ICOA, Inc. Restructures Convertible Debentures
WARWICK, R.I., Sep 25, 2003 (BUSINESS WIRE) -- ICOA, Inc. (OTCBB:ICOA - News),
announced today that the company has reached a restructuring agreement with
institutional investors holding over $1.56 million worth of convertible debt,
accrued interest and warrants. The restructuring is in exchange for a payment of
$508,000 in cash in the first Quarter of 2004 along with $337,000 of preferred
stock and $225,000 of common stock - Both the preferred and common stock are
based on an agreed share price, carry lock-up provisions, and eliminate future
conversions.
"We believe this financial restructuring will benefit the shareholders of ICOA
by allowing the market to reflect the true value of our business," commented
Erwin Vahlsing, Jr., CFO of ICOA, Inc. "We feel that this restructuring places
ICOA on a strong foundation for growth, by not only saving us $500,000 in cash
but strengthening the balance sheet by over $1.0 million. Additional steps are
underway that we think we will further improve our balance sheet and strengthen
the company," concluded Mr. Vahlsing.
About ICOA
ICOA, Inc., located in Warwick, RI, deploys and operates an automated network of
self-service Internet payphone kiosks, through its wholly owned WebCenter
Technologies subsidiary. The Company deploys a managed network capable of
providing telecommunication, business, and e-commerce services via these kiosks.
These include broadband communication services such as telephone, e-mail, and
e-fax; business services such as printing; and e-commerce services including
shopping and bill paying; and advertising. It operates networks in airports,
heavily trafficked public facilities, and hotels. It currently has installations
at the San Francisco International Airport, the Greater Baton Rouge Louisiana
Airport and a New York City Hotel.
SOURCE: ICOA, Inc.
CONTACT:
ICOA Corp.
Erwin Vahlsing, Jr., 401-739-9205
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