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Check this one out. --------------------------------------------- ICOA Reports Q2 Revenues Up 140%
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WARWICK, R.I., July 15 /PRNewswire-FirstCall/ -- ICOA, Inc. (OTC Bulletin Board: ICOA), a provider of wireless broadband Internet access solutions to the airport, marina and quick service restaurant verticals, today announced second-quarter revenue of $338,389, up 140% over the first quarter and 607% year to date versus the six months ended June 30, 2003. "This was a pivotal quarter for ICOA and I am extremely pleased to report our strongest financial and execution results to date," said George Strouthopoulos. "We expanded our network operations into over 410 locations, closed another key acquisition, continued cleaning up our balance sheet, reduced old debt, built the foundation of our emerging new management team, and recorded the company's best ever operating revenue." About ICOA, Inc. ICOA, Inc., (OTC Bulletin Board: ICOA) located in Warwick, RI, is a provider of neutral host wireless and wired broadband Internet networks in public locations. ICOA, Inc. provides design, installation, operations, maintenance and management of neutral, common-use 802.11x standard WLAN Wi-Fi Hot Spot and Hot Zone infrastructure throughout airport facilities, Quick Service Restaurants, Marinas and Hospitality locations, as well as High Speed Internet Terminals (WebCenter3000(TM)). ICOA currently operates or manages over 410 installations, including 300 Panera Bread locations, the San Francisco International Airport (SFO), Spokane International Airport (GEG), the Greater Baton Rouge, Louisiana Airport (BTR), Sacramento International Airport (SMF), Manchester Airport (MHT), Savannah/Hilton Head International Airport (SAV), Fresno-Yosemite International Airport (FYI), 32 Marinas in California and Rhode Island's Newport Harbor 'Hot Zone'. For additional information, please visit http://www.icoacorp.com. 'Safe Harbor' The foregoing contains "forward-looking statements" which are based on management's beliefs as well as on a number of assumptions concerning future events and information currently available to management. Readers are cautioned not to put undue reliance on such forward-looking statements, which are not a guarantee of performance and are subject to a number of uncertainties and other factors, many of which are outside ICOA's control that could cause actual results to differ materially from such statements. For a more detailed description of the factors that could cause such a difference, please see ICOA's filings with the Securities and Exchange Commission. ICOA disclaims any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise. This information is presented solely to provide additional information to further understand the results of ICOA. SOURCE ICOA, Inc. -0- 07/15/2004 /CONTACT: John K. Balbach of ICOA, Inc, +1-415.999.1468, jbalbach@icoacorp.com/ /Web site: http://www.icoacorp.com / (ICOA) CO: ICOA, Inc. ST: Rhode Island IN: CPR ITE OTC SU: ERN
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Shares Outstanding: 98,965,445 as of 2003-08-01
Estimated Market Cap: 3.166M as of 2004-07-16 +++++++++++++++++++++++++++++++++++++++++++++++ WHAT DO YOU THINK ABOUT THIS COMPANY????? ANYONE??? LOOK AT THE PRs. +++++++++++++++++++++++++++++++++++++++++++++++
ICOA Converts Institutional Debt at $.09 Per Share Friday July 9, 11:41 am ET
WARWICK, R.I., July 9 /PRNewswire-FirstCall/ -- ICOA, Inc. (OTC Bulletin Board: ICOA - News) today announced completion, during the second quarter of 2004, of a full conversion of $507,000 of institutional debt into common stock. ICOA raised the capital from an institutional investor two years ago in part to pursue acquisition opportunities and expand operations in existing verticals, capital requirements for which have been secured under more favorable terms. The conversion reduces ICOA's current debt by $507,000 or approximately 10%. In relation to the conversion, the company issued to the institutional investor 5,633,333 shares of common stock at a price of $.09 per share.
"The investment in ICOA by institutional investors has helped position us as a high-quality, financially stable partner to our customers," said George Strouthopoulos, ICOA's chief executive officer. "We are pleased with the vote of confidence of the agreement to convert these debt holdings into ICOA equity and look forward to our continuing relationship."
"This transaction is consistent with our previously announced financial strategies," said Erwin Vahlsing, ICOA's chief financial officer. "It allows us to further de-leverage our balance sheet, while increasing the equity capitalization of the company."
About ICOA, Inc.
ICOA, Inc., (OTC Bulletin Board: ICOA - News) located in Warwick, RI, is a provider of neutral host wireless and wired broadband Internet networks in public locations. ICOA, Inc. provides design, installation, operations, maintenance and management of neutral, common-use 802.11x standard WLAN Wi-Fi Hot Spot and Hot Zone infrastructure throughout airport facilities, Quick Service Restaurants, Marinas and Hospitality locations, as well as High Speed Internet Terminals (WebCenter3000)(TM). ICOA currently operates or manages over 360 installations, including 250 Panera Bread locations, the San Francisco International Airport (SFO), Spokane International Airport (GEG), the Greater Baton Rouge, Louisiana Airport (BTR), Sacramento International Airport (SMF), Manchester Airport (MHT), Savannah/Hilton Head International Airport (SAV), Fresno-Yosemite International Airport (FYI), 32 Marinas in California and Rhode Island's Newport Harbor "Hot Zone." For additional information, please visit http://www.icoacorp.com.
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