WARWICK, R.I., Feb. 10, 2012 /PRNewswire/ -- ICOA, Inc.
(OTCPK: ICOA) is providing this update to Shareholders regarding an
important aspect of its ongoing restructuring efforts for 2012 –
the Company's share structure.
Share Structure: It has come to the Company's
attention that there is some confusion with regard to the "ICOA
Creditors Trust" which was set up in November 2011. The
purpose of the trust was to provide investors with the assurance
that future dilution would be limited as the Company settles its
old debts. To date, no settlements have been negotiated, and
no shares issued from the Trust. After discussion with the
Trustee, the Company and Trustee have decided that 2 billion
(2,000,000,000) shares will be cancelled out of the Trust by
March 30, 2012. This will leave
the Trust with 1.3 billion shares to accomplish its purpose of
assisting with the restructure of the Company's balance
sheet. Management hopes this restructuring will be completed
over the next 18 to 24 months.
Reverse Stock Split: ICOA's management would like
to assure shareholders that there is currently NO plan 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. It is important to point out
that the current management has only done one reverse of shares
(April 2010) since 1991.
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. 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.