ICOA Reduces Debt by $1.4M; Aligns Shareholder and Management Interests WARWICK, R.I., March 31 /PRNewswire-FirstCall/ -- ICOA, Inc. (OTC:ICOA) (BULLETIN BOARD: ICOA) , a leading provider of wireless broadband Internet networks and managed services in high-traffic public locations, announced today the conclusion of a series of transactions reducing its debt by 19.8% or $1,406,752, further strengthening the company's balance sheet and reducing interest expense by more than $120,000 per year. Investors, consultants and suppliers, officers, directors, senior management and employees of the company converted outstanding notes and accounts payable, past compensation and other settlements to common shares in the company. To align shareholders and management with the company's long-term interests, 50% of the 65.6 million shares issued were to officers, directors and employees of the company. ICOA president Rick Schiffmann said, "This round of debt conversion into equity is a significant first step in the restructuring of the balance sheet so we can more readily access conventional debt and lease financing in support of our growth and deployment plans." These transactions are more fully described in the form 8-K filed today with the SEC. 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 1,000 broadband access installations in high-traffic locations across 44 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 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 relations 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: Frank Hawkins or Julie Marshall, both of Hawk Associates, +1-305-852-2383, or , for ICOA Web site: http://www.icoacorp.com/ http://www.hawkassociates.com/icoa/profile.htm http://www.hawkassociates.com/ http://www.hawkmicrocaps.com/

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