Tango Software Corp. attains exclusive agreement with GFSI to build and manage Payment Processing Gateway
WARWICK, R.I., July 11, 2012 /PRNewswire/ -- ICOA, Inc. (OTCPK: ICOA) is pleased to announce, in conjunction with Tango Software Corp. with whom it recently signed a Letter of Intent (LOI) to acquire a majority interest, that Tango has entered into 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.
Tango wishes to highlight at this time that it has an exclusive arrangement with GFSI to architect (software design), develop (software program), and deploy (hardware appliance and install) a world-class banking remittance and credit card processing system (eCommerce and payment processing gateway) for GFSI's booming merchant base.
Tango and GFSI (www.filipinosolutions.com) have undergone due diligence and feasibility of the project, and the project has been initiated since Spring 2010, and has undergone an extensive review and vetting process. The project has completed planning, costing, and resource allocation stages. Both parties are in agreement to expedite the development of the software.
Tango is extremely excited to start work on the payment processor. Online (Internet) payment processing is a very lucrative market, as each transaction is charged a fee plus a transaction rate. It includes m-commerce, eWallets, loyalty cards, prepaid cards, money transfers, and credit card processing. The higher the dollar volume and the higher the number of transactions that Tango's software will process, Tango will generate higher and higher net revenue. According to http://mobithinking.com/mobile-marketing-tools/latest-mobile-stats/f#m-payments, 170 million mobile device users will make a purchase, and $119 Billion of annual transaction volume is expected to be processed through mobile devices by 2015. The trend is upwards, as more people are using tablets, mobile phones with internet access, and other devices to purchase products. Gartner predicts that in 2016 there will be 448 million m-payment users, in a market worth $617 billion. Asia/Pacific will have the most m-payment users, but Africa will account for the highest revenues. GIA: Asia-Pacific will emerge as the predominant MFS market in terms of customer base. In the Middle East and Africa, the need to provide financial services to remote areas will be central to the growth of m-banking.
GFSI is a well respected corporation and has established clientele in various parts of Asia and in the Pacific coast of North America. The principals of GFSI have extensive experience in the MicroPayments industry and know how to attract high-value merchants and create high transaction dollar volume accounts. It has a vast portfolio of software assets and extensive strategic partners. It has the following software systems: Online Games Publisher, Online Archiving & Data Witness, Provider of Communication & Internet Enhancement, Payment Gateway, and Medical Transcription. GFSI aims to utilize the new processor to process payments for its clients.
Tango staff has worked in Payment Processing and has architected and implemented world-class payment systems. Tango is experienced in creating 24/7 critical fault-tolerant systems to maximize uptime and optimize transaction volume for its clients. Tango is eager to start this project with GFSI. The partnership is a long-term one as building the payment processing gateway project is very complex. Tango is pleased to work with GFSI long-term as it will "open doors" to GFSIs current critical systems market.
Tango has entered into a Letter of Intent with ICOA Inc. under which ICOA will acquire a majority stake of Tango, and will 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.
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.