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Official Company Statement Regarding Caveat EmptorLas Vegas, Nevada, May 16, 2022 (GLOBE NEWSWIRE) -- ICOA Inc. (OTC Pink: ICOA) ($ICOA; “the Company”), a publicly-traded Nevada company that acquires blockchain-enabled projects and companies, has issued this Official Company Statement to provide clarity and an update to all shareholders regarding the Caveat Emptor (CE) that was placed on the ICOA ticker after trading hours on Friday 13 May, 2022. A Caveat Emptor security “is a designation the OTC Markets Group places on a security after a determination was made surrounding the company that there may be potential risk to investors which include a questionable stock promotion, known investigation of fraudulent activity committed by the company or insiders, regulatory suspensions, or disruptive corporate actions, among other reasons.” The current management team at ICOA were first made aware of the situation when the CE was actually placed on the ICOA ticker on 13 May 2022, and had no understanding or knowledge of the reason behind it. Subsequent internal investigations, and as posted by ICOA shareholders on the Company’s official Discord channel, indicate that the CE placement relates to a legal matter regarding certain members of ICOA’s previous management team. Neither the current management team nor Board of Directors are being investigated nor have been named in any capacity by the authorities in connection to the legal matter mentioned above. ICOA remains committed to delivering on its business objectives and strategy, and it is “business as usual” in terms of business development and operations. However, there are immediate steps that the management team are taking today in order to minimize any negative impact and ring-fence the situation as best as possible. ICOA can confirm that any and all people named in the investigation no longer have any involvement with the company in any capacity whatsoever either directly or indirectly, with immediate effect. This action has been taken based on the aforementioned legal matter’s official court documentation and has been executed to protect ICOA’s shareholders. ICOA will update the public as soon as it receives any additional information or clarification from the authorities or OTC Markets. Hadria Wong, ICOA CEO, comments: “Myself and my colleagues would like to provide reassurance that we, along with experienced counsel, are working tirelessly to navigate the current issue with the best interest of our shareholders in mind.” For further information please contact: [email protected] About ICOA Inc.: SAFE HARBOR STATEMENT: |