ICOA signs LOI to acquire e-Commerce TANGO Software Corporation Enters the multibillion International e-Payments Processing Industry
WARWICK, R.I., July 9, 2012 /PRNewswire/ -- ICOA, Inc. (OTCPK: ICOA) is pleased to announce the signing of a Letter of Intent (LOI) to acquire 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.
Since its inception, Tango has developed, designed, and quality assured software for a number of enterprise clients. In the payment processing space, it has integrated processors with gateways such as FDMS, Nova Systems, BCE AssurePay, and Moneris.
Tango through its relationship with ICOA, will develop its own Internet Transaction Payment Processing Software, also known as a 'Payment Engine'. The Payment Engine will be unique as it will handle small payments over the Internet of multiple currencies in small amounts, also known as "micro-payments". ICOA will provide Management and funding support; in addition Tango engineers expect to utilize ICOA's Authentication and Authorization Platform in order to expedite the development of the "Payment Engine".
Currently Tango is in the final stages of securing a long term contract with an overseas processor to design, build and support a "Proprietary Payment Engine". Tango management commented that it is the nature of these types of contracts to be of high profit margin and on a multiyear term basis. Tango expects to process billions of transactions that can generate significant recurring revenue from transaction fees for the short and long term.
ICOA will acquire a majority stake of Tango, and will now be expanding into the e-Commerce Payments space. Its competitive advantage is that ICOA will be able to provide its existing Wi-Fi and Internet customers e-Commerce payment solutions on an International level.
Tango and its present management will operate in Canada as an ICOA subsidiary serving its existing North America and International customers. The transaction is expected to close by the end of July 2012.
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.