WARWICK, Rhode Island, Jan. 15, 2004 (PRIMEZONE) -- ICOA, Inc., (OTCBB:ICOA) today announced that it has expanded its Public Internet Access business with the addition of Seventh Wave LLC. of Chicago.
ICOA has executed a Letter of Intent to acquire the assets of Seventh Wave - a provider of Public Internet Access terminals, and its trademarked portal site "Net On The Go" (www.netonthego.com/seventhwave). Seventh Wave currently operates multiple Internet terminals under contract with Chicago's Metropolitan Pier and Exposition Authority in the South Building at the McCormick Place Convention Center, as well as other Chicago area locations. A typical trade show at McCormick Center attracts over 50,000 attendees over several days.
Seventh Wave Internet terminals and kiosks are provided to owners of "well-trafficked" locations and paid for by advertising and user fees; revenues may be shared with location owners. The terminals provide both free and "pay to view" services including internet access, email, business and location information. Fees for paid services are deposited to a bill-acceptor or processed via credit card transaction.
Seventh Wave custom configures and pre-loads site specific software and advertising content on each of its Internet terminals or kiosks. After installation, performance is monitored remotely to ensure trouble free use.
"Net on the Go" (www.netonthego.com) offers a wide range of advertising on its portal. Sites are listed in categories ranging from Business News and Financial Information to Weather, Travel and Entertainment Listings. Custom content for both local advertisers and events is displayed on Seventh Wave's Public Internet Access terminals using "Net on the Go" software. The portal keeps track of the customers reached and sends detailed reports of user transactions to advertisers and event promoters. According to Jupiter Research www.jupiterresearch.com the number of consumers who transact via similar Internet-enabled kiosks or terminals will rise to 23 million by 2006, and the transactions at these kiosks are predicted to drive over $3 billion in sales.
"As we deploy additional Internet terminals, ICOA expects to gain leverage from sharing the common costs of our Network Operations Center, Call Center, credit card validation, and billing systems, across the rapidly expanding number of locations." noted George Strouthopoulos, CEO of ICOA. "The addition of McCormick Convention Center and the site-specific promotion capabilities that Seventh Wave brings, will allow us to expand even faster.'
About ICOA
ICOA, Inc. (www.icoacorp.com) located in Warwick, RI, is a provider of Public Broadband Internet Access. The company operates private networks of high-speed Internet Terminals (WebCenter3000TM), and Wi-Fi Hot Spots, in 204 locations nationwide. ICOA operates in the most sought after public locations - airports, hotels, marinas, transportation and conference centers. The Company provides fully managed broadband internet access allowing services including: e-mail, e-fax and telephony; business services including printing; e-commerce; and 'venue specific' advertising. ICOA currently operates or manages installations at the San Francisco International Airport (SFO), the Greater Baton Rouge, Louisiana Airport (BTR), Sacramento International Airport (SMF), Rhode Island's Newport Harbor 'Hot Zone', several prestigious Hotels and 130+ Panera Bread (NASDAQ:PNRA - www.panerabread.com) locations.
'Safe Harbor'
The foregoing contains "forward-looking statements" which are based on management's beliefs as well as on a number of assumptions concerning future events and information currently available to management. Readers are cautioned not to put undue reliance on such forward-looking statements, which are not a guarantee of performance and are subject to a number of uncertainties and other factors, many of which are outside ICOA's control that could cause actual results to differ materially from such statements. For a more detailed description of the factors that could cause such a difference, please see ICOA's filings with the Securities and Exchange Commission. ICOA disclaims any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise. This information is presented solely to provide additional information to further understand the results of ICOA.