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.
Beyond Cash Donations: How New Forms of Giving Are Transforming Not-for-Profit Accounting
Evolving Funding Landscape for Not-for-Profits Not-for-profit organizations are being asked to do more with less,…
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.
