WARWICK, R.I., July 13, 2012 /PRNewswire/ -- ICOA, Inc. (OTCPK: ICOA) is providing this update to Shareholders regarding the Company's share structure and plans regarding restructure of its capitalization.
The Board has determined that it would be in the Company's best interest to reduce the authorized shares from 10 billion to 7.5 billion. Management believes that this provides sufficient shares to accomplish its goals in the foreseeable future.
In connection with the previously announced share reduction of the "ICOA Creditors Trust", the Trustee has returned 2 billion (2,000,000,000) shares to the Company for cancellation.
With the current restructuring, ICOA does not anticipate the need for a reverse stock split in the foreseeable future. While market conditions are always in flux, this is not part of our growth and restructuring plan at this time.
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.
SOURCE ICOA, Inc.