WARWICK – ICOA Inc., a provider of wireless broadband Internet networks and managed services in high-traffic public areas, has received $400,000 in new capital from Cornell Capital Partners to support corporate growth and the restructuring of preexisting commitments.
As part of the deal, the company issued a two-year convertible debenture for about $2.19 million to Cornell Capital Partners, which encompassed the new investment and consolidated all preexisting commitments. In addition, the company has terminated a $5-million standby equity distribution agreement with Cornell that was entered into in March, 2004.
Seifert Systems Invests in Energy Efficiency to Strengthen Operations
For manufacturers, energy is more than just another operating expense. It plays a critical role…
Learn More
“I’d like to thank Cornell Capital Partners for providing the early-stage growth capital that was required during ICOA’s re-start phase,” said CFO Steve Cummings in a news release. “The restructuring of this arrangement enables management to continue their focus on growth and shareholder value.”
ICOA provides design, installation, operations, maintenance and management of neutral-host wireless and wired broadband Internet networks in airports, quick-service restaurants, universities, travel plazas, marinas, hospitality and hot zone locations. It now owns or operates over 1,300 broadband access installations in 45 states.
For additional information, go to www.icoacorp.com.
