SOURCE: ICOA, Inc.

February 03, 2011 08:00 ET

ICOA Signs Letter of Intent to Acquire Wi-Fi Internet Service Providers, LLC

WARWICK, RI--(Marketwire - February 3, 2011) - ICOA, Inc. (PINKSHEETS: ICOA), a national provider of wireless broadband Internet networks and managed services in high-traffic public locations, announced today that it has signed a Letter of Intent to acquire 100% of the membership interest of Wi-Fi Internet Service Providers, LLC (WISP), a high-speed wireless broadband network service provider. The proposed transaction is subject to the execution of a definitive agreement and normal due diligence and ICOA believes it will be completed by the end of the first quarter of 2011.

ICOA has been working with WISP for some time now, providing back-end and customer services support, and the synergies of the accounts they have, coupled with ICOA's current footprint should provide both an easy transition and potential savings that will accrete to the Company's bottom line in short order.

As the Company looks to grow its national footprint, the acquisition of various Wi-Fi providers offers an opportunity to bring economies of scale to all the operations.

WISP's business has already been transparent to ICOA because of the ability to look at their operations and customers, and Management believes that the due diligence leading to a closing will be accomplished with minimal difficulty.

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.

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

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