WARWICK, R.I., July 11, 2012 /PRNewswire/ -- ICOA, Inc. (OTCPK:
ICOA) is pleased to announce, in conjunction with Tango
Software Corp. with whom it recently signed a Letter of Intent
(LOI) to acquire a majority interest, that Tango has entered into
an exclusive agreement with Global Filipino Solutions Incorporated
(GFSI), to build an advanced Payment Processing Gateway. Tango is
also the primary software developer for GFSI current endeavors.
Tango wishes to highlight at this time that it has an exclusive
arrangement with GFSI to architect (software design), develop
(software program), and deploy (hardware appliance and install) a
world-class banking remittance and credit card processing system
(eCommerce and payment processing gateway) for GFSI's booming
merchant base.
Tango and GFSI (www.filipinosolutions.com) have undergone due
diligence and feasibility of the project, and the project has been
initiated since Spring 2010, and has undergone an extensive review
and vetting process. The project has completed planning, costing,
and resource allocation stages. Both parties are in agreement
to expedite the development of the software.
Tango is extremely excited to start work on the payment
processor. Online (Internet) payment processing is a very
lucrative market, as each transaction is charged a fee plus a
transaction rate. It includes m-commerce, eWallets, loyalty
cards, prepaid cards, money transfers, and credit card processing.
The higher the dollar volume and the higher the number of
transactions that Tango's software will process, Tango will
generate higher and higher net revenue. According to
http://mobithinking.com/mobile-marketing-tools/latest-mobile-stats/f#m-payments,
170 million mobile device users will make a purchase, and
$119 Billion of annual transaction
volume is expected to be processed through mobile devices by 2015.
The trend is upwards, as more people are using tablets,
mobile phones with internet access, and other devices to purchase
products. Gartner predicts that in 2016 there will be 448
million m-payment users, in a market worth $617 billion. Asia/Pacific will have the
most m-payment users, but Africa
will account for the highest revenues. GIA: Asia-Pacific will emerge as the predominant
MFS market in terms of customer base. In the Middle East and Africa, the need to provide financial services
to remote areas will be central to the growth of m-banking.
GFSI is a well respected corporation and has established
clientele in various parts of Asia
and in the Pacific coast of North
America. The principals of GFSI have extensive experience in
the MicroPayments industry and know how to attract high-value
merchants and create high transaction dollar volume accounts.
It has a vast portfolio of software assets and extensive strategic
partners. It has the following software systems: Online Games
Publisher, Online Archiving & Data Witness, Provider of
Communication & Internet Enhancement, Payment Gateway, and
Medical Transcription. GFSI aims to utilize the new processor
to process payments for its clients.
Tango staff has worked in Payment Processing and has architected
and implemented world-class payment systems. Tango is experienced
in creating 24/7 critical fault-tolerant systems to maximize uptime
and optimize transaction volume for its clients. Tango is
eager to start this project with GFSI. The partnership is a
long-term one as building the payment processing gateway project is
very complex. Tango is pleased to work with GFSI long-term as it
will "open doors" to GFSIs current critical systems market.
Tango has entered into a Letter of Intent with ICOA
Inc. under which ICOA will acquire a majority stake of Tango,
and will be expanding into the e-Commerce Payments space. Its
competitive advantage is that ICOA will be able to provide its
existing Wi-Fi and Internet customers e-Commerce payment solutions
on an International level.
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 March 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.
About Tango
Tango Software Corp. is an internationally recognized designer
and developer of mission-critical software specializing in
e-Commerce payment processing software, high-availability (24/7)
solutions for enterprise-scale Internet websites, Internet security
and digital identity protocols, and computer control systems for
industrial, electrical, and refrigeration applications. Tango
has developed, designed, and quality assured software for a number
of enterprise clients. In the payment processing space, it is
a recognized integrator with gateways such as FDMS, Nova Systems,
BCE AssurePay, and Moneris. Further information is at
www.tangotechnical.com.
Contact:
ICOA, Inc.
investor@icoamail.com
www.icoacorp.com
SOURCE ICOA, Inc.