SOURCE: ICOA, Inc.

July 06, 2006 11:20 ET

ICOA Board Changes Management

Following Era of Rapid Operational Growth and Strategic Acquisitions, Company Looks to Build Shareholder Value

WARWICK, RI -- (MARKET WIRE) -- July 6, 2006 -- ICOA, Inc. (OTCBB: ICOA), a leading provider of wireless and wired broadband Internet networks and services across 45 states, announced that the Board of Directors, in keeping with its fiduciary responsibilities to shareholders, on June 23rd requested the immediate resignation of Richard Schiffmann as CEO and appointed founder and Board Chairman George Strouthopoulos as President and Chief Executive Officer.

In addition, the Board on June 23rd requested the immediate resignation of Stephen Cummings as CFO and appointed Erwin Vahlsing Jr. to the position of interim Chief Financial Officer in addition to his position as a member of the Board of Directors.

The Board directed Mr. Strouthopoulos to take all steps necessary to strengthen the company's balance sheet, reach operational profitability and deliver intrinsic value to shareholders.

"The Board acknowledges the company's significant growth in revenue over the past 36 months, the 8 strategic acquisitions completed, and the operational expansion to over 1,500 high-traffic locations across 45 states," said Chairman and CEO George Strouthopoulos. "Going forward let me be clear that the company is focused first and foremost on maximizing shareholder value from our considerable asset base as well as profitable expansion into the considerable growth opportunities already in the ICOA sales pipeline."

The ICOA portfolio of broadband/Wi-Fi locations includes ICOA-branded and location-branded venues including: 24 airports, Panera Bread, IHOP, Dunkin Donuts, Au Bon Pain, Denny's, and Stop & Shop. ICOA also owns and operates the LinkSpot™ network of locations in RV parks and campgrounds throughout the United States, as well as the iDockUSA™ marina network across most marinas in California.

"This is an exciting time for ICOA, given our national presence and market-leading back-office systems, proven technology and strong pipeline of new business opportunities, both in terms of new customers and through expanded services to our existing customers," said Mr. Strouthopoulos. "I and the entire ICOA team of dedicated and experienced broadband wireless veterans look forward to delivering profitable results for our shareholders and value to our customers."

Mr. Strouthopoulos established ICOA in its present form in 1999, to focus on delivering Internet service to public access locations in North America, initially via kiosks, and later via wireless access points. He ran the company as CEO until April of 2005, and was responsible for the decision to aggressively expand into Wi-Fi, and to build the company organically and through acquisitions to become one of the nation's largest providers of wireless and wired broadband Internet access.

Mr. Vahlsing has been with ICOA since 2001, and has been intimately involved with almost all aspects of the company's financial and operational management. Prior to joining ICOA, Mr. Vahlsing held senior-level positions at several large manufacturing and service companies.

"Erwin has the background and business instincts that ICOA needs at this point," said Mr. Strouthopoulos. "He is an experienced financial manager with a clear understanding of ICOA's operations, and will make an immediate, positive impact," Mr. Strouthopoulos added.

About ICOA, Inc.

ICOA, Inc. is a leading vertically integrated national provider of wireless and wired broadband Internet networks in high-traffic public locations. ICOA designs, installs, operates, maintains and manages Wi-Fi hot spot and hot zone infrastructure. ICOA owns or operates over 1,500 broadband access installations in high-traffic locations across 45 states. These locations include airport facilities, quick-service restaurants, universities, travel plazas, marinas, hospitality and municipal/hot zones.

For additional information, visit www.icoacorp.com or contact George Strouthopoulos, Chairman & CEO, at (401) 352-2360 or email gstrouthop@icoacorp.com. To subscribe to ICOA's email alert system, send an email to: news-subscribe@icoacorp.com.

The foregoing contains "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995 which are based on management's beliefs, as well as on a number of assumptions concerning future events and information currently available to management. Readers are cautioned not to put undue reliance on such forward-looking statements, which are not a guarantee of performance and are subject to a number of uncertainties and other factors, many of which are outside ICOA's control, that could cause actual results to differ materially from such statements. For a more detailed description of the factors that could cause such a difference, please see ICOA's filings with the Securities and Exchange Commission. ICOA disclaims any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise. This information is presented solely to provide additional information to further understand the results of ICOA.

Contact Information