ICOA, Inc. Cancels Additional 1.675 Billion of its Issued-Outstanding Shares

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Apr 27, 2011, 03:39 ET

WARWICK, R.I., April 27, 2011 /PRNewswire/ -- ICOA, Inc. (OTCPK: ICOA) today announced that it has completed the documentation for the cancellation of the third and final tranche of 1.675 billion shares held by related parties. It will be effective by April 29, 2011.

Following up on its previous announcements last December, to reduce the existing issued and outstanding shares, the Company is pleased to execute this third and final cancellation.

The Company is also working on completion of the financials of the years 2009 and 2010. Since there has been no reporting for several years, this effort has taken longer than it was originally anticipated but each year as it is completed will be posted on OTC Markets alternative reporting platform.

About ICOA

ICOA, Inc. (PINK SHEETS: 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 .

Safe Harbor:

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. Copies of these filings are available online at http://www.sec.gov. Prospective investors are cautioned that forward-looking statements are not guarantees of performance. Actual results may differ materially and adversely from management expectations.

Contact:
ICOA, Inc.
[email protected]
www.icoacorp.com

SOURCE ICOA, Inc.