ICOA Announces Record Q1 '05 Revenues and 20% Gain Over Prior Quarter WARWICK, R.I., April 27 /PRNewswire-FirstCall/ -- ICOA, Inc. (OTC:ICOA) (BULLETIN BOARD: ICOA) , a national provider of neutral-host wireless broadband Internet networks and managed services in high-traffic public locations such as airports, restaurants, marinas and metrozones, announced today revenue of $473,326 for the fiscal quarter ended March 31, 2005. The company's revenue in the first quarter of 2005 was a 20.7% increase over the prior quarter's revenue of $392,106 and represents a 238% increase over revenue of $140,040 for the comparable quarter a year earlier. Rick Schiffmann, ICOA CEO, said, "We are very pleased with this quarter's operational results, showing a strong increase in customer usage of our deployed networks and continued expansion of our owned and managed national footprint to 1050 high-traffic public locations." Schiffmann continued, "During this quarter, ICOA was selected to deploy and manage Wi-Fi networks in the promising higher education vertical, where colleges are deploying campus-wide Wi-Fi for student, faculty and administration uses. Some of this quarter's results represent the addition of this new vertical to our portfolio of QSR, airports, marinas, metrozones and other high-traffic locations." Complete results for the quarter will be issued in the company's Form 10- QSB when filed with the SEC. About ICOA, Inc. ICOA, Inc. is a national 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 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, Inc. 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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