SOURCE: ICOA, Inc.

October 04, 2010 09:00 ET

ICOA, Inc. Completes $10 Million Transaction With American Marketing Complex

AMC to Purchase 20 Million Restricted Shares at $0.50 Cash Equivalent Credit per Share

WARWICK, RI--(Marketwire - October 4, 2010) - ICOA, Inc. (PINKSHEETS: ICOA) (www.icoacorp.com) announced today that it has entered into an agreement with American Marketing Complex (AMC) to purchase 20 million shares of ICOA's restricted stock at $0.50 Cash Equivalent Credit per share.

The Cash Equivalent Credits may be used in combination with cash to obtain, if and when available, on a best efforts basis, certain goods and services used in the daily ongoing business of ICOA, Inc. as well as provide the potential to satisfy certain other obligations of the Company from time to time.

The Company believes that in order to strengthen its balance sheet, it is important to preserve present and future cash flow. Through AMC's services, the Company may use the Cash Equivalent Credits to purchase goods and services for which it would normally pay all cash, including but not limited Print, Radio and TV Advertising, Travel, Lodging etc.

Norman King, Chairman of American Marketing Complex, stated, "We are pleased to be working with ICOA's management team and we are looking forward to support their efforts in building their exciting Wi-Fi business." 

The Cash Equivalent Credits (CEC) are based on approved accounting principles (Opinion #39, Accounting Principles, Board of the American Institute of certified public Accountants, and opinions from Deloitte; PricewaterhouseCoopers; KPMG, and others). AMC offers decades of successful business services to clients. 

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

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