WARWICK, RI — (MARKET WIRE) — 10/18/10 — ICOA, Inc. (PINKSHEETS: ICOA ) today announced that it has executed the cancellation of 1.3 billion shares held by related parties.
Following up on its previous announcement on October 7, 2010 , to reduce the existing issued and outstanding shares by over sixty five percent over the next quarter, the Company is pleased to execute the first cancellation earlier than was originally anticipated.
The Company has set a goal to complete the remaining reduction of the existing issued and outstanding shares by the end of November 2010 rather than the original deadline of December. The steps necessary to complete this are currently under way.
The Company is also working on the completion of the financials of the previous years. Since there has been no reporting for several years, this effort may take several more weeks.