ICOA Completes Acquisition of Majority Interest In Tango Software Corporation Enters multibillion dollar e-Commerce Payment Space
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.
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.
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.
SOURCE ICOA, Inc.