WARWICK, R.I., Oct. 11, 2012 /PRNewswire/ -- ICOA, Inc. (OTCPK: ICOA) today announced that by mutual agreement between the parties, ICOA's acquisition of a majority interest in Tango Software Corporation announced in July has been unwound effective immediately.
Due to ICOA's inability at this time to raise the necessary development funds required to complete development of the Payment Processing Gateway, the parties felt it was in the best interest of both companies to terminate their relationship so as not to impact contracts that were already in place with Tango.
"It is unfortunate that market conditions at this time have prohibited us from fulfilling our end of the agreement," stated Erwin Vahlsing, Jr. CFO, "however, the two companies will continue to collaborate on various smaller projects, in hopes that conditions will change and permit a greater future relationship."
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 June 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.
SOURCE ICOA, Inc.