ICOA Reports 633% Revenue Increase Year-to-Date; Gives Forward Guidance WARWICK, R.I., Nov. 17 /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, reported in its Form 10-QSB filed today record financial results for its third quarter, ended September 30, 2004, as the company continued to execute its growth strategy. The company generated revenue of $300,184 for the third fiscal quarter ended September 30, 2004, an increase of 678% versus $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. "The strong results for the third quarter reflect the continued consolidation of our core broadband wireless platform and establish a firm foundation for the company's future growth," said ICOA President Rick Schiffmann. "The third quarter and the first nine months of FY04 show record improvement over comparable periods last year, as well as steady progress in all areas, including growth within our key verticals, assimilation of core acquisitions, continued deployments and an expanding base of end-users accessing the ICOA national network. As management 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." Additionally, the company reported that the gross loss narrowed to ($24,323) as compared to a loss of ($68,708) for the quarter ended September 30, 2003. This was in spite of an almost 52% increase in depreciation year to year. For the nine months ended September 30, 2004 the gross margin loss was reduced to ($53,407) as compared to a loss of ($218,812) for the nine months ended September 30, 2003. This was in spite of an almost 43% increase in depreciation year to year. Operationally, during the third 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. Forward Guidance "Looking forward, we project Q404 to be another record quarter with revenue exceeding $350,000 and Fiscal 2004 revenue exceeding $1.1 million," Schiffmann said. "We caution shareholders and potential shareholders that this guidance is a good faith estimate based on current conditions, assumptions about the industry, access to financing and the competitive and regulatory landscape." 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, hospitality and metro zone. ICOA currently owns, operates or manages over 650 installations serving more than 22 million annual 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), Charleston International Airport (CHS), Fresno- Yosemite International Airport (FYI), Killeen Municipal Airport (GRK), 425 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 ICOA, Inc., +1-415-776-6695; or Frank Hawkins or Julie Marshall, both of Hawk Associates, +1-305-852-2383, or , for ICOA, Inc. Web site: http://www.icoacorp.com/

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