SOURCE: ICOA, Inc.

September 27, 2010 11:08 ET

ICOA, Inc. Additional Update to Shareholders

WARWICK, RI--(Marketwire - September 27, 2010) -  ICOA, Inc. (PINKSHEETS: ICOA) (www.icoacorp.com) announced today the steps it is taking to position the company for growth:

The Wi-Fi Industry is experiencing major growth which has resulted in the Federal Communications Commission (FCC) opening up additional spectrum by freeing up a substantial portion of the "White Spaces": http://articles.latimes.com/2010/sep/23/business/la-fi-fcc-wifi-20100923 

In addressing the legacy debt, over the past 2 months the Company has negotiated the conversion of over $2.0 million of debt into preferred shares with a twelve month lock up on conversions. This simultaneously reduces the Company's debt while strengthening its equity. 

Regarding revenue growth, the Company has undertaken negotiations with several Wi-Fi service providers that are interested in being acquired by ICOA. These companies have revenues that could be accretive to the Company's current revenue. 

The Company is continuing its work on the filings required by Pink Sheets in order to reach the status of "Limited Information" in the near future, and ultimately to achieve "Current Information."

The Company is currently evaluating ways to adjust the number of existing shares that are Issued and Outstanding in a fashion that benefits all shareholders. Currently, 4.5 billion shares that are included in the issued and outstanding shares are controlled by insiders, and have a three year lock up before they are tradable in 2013.

About ICOA

ICOA, Inc. (PINKSHEETS: 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

Contact Information