ICOA Taps Laurus Funds for Follow on Financing
WARWICK, R.I., Jun 27, 2001 /PRNewswire via COMTEX/ -- ICOA, Inc. (OTC Bulletin Board: ICOA), announced today that it has received second round institutional financing from the Laurus Family of Funds. The funding consists of $400,000 of convertible notes and related warrants.
"We are very pleased with this financing provided by the Laurus Family of Funds," noted George Strouthopoulos, CEO, ICOA. "It is an indication of their ongoing confidence in our management team and business model. This funding will allow us to continue our aggressive business strategy to build a national network of Public Internet Terminals. We are pleased to establish a relationship with a strong institutional investor that has the ability to help ICOA meet its working capital needs on a long-term basis."
"The quality of the ICOA management team combined with the long-term potential of the WebCenter 3000(TM) Automated Network of Internet Terminals, presents a tremendous growth opportunity for Laurus Funds," said David Grin, Fund Manager for Laurus. "As with all Laurus investments we are planning for a long-term relationship by providing ICOA with the financial support necessary to meet its current and future objectives."
About ICOA
ICOA, Inc., through its wholly owned subsidiary WebCenter Technologies, Inc., deploys and operates an automated network of Internet Pay Phone terminals with video advertising displays. The Company has deployed a managed network to provide telecommunications, business, and e-commerce services via these terminals. These services include communication services such as telephone, e-mail, and e-fax; and business services such as printing; and e-commerce services, including advertising, shopping and bill paying.
About Laurus Funds
Laurus is a private equity fund, based in New York City, which specializes in providing financing to growing small- and mid-capitalization companies.
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SOURCE ICOA, Inc.
CONTACT: George Strouthopoulos of ICOA, Inc., 800-336-5837
(ICOA)
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Copyright (C) 2001 PR Newswire. All rights reserved.
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