ICOA cancels 1.6B shares

WARWICK – Broadband service provider ICOA Inc. completed the planned cancellation of 1.68 billion shares on April 29.
It is the final tranche of a three-part, 4.5 billion share cancellation that was announced in October as a “strategic action that will provide long-term benefits to existing stakeholders and potentially inspire confidence to future shareholders.”
The company also said it is still “working on” completing its financials for 2009 and 2010.
“Since there has been no reporting for several years, this effort has taken longer than it was originally anticipated but each year as it is completed will be posted on OTC Markets alternative reporting platform,” it said in a news release. Previously, ICOA had slated completion for the first quarter.
Icoa had been a full-reporting company from 2000 until November 2009, when it filed a Form 15 to become a nonreporting entity. The decision was based on “the company’s need to conserve its cash for ongoing operations.”