News

ICOA restructures funding agreement

August 8, 2002

WARWICK, R.I. -- Internet kiosk provider ICOA Corp. (OTCBB:ICOA), seeking additional funding for its business concerns, announced on Aug. 8 that it has restructured a convertible notes agreement with Laurus Master Fund.

Under the new agreement, the existing $1.27 million convertible debenture has been converted into a regular loan. The loan is payable over two years with 10 percent interest.

ICOA officials said the agreement achieved the company's goals of obtaining additional funding while satisfying the needs of existing and future shareholders.

Based in Warwick, R.I., ICOA operates a system of public access Internet kiosks through its WebCenter Technologies subsidiary. For fiscal year 2001 ending Dec. 31, the company reported a net loss of $2.56 million on revenue of $80,182.