ICOA Reports Profit for Third Quarter 2003 Bolstered by Settlements and Restructuring
WARWICK, R.I., Nov 18, 2003 (BUSINESS WIRE) -- ICOA, Inc. (OTC.BB:ICOA), today announced the results for the Third Quarter of 2003, including a profit of $.01 per share due mostly to settlements and restructuring.
During the Third Quarter, the Company settled a total of $3.029 million of institutional funding, vendor debt, and accrued interest which resulted in a discount of $1.369 million of the balance, conversion of $647,000 to equity, and $1.013 million in term notes due over the next 6 months.
"We believe these results demonstrate the action taken by management over the last nine months to restructure debt, and settle various vendor accounts with a goal of strengthening the Company's financial position and setting the stage for future growth," stated Erwin Vahlsing, Jr., CFO.
About ICOA
ICOA, Inc., located in Warwick, RI, is a provider of Public Broadband Internet Access. The company operates private networks of high-speed Internet Terminals (WebCenter3000(TM)), and Wi-Fi Hot Spots, in over 180 locations nationwide. ICOA operates in the most sought after public locations - airports, hotels, marinas, transportation and conference centers. The Company provides fully managed broadband internet access allowing services including: e-mail, e-fax and telephony; business services including printing; e-commerce; and 'venue specific' advertising. ICOA currently operates or manages installations at the San Francisco International Airport (SFO), the Greater Baton Rouge, Louisiana Airport (BTR), Rhode Island's Newport Harbor 'Hot Zone', 100+ Panera Bread (NASDAQ: PNRA) locations and several prestigious Hotels.
SOURCE: ICOA, Inc.
ICOA, Inc.
Erwin Vahlsing, Jr., 401-739-9205
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