SOURCE: ICOA, Inc.

September 09, 2010 10:34 ET

ICOA, Inc. Update to Shareholders

WARWICK, RI--(Marketwire - September 9, 2010) -  ICOA, Inc. (PINKSHEETS: ICOA) (www.icoacorp.com) announced today the steps it is taking to address its current reporting status.

In November 2009, ICOA filed a Form 15 with the SEC to become a non reporting company; the Company felt this action was necessary to conserve its cash for the ongoing operations.

ICOA currently trades on the Pink Sheets and management believes it is in the Company's interest to continue to list on this exchange until it is able to support the reporting requirements to relist on the Over The Counter Bulletin Board.

In the interim, management is positioning ICOA to change its status on Pink Sheets (www.pinksheets.com) to that of "Pink Sheet Current Info."

The Company will achieve this in two steps:

  1. Prepare and submit the required financial information for the status to be changed to "Pink Sheet Limited Information." This process is underway.
  2. Prepare and submit the additional financial and corporate information required for the status to be upgraded to "Pink Sheet Current Information." This will follow in the coming months.

Prior to November 2009, ICOA, Inc. had been a Bulletin Board company since 1983 and a fully reporting company since 2000. Management has the required experience and relationships developed over the last decade with auditors and securities attorney's to accomplish its reporting objectives.

In the foreseeable future, after completion of the above action items, management intends to complete and file a Form-10 with the SEC. Containing audited statements and other necessary information, the Company expects to then be reinstated on the Over The Counter Bulletin Board.

Management is also in negotiations with a web development firm to upgrade and manage its website (www.icoacorp.com) so the site better represents the current state of the Company's activities. 

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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