Warwick-based ICOA Inc., a wireless broadband Internet network provider, announced the conclusion of a series of transactions reducing its debt by 19.8 percent or
$1,406,752, further strengthening the company’s balance sheet and reducing
interest expense by more than $120,000 per year, the company said.
“This round of debt conversion into
equity is a significant first step in the restructuring of the balance sheet
so we can more readily access conventional debt and lease financing in support
of our growth and deployment plans,” stated ICOA President Rick Schiffmann.
Investors, consultants and suppliers, officers, directors, senior
management and employees of the company converted outstanding notes and
accounts payable, past compensation and other settlements to common shares in
the company. To align shareholders and management with the company’s long-term
interests, 50 percent of the 65.6 million shares issued were to officers, directors
and employees of the company.
