WARWICK, R.I., August 3 - ICOA, Inc. (OTC Bulletin Board: ICOA), a national provider of broadband Internet networks and managed services in high-traffic public locations, announced today it has acquired the assets, contracts, existing hot spot locations and equipment of Cafe.com, a privately held Santa Monica, Calif.-based wireless Internet provider, in a cash and stock deal.
Cafe.com is ICOA's seventh acquisition since the company entered the broadband wireless market in late 2003. Previous acquisitions were QGo, Airport Network Solutions, iDockUSA, AuthDirect, Wise Technologies and LinkSpot Networks.
Cafe.com has 40 deployed locations in Southern California, including Denny's, IHOP, and Dunkin Donuts, as well as hotels, coffeehouses and bakeries.
Rick Schiffmann, ICOA's CEO, said, "This acquisition secures a diversified regional footprint in southern California and relationships with leading national brands to further strengthen our quick-service restaurant (QSR) footprint."
There are more than 1,600 Denny's restaurants, 1,100 IHOP and 4,400 Dunkin Donuts locations across North America.
Ronan Higgins, CEO of Cafe.com, said, "We have enjoyed the challenge of building Cafe.com to profitability and developing relationships with leading QSR brands. We have been approached by many suitors and are pleased to join the ICOA family of companies, business model and seasoned team."
About ICOA, Inc.
ICOA, Inc. is a national provider of neutral-host wireless and wired broadband Internet networks in high-traffic public locations. ICOA provides design, installation, operations, maintenance and management of neutral, common-use 802.11x standard WLAN Wi-Fi hot spot and hot zone infrastructure throughout airport facilities, quick-service restaurants, universities, travel plazas, RV/campgrounds and marinas, hospitality and hot zone locations. ICOA owns or operates over 1,300 broadband access installations in high-traffic locations across 45 states. For additional information, visit http://www.icoacorp.com .
An investment profile about ICOA may be found at http://www.hawkassociates.com/icoa/profile.htm .
For more information, contact ICOA VP of Corporate Development John Balbach at (401) 352-2368, e-mail: jbalbach@icoacorp.com . For investor relations, contact Frank Hawkins or Julie Marshall, Hawk Associates, (305) 451-1888, e-mail: info@hawkassociates.com . An online investor relations kit containing ICOA press releases, SEC filings, current Level II price quotes, interactive Java stock charts and other useful information for investors can be found at http://www.hawkassociates.com and http://www.hawkmicrocaps.com .
The foregoing contains "forward-looking statements," which are based on management's beliefs, as well as on a number of assumptions concerning future events and information currently available to management. Readers are cautioned not to put undue reliance on such forward-looking statements, which are not a guarantee of performance and are subject to a number of uncertainties and other factors, many of which are outside ICOA's control, that could cause actual results to differ materially from such statements. For a more detailed description of the factors that could cause such a difference, please see ICOA's filings with the Securities and Exchange Commission. ICOA disclaims any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise. This information is presented solely to provide additional information to further understand the results of ICOA.
