WARWICK, R.I., July 26, 2012 /PRNewswire/ -- ICOA, Inc. (OTCPK:
ICOA) is pleased to announce that it has completed the acquisition
of 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.
Recently, Tango announced an exclusive agreement with Global
Filipino Solutions Incorporated (GFSI), to build an advanced
Payment Processing Gateway. Tango is also the primary software
developer for GFSI current endeavors.
The exclusive arrangement with GFSI (www.filipinosolutions.com)
is to design, develop, and deploy a world-class banking remittance
and credit card processing system (eCommerce and payment processing
gateway) for GFSI's booming merchant base.
"With completion of the acquisition of a majority interest in
Tango, ICOA is positioning itself to expand into the multibillion
dollar e-Commerce Payments space," stated Erwin Vahlsing, Jr. CFO. Gartner
predicts that in 2016 there will be 448 million m-payment users, in
a market worth $617 billion.
ICOA will couple this capability with its existing Wi-Fi and
Internet customers to provide e-Commerce payment solutions on an
International level.
Tango and GFSI have completed due diligence and feasibility for
the project, and have begun work on it in the Spring of 2010, after
having undergone an extensive review and vetting process. The
project has progressed through the planning, costing, and resource
allocation stages. Both parties have agreed to expedite
development of the software.
Tango's immediate emphasis will be the development of the
"Payment Processing Platform" to service the growing needs in all
sectors of the lucrative e-Commerce services for countries in the
Pacific Region. The revenue model, based country by country, will
be either a share of the revenue or a multiyear Licensing
Agreement.
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.