ICOA to Cancel Over 23% of Issued Shares
WARWICK, R.I., Feb. 10, 2012 /PRNewswire/ -- ICOA, Inc. (OTCPK: ICOA) is providing this update to Shareholders regarding an important aspect of its ongoing restructuring efforts for 2012 – the Company's share structure.
Share Structure: It has come to the Company's attention that there is some confusion with regard to the "ICOA Creditors Trust" which was set up in November 2011. The purpose of the trust was to provide investors with the assurance that future dilution would be limited as the Company settles its old debts. To date, no settlements have been negotiated, and no shares issued from the Trust. After discussion with the Trustee, the Company and Trustee have decided that 2 billion (2,000,000,000) shares will be cancelled out of the Trust by March 30, 2012. This will leave the Trust with 1.3 billion shares to accomplish its purpose of assisting with the restructure of the Company's balance sheet. Management hopes this restructuring will be completed over the next 18 to 24 months.
Reverse Stock Split: ICOA's management would like to assure shareholders that there is currently NO plan 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. It is important to point out that the current management has only done one reverse of shares (April 2010) since 1991.
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. 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.