WARWICK, R.I., July 9, 2012 /PRNewswire/ -- ICOA, Inc.
(OTCPK: ICOA) is pleased to announce the signing of a Letter
of Intent (LOI) to acquire a majority interest in TANGO Software
Corporation, a privately held Canadian company that develops
mission critical software.
Tango Software Corp. (Tango) designs and develops
mission-critical software specializing in e-Commerce payment
processing software, high-availability (24/7) solutions for
enterprise-scale Internet websites, Internet security and digital
identity protocols, and computer control systems for industrial,
electrical, and refrigeration applications.
Since its inception, Tango has developed, designed, and quality
assured software for a number of enterprise clients. In the
payment processing space, it has integrated processors with
gateways such as FDMS, Nova Systems, BCE AssurePay, and
Moneris.
Tango through its relationship with ICOA, will develop its own
Internet Transaction Payment Processing Software, also known as a
'Payment Engine'. The Payment Engine will be unique as it will
handle small payments over the Internet of multiple currencies in
small amounts, also known as "micro-payments". ICOA will provide
Management and funding support; in addition Tango engineers expect
to utilize ICOA's Authentication and Authorization Platform in
order to expedite the development of the "Payment Engine".
Currently Tango is in the final stages of securing a long term
contract with an overseas processor to design, build and support a
"Proprietary Payment Engine". Tango management commented that it is
the nature of these types of contracts to be of high profit margin
and on a multiyear term basis. Tango expects to process billions of
transactions that can generate significant recurring revenue from
transaction fees for the short and long term.
ICOA will acquire a majority stake of Tango, and will now be
expanding into the e-Commerce Payments space. Its competitive
advantage is that ICOA will be able to provide its existing Wi-Fi
and Internet customers e-Commerce payment solutions on an
International level.
Tango and its present management will operate in Canada as an ICOA subsidiary serving its
existing North America and
International customers. The transaction is expected to close by
the end of July 2012.
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 bringing the Company current in its public reporting
responsibilities as a OTC Pink Sheet Company through March 2012. 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.
About Tango
Tango Software Corp. is an internationally recognized designer
and developer of mission-critical software specializing in
e-Commerce payment processing software, high-availability (24/7)
solutions for enterprise-scale Internet websites, Internet security
and digital identity protocols, and computer control systems for
industrial, electrical, and refrigeration applications. Tango
has developed, designed, and quality assured software for a number
of enterprise clients. In the payment processing space, it is
a recognized integrator with gateways such as FDMS, Nova Systems,
BCE AssurePay, and Moneris. Further information is at
www.tangotechnical.com.
Contact:
ICOA, Inc.
investor@icoamail.com
www.icoacorp.com
SOURCE ICOA, Inc.