ICOA Settles & Writes Off 1.76 Million in Convertible Debt

Las Vegas, Nevada, Dec. 15, 2021 (GLOBE NEWSWIRE) -- ICOA, Inc. (OTC PINK: ICOA) (“ICOA” or the “Company”) a publicly traded Nevada company currently entering the DeFi, Blockchain, NFT and Metaverse space through multiple acquisitions, announces the settlement and write off of USD 1,757,277 of accrued convertible debt.

As part of the ongoing reorganization of the Company’s structure and new business direction, ICOA’s management negotiated the settlement and write off of USD 1.76 Million of accrued convertible debt. The Company had previously completed an agreement to write off its accrued debt and this last action finalizes the planned settlements the Company’s management was working on.

Erwin Vahlsing Jr., Chief Financial Officer of ICOA, Inc. added “We have now completed the last of our planned initiatives to clean up the Company’s balance sheet. A debt free balance sheet is exactly the position we wanted ICOA to be in while gearing up into ICOA’s new direction.”

Newly appointed Chief Executive Officer, Hadria Wong, added “With DeFi, NFT and Metaverse space as our new focus, we have strong confidence in the solid foundation that we have laid. I look forward to the journey ahead and am proud of the accomplishments we have made thus far to create shareholder value.”

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About ICOA INC.

ICOA, Inc. is a publicly traded Nevada company currently entering the DeFi, Blockchain, NFT and Metaverse space through multiple acquisitions. ICOA entered the DeFi space with its first acquisition of IBG Finance and expects to close the second acquisition of BGBF in December 2021.

About iBG Finance

iBG is a Decentralized Finance (DeFi) wealth management platform designed to bring simplicity to users interested in entering the cryptocurrency and the DeFi market. iBG is equipped with the latest Robo Advisory technology to offer algorithm-driven recommendations.

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SAFE HARBOR STATEMENT

This press release contains forward-looking statements that can be identified by terminology such as "believes," "expects," "potential," "plans," "suggests," "may," "should," "could," "intends," or similar expressions. Many forward-looking statements involve known and unknown risks, uncertainties and other factors that may cause actual results to be materially different from any future results implied by such statements. These factors include, but are not limited to, our ability to continue to enhance our products and systems to address industry changes, our ability to expand our customer base and retain existing customers, our ability to effectively compete in our market segment, the lack of public information on our company, our ability to raise sufficient capital to fund our business, operations, our ability to continue as a going concern, and a limited public market for our common stock, among other risks. Many factors are difficult to predict accurately and are generally beyond the company's control. Forward-looking statements speak only as to the date they are made, and we do not undertake to update forward-looking statements to reflect circumstances or events that occur after the date the forward-looking statements are made.

FOR MORE INFORMATION, PLEASE CONTACT:

CONTACT: Hadria Wong