ICOA Settles & Writes Off 1.24 Million in Debt
Las Vegas, Nevada, Nov. 24, 2021 (GLOBE NEWSWIRE) -- ICOA, Inc. (OTC PINK: ICOA) (“ICOA” or the “Company”) a publicly traded Nevada company and a national provider of wireless and wired broadband Internet networks in high-traffic public locations, currently entering the DeFi, Blockchain, Crypto and NFT space through multiple acquisitions, announces the settlement and write off of 1,240,139 of accrued debt.
As part of the ongoing reorganization of the Company’s structure and new business direction, ICOA’s management negotiated the settlement and write off USD 1.24M of accrued debt. The Company plans to completely settle and write off all remaining debt in the coming weeks.
Erwin Vahlsing Jr., Chief Financial Officer of ICOA, Inc. added “This is one of the last steps in our reorganization plan. Cleaning up the balance sheet and giving ICOA and its value shareholders a solid foundation to build on. With the recent acquisition of IBG and the pending closing of BGBF, we find ourselves in a perfect position to create shareholder value exponentially.”
We invite shareholders and investors to follow our social media handle on Twitter for daily updates on the latest developments.
About ICOA INC.
ICOA, Inc. is a national provider of wireless and wired broadband Internet networks in hig-traffic public locations. ICOA provides design, installation, operation, maintenance, and management of WI-FI hot-spot and hot-zone Internet access. ICOA owns or operates broadband access installations in high-traffic locations across 40 states, located in airports, quick-service restaurants, hotels and motels, travel plazas, marinas etc. ICOA networks are compatible with widely used 802.11x technology and with virtually all Internet service providers. ICOA is currently entering the DeFi, Blockchain and Crypto Space through multiple acquisitions.
About iBG Finance
iBG is a Decentralized Finance (DeFi) wealth management platform designed to bring simplicity to users interested in entering the cryptocurrency and the DeFi market. iBG is equipped with the latest Robo Advisory technology to offer algorithm-driven recommendations.
SAFE HARBOR STATEMENT
This press release contains forward-looking statements that can be identified by terminology such as "believes," "expects," "potential," "plans," "suggests," "may," "should," "could," "intends," or similar expressions. Many forward-looking statements involve known and unknown risks, uncertainties and other factors that may cause actual results to be materially different from any future results implied by such statements. These factors include, but are not limited to, our ability to continue to enhance our products and systems to address industry changes, our ability to expand our customer base and retain existing customers, our ability to effectively compete in our market segment, the lack of public information on our company, our ability to raise sufficient capital to fund our business, operations, our ability to continue as a going concern, and a limited public market for our common stock, among other risks. Many factors are difficult to predict accurately and are generally beyond the company's control. Forward-looking statements speak only as to the date they are made, and we do not undertake to update forward-looking statements to reflect circumstances or events that occur after the date the forward-looking statements are made.
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