ICOA completes share cancellation

WARWICK – Broadband service provider ICOA Inc. completed the planned cancellation of 1.0 billion shares on Dec. 7.
The move comes two months after its plan to reduce its issued and outstanding shares by 4.5 billion in three tranches as a “strategic action that will provide long-term benefits to existing stakeholders and potentially inspire confidence to future shareholders.”
The company planned to complete the three tranches by year-end.
On Nov. 9, Icoa said it converted $2.07 million of debt to 688,000 in preferred shares to settle a legal judgment of $1.1 million against it, as well as to cover $970,000 in accrued payroll expenses.
The company also said it is working on completing its financial statements but, since there has been not reporting for several years, it will not be completed until first quarter 2011.
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.”
Icoa said it plans to update its website and introduce “a number of updates” in the first half of December.