA
ICOA, Inc. (OTCPK: 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 and our subsequent filings found on OTC Markets
website bringing the Company current in its public reporting
responsibilities as a OTC Pink Sheet Company through March 2012. Copies of these filings are
available online at http://www.sec.gov and
http://www.otcmarkets.com/stock/ICOA/company-info. 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
SOURCE ICOA, Inc.