ICOA, Inc. Cancels 1.3 Billion of Its Issued and Outstanding Shares
October 18 2010 - 9:46AM
Marketwired
ICOA, Inc. (PINKSHEETS: ICOA) today announced that it has executed
the cancellation of 1.3 billion shares held by related parties.
Following up on its previous announcement on October 7, 2010, to
reduce the existing issued and outstanding shares by over sixty
five percent over the next quarter, the Company is pleased to
execute the first cancellation earlier than was originally
anticipated.
The Company has set a goal to complete the remaining reduction
of the existing issued and outstanding shares by the end of
November 2010 rather than the original deadline of December. The
steps necessary to complete this are currently under way.
The Company is also working on the completion of the financials
of the previous years. Since there has been no reporting for
several years, this effort may take several more weeks.
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 and adversely
from management expectations.
Contact: ICOA, Inc. investor@icoamail.com www.icoacorp.com
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