WARWICK, R.I., Nov. 7 /PRNewswire-FirstCall/ -- ICOA, Inc. (OTC Bulletin
Board: ICOA), a national provider of wireless broadband Internet networks and
managed services in high-traffic public locations across forty-five states,
today announced it has reached agreement with Cornell Capital Partners, LLC
for $400,000 in new growth capital and the restructuring of preexisting
The company issued a 2-year convertible debenture for approximately $2.19
million to Cornell Capital Partners, which encompassed the new investment and
consolidated all preexisting commitments.
As part of the restructuring, the company has terminated the $5 million
Standby Equity Distribution Agreement (SEDA) with Cornell Capital Partners
that was entered into in March, 2004. The termination of the SEDA has no
premiums or penalties.
Steve Cummings, ICOA's CFO, said, "I'd like to thank Cornell Capital
Partners for providing the early-stage growth capital that was required during
ICOA's re-start phase. The restructuring of this arrangement enables
management to continue their focus on growth and shareholder value."
Full details of the above transactions can be found in the company's Form
8-K filed today with the SEC.
About ICOA, Inc.
ICOA, Inc. is a national 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, universities, travel
plazas, marinas, hospitality and hot zone locations. ICOA owns or operates
over 1,300 broadband access installations in high-traffic locations across
forty-five states. For additional information, visit http://www.icoacorp.com.
To subscribe to ICOA's email alert system, please send an email to:
For more information, contact ICOA Vice President of Corporate Development
John Balbach at (401) 352-2368 or email firstname.lastname@example.org.
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.
SOURCE ICOA, Inc.