Wi-Fi Leader ICOA Announces Record 2004 Revenue; Projects Significant 2005 Growth WARWICK, R.I., Jan. 20 /PRNewswire-FirstCall/ -- ICOA, Inc. (OTC:ICOA) (BULLETIN BOARD: ICOA) , a leading provider of neutral-host wireless broadband Internet networks and managed services in airports, restaurants, marinas and hot zones, today announced revenue of $1,170,719 for the fiscal year ended December 31, 2004. Complete results will be released when the company files its Form 10-KSB. For the fourth fiscal quarter ended December 31, 2004, the company generated revenue of $392,106, an increase of 179.4% versus $218,546 for the comparable quarter a year earlier and 12% higher than management's projection at the end of Q3 04. The company's FY2004 revenue was 360.5% higher than FY2003 revenue of $324,789. "In late 2003, ICOA made the strategic decision to enter and compete nationally in the emerging broadband wireless market. We believed then and even more so now that this sector presents a unique opportunity to leverage our strengths to generate revenue, profitability and shareholder value. ICOA's record growth and revenue generation throughout 2004 are the result of this strategic decision," said ICOA Chairman and CEO George Strouthopoulos. Since then, he noted, "ICOA has: * acquired assets which form the foundation of a major national broadband wireless provider, * begun to build an experienced and seasoned management team, * significantly expanded our national footprint, and * significantly grown our revenues and moved toward profitability." Strouthopoulos said, "Over the last year, ICOA's national deployed service footprint has grown considerably. We currently provide service in 43 states, with over 900 owned or operated high-traffic public locations under our network coverage. We don't know of any wireless services company in the country that serves more marinas and more amenity-model locations, not to mention our rapidly growing airport footprint, hundreds of managed public access points (RV parks, camp grounds, hotels) and a growing network of hot zones under contract with ICOA." Looking forward to a robust 2005, ICOA President Rick Schiffmann said, "The past twelve months shows a track record of execution we are proud of and establishes the foundation for our next phase of growth. From here, management is basing our performance on a trajectory of growth benchmarked to $7 million in annualized revenue by year end and considerably more in twenty-four months. "Today, ICOA is an emerging national leader in Wi-Fi networks and services. Our footprint for retail services is targeted at high-traffic and high-value locations, with wireless capability supplemented by our kiosk expertise. We provide cost-effective networks for the rapidly growing amenity services segment. We provide high-quality and reliable support systems and services for both our own operations and as a full-service back-office for other service providers," continued Schiffmann. "Tomorrow, through both organic growth and acquisitions, ICOA is seeking to secure the critical scale points across our integrated design-deploy- operate business model. As emerging technologies allow, ICOA is looking to expand into the delivery of digital value-added services -- including VOIP and location-specific applications -- to deliver value to our customers and users and robust financial returns to our shareholders. While today ICOA is focused on Wi-Fi, our models and approach are technology-agnostic. We work with numerous technologies as economies of scale, market penetration and device propagation permit or demand. For example, we also are keeping a close eye on future opportunities with Wi-Max and cellular 3G networks. We will adjust our focus and our assets over time, as advancements and markets warrant. "Our acquisitions over the last twelve months -- QGo, ANS, iDockUSA and AuthDirect -- have helped us create a new nationally competitive company delivering a full-value chain of broadband wireless services. In addition to their attractive core valuations, these acquisitions have contributed to scale and scope economies which we believe will continue to strengthen our margins and provide a basis for similar leveraging of future acquisitions," continued Schiffmann. "We have grown through acquisition and look to continue to do so. In 2005, we are looking to acquire promising Wi-Fi services companies 1) in market segments targeted for growth and profitability or 2) with unique infrastructure capabilities. We are focusing on leading companies with management strength, available at attractive valuations, which maximize intrinsic value per share," continued Schiffmann. "Looking forward, we believe that the broadband wireless industry is entering a consolidation phase, for which ICOA is well positioned. Active discussions are already under way with companies which, if the deals are successfully closed, would add over $4 million in annualized revenues by the end of 2005, as well as adding to our long-term earnings per share," Schiffmann said. "In conclusion," said Strouthopoulos, "ICOA's 2004 accomplishments are attracting opportunities for acquisitions and organic growth, as well as for strengthening our finances and management team to enable ICOA to become a nationally competitive broadband services provider. As the company continues to grow, we will implement a planned and orderly management transition as we look to build the operational, financial and governance infrastructure capable of taking ICOA to over $50 million in annual revenues." About ICOA, Inc. Headquartered in Warwick, R.I., ICOA, Inc. is a leading provider of neutral-host wireless and wired broadband Internet networks in high-traffic public locations. ICOA provides design, installation, operations, maintenance and management of neutral, common-use 802.11x standard WLAN Wi-Fi hot spot and hot zone infrastructure throughout airport facilities, quick-service restaurants, marinas, hospitality and hot zone locations. ICOA currently owns or operates over 900 broadband access installations in high-traffic locations serving tens of millions of annual patrons, including the San Francisco International Airport (SFO), Spokane International Airport (GEG), the Greater Baton Rouge, La. Airport (BTR), Sacramento International Airport (SMF), Manchester Airport (MHT), Savannah/Hilton Head International Airport (SAV), Fresno-Yosemite International Airport (FYI), Killeen Municipal Airport (GRK), a growing national footprint of quick casual locations, 40 marinas in California and Virginia, and hot zones in Lexington, Ky. and Rhode Island's Newport Harbor. For additional information, visit http://www.icoacorp.com/ . An investment profile about ICOA may be found online at http://www.hawkassociates.com/icoa/profile.htm . For more information, contact Frank Hawkins or Julie Marshall, Hawk Associates, at (305) 852-2383, e-mail: . Detailed information about ICOA, Inc. can be found on the website http://www.icoacorp.com/ . An online investor kit containing ICOA press releases, SEC filings, current price Level II quotes, interactive Java stock charts and other useful information for investors can be found at http://www.hawkassociates.com/ and http://www.hawkmicrocaps.com/ . The foregoing contains "forward-looking statements," which are based on management's beliefs, as well as on a number of assumptions concerning future events and information currently available to management. Readers are cautioned not to put undue reliance on such forward-looking statements, which are not a guarantee of performance and are subject to a number of uncertainties and other factors, many of which are outside ICOA's control, that could cause actual results to differ materially from such statements. For a more detailed description of the factors that could cause such a difference, please see ICOA's filings with the Securities and Exchange Commission. ICOA disclaims any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise. This information is presented solely to provide additional information to further understand the results of ICOA. DATASOURCE: ICOA, Inc. CONTACT: Frank Hawkins or Julie Marshall, both of Hawk Associates, +1-305-852-2383, or , for ICOA, Inc. Web site: http://www.icoacorp.com/ http://www.hawkassociates.com/ http://www.hawkmicrocaps.com/ http://www.hawkassociates.com/icoa/profile.htm

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