ICOA Signs LOI for 240 Million Acquisition of BGBF

Las Vegas, Nevada, Oct. 26, 2021 (GLOBE NEWSWIRE) -- ICOA, Inc. (OTC PINK: ICOA) (“ICOA” or the “Company”) a publicly traded Nevada company and a national provider of wireless and wired broadband Internet networks in high-traffic public locations, currently entering the DeFi, Blockchain, NFT and Crypto Space through multiple acquisitions, announces it has executed a Letter of Intent (“LOI”) to acquire BGBF, Asia’s first insured Bitcoin Denominated Fund, in a transaction valued at USD 240,000,000.

The Fund provides Bitcoin exposure to investors, while offering insurance coverage & underwriting for public offering security insurance (POSI), striving to deliver safe and secured investment.

Structured as a regulated and Central Bank compliant entity, BGBF’s technology offers both Hybrid and Centralized Finance as is targeted at accredited and institutional investors.

The LOI executed by ICOA and BGBF outlines the terms of the transaction which is valued at USD 240 Million and anticipated to close within 30 days. As part of the acquisition, ICOA will be acquiring 100% of BGBF in return for restricted preferred shares of ICOA.

Dr. Vin Menon, Co-Founder and Advisor of BGBF added “The case for Bitcoin has been made. There is no doubt at this point it is here to stay. With the recent increase in adoption by both retail and institutional players as well as the approval of the first Bitcoin ETF, the level of confidence in Digital Assets is at an all-time high. BGBF was positioned from the onset to take advantage of this massive opportunity.”

George Strouthopoulos, Chief Executive Officer of ICOA, Inc. added “We are speeding along our acquisitions to position the Company for success in the DeFi, Blockchain, NFT and Crypto Space. This latest pending acquisition is a major milestone for us and we look forward to continuing on this path. This second acquisition further demonstrates the resolve of the Company and its ability to create shareholder value in the Crypto Space”.

We invite shareholders and investors to follow our social media handle on Twitter for daily updates on the latest developments.

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About ICOA INC.

ICOA, Inc. is a national provider of wireless and wired broadband Internet network support for broadband access installations in high-traffic locations across the United States including, quick-service restaurants, hotels and motels, travel plazas, marinas etc. ICOA is currently entering the DeFi, Blockchain, NFT and Crypto Space through multiple acquisitions.

About BGBF

BGBF is South East Asia’s First Insured Bitcoin denominated Fund. The Fund provides Bitcoin exposure to investors, while offering insurance coverage & underwriting for public offering security insurance (POSI), striving to deliver safe and secured investment.

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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: Kim Halvorson