ICOA Shareholders Approve Corporate Changes; Strengthen Company's Ability to Grow WARWICK, R.I., Feb. 11 /PRNewswire-FirstCall/ -- ICOA, Inc. (OTC:ICOA) (BULLETIN BOARD: ICOA) , a leading national provider of wireless broadband Internet networks and managed services in high-traffic public locations, announced today that the company's shareholders overwhelmingly approved both of management's proposals at its February 10, 2005 special shareholder meeting. Shareholders approved by a 95% margin an amendment to the company's articles of incorporation increasing the authorized number of shares of common stock from 150 million to 750 million. Shareholders also approved by a 91% margin the amendment to the company's articles of incorporation authorizing 50 million shares of preferred stock. "We thank ICOA shareholders for this vote of confidence," said ICOA Chairman George Strouthopoulos. "Management is fully committed to maximizing shareholder value and we now look forward to executing our aggressive growth strategy." Rick Schiffmann, ICOA's president, said, "This watershed vote by shareholders gives ICOA the tools we need to reach our goal of $7 million in annualized revenue by the end of 2005. It strengthens our strategic position and will enable us to improve our balance sheet and enhance our capacity to attract the high-caliber talent to drive our next stage of growth." About ICOA, Inc. 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 in 43 states. 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 John Balbach at (401) 352-2368. For investor relations 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 Level II price 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: John Balbach of ICOA, Inc., +1-401-352-2368; or Investor Relations, Frank Hawkins or Julie Marshall, both of Hawk Associates, +1-305-852-2383, or , for ICOA, Inc. Web site: http://www.hawkassociates.com/ http://www.hawkmicrocaps.com/ http://www.icoacorp.com/ http://www.hawkassociates.com/icoa/profile.htm

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