ICOA Reports Strong Q3 Financial Results WARWICK, R.I., Oct. 19 /PRNewswire-FirstCall/ -- ICOA, Inc. (OTC:ICOA) (BULLETIN BOARD: ICOA) , a leading provider of neutral-host wireless broadband Internet networks and managed services in airports, restaurants, marinas and hot zones, today announced revenue of $300,184 for the third fiscal quarter ended September 30, 2004. This was significantly above revenue of $38,562 for the comparable quarter a year earlier. For the first nine months of 2004, the company recorded revenue of $778,613, a 633% percent increase from the $106,244 in revenue in the first nine months of 2003. Complete quarterly and year-to-date results will be released when the company files its Form 10-QSB. During the quarter, ICOA closed on its acquisition of AuthDirect, thereby completing the company's full value chain capacity with a flexible back-end platform, launched its 7th neutral-host Airport network, achieving the largest national footprint of deployed airports, added its 36th marina Wi-Fi zone, signed a national RV park managed services contract and closed a roaming agreement with iPass. ICOA CFO Erwin Vahlsing, Jr. said, "The financial results for the third quarter reflect ICOA's continued strengthening of our core broadband wireless platform. The third quarter and the first nine months of FY04 show significant improvement over comparable periods last year, as well as progress on multiple business fronts. As expected, third quarter revenue of $300,184 was slightly below the $338,389 reported in the second quarter. This reflected fewer business travelers accessing our networks over the summer months and the slippage of some project revenue to the fourth quarter." About ICOA, Inc. Headquartered in Warwick, RI, 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 and hospitality locations, as well as high-speed Internet terminals (WebCenter3000)(TM). ICOA currently owns, operates or manages over 500 installations serving more than 20 million patrons, including the San Francisco International Airport (SFO), Spokane International Airport (GEG), the Greater Baton Rouge, Louisiana Airport (BTR), Sacramento International Airport (SMF), Manchester Airport (MHT), Savannah/Hilton Head International Airport (SAV), Fresno-Yosemite International Airport (FYI), Killeen Municipal Airport (GRK), 400 Panera Bread locations, 36 marinas in California and Virginia, and hot zones in Lexington, KY and Rhode Island's Newport Harbor. For additional information, please 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 (415) 776-6695. 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 price Level II 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 IOCA, Inc., +1-415-776-6695; or investors, Frank Hawkins or Julie Marshall, both of Hawk Associates, +1-305-852-2383, or , for IOCA, 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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