WARWICK, R.I., Oct. 11, 2012 /PRNewswire/ -- ICOA, Inc.
(OTCPK: ICOA) today announced that by mutual agreement between the
parties, ICOA's acquisition of a majority interest in Tango
Software Corporation announced in July has been unwound effective
immediately.
Due to ICOA's inability at this time to raise the necessary
development funds required to complete development of the Payment
Processing Gateway, the parties felt it was in the best interest of
both companies to terminate their relationship so as not to impact
contracts that were already in place with Tango.
"It is unfortunate that market conditions at this time have
prohibited us from fulfilling our end of the agreement," stated
Erwin Vahlsing, Jr. CFO, "however,
the two companies will continue to collaborate on various smaller
projects, in hopes that conditions will change and permit a greater
future relationship."
About ICOA
ICOA, Inc. (OTCPK: 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.
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 and our subsequent filings found on OTC Markets
website bringing the Company current in its public reporting
responsibilities as a OTC Pink Sheet Company through June 2012. Copies of these filings are
available online at http://www.sec.gov and
http://www.otcmarkets.com/stock/ICOA/company-info. Prospective
investors are cautioned that forward-looking statements are not
guarantees of performance. Actual results may differ materially and
adversely from management expectations.
Contact:
ICOA, Inc.
investor@icoamail.com
www.icoacorp.com
SOURCE ICOA, Inc.
