ICOA negotiating with WiFi providers

WARWICK – ICOA Inc., a broadband wireless solutions provider, said it is in the final stage of merger negotiations with two private WiFi providers in an end-of-year update on Dec. 23.
Both candidates – which ICOA did not identify – are slated to present financials in January, and one has cleared the merger proceedings with its major investor, ICOA said, noting that management is “familiar” with their operations and anticipates it can complete due diligence quickly.
ICOA said its business strategy for 2011 focuses on capitalizing on the “explosive growth” of data traffic “as major operators will need offloading solutions from their 3G networks to WiFi hotspots, femtocell or 4G network solutions.
ICOA also noted that it has completed reducing its shares by 2.3 billion and plans to reduce the issued and outstanding shares by an additional 2 billion during the first quarter. The company announced the share cancellation in October and had planned to complete it in December.
The website update will go live on Dec. 31 or Jan. 3, ICOA added. The planned financial statement release is still scheduled for the first quarter.