OTCBB ALERTS

[Mandroid]

ICOA, Inc. ICOA), a national provider of wireless broadband Internet networks and managed services in
high-traffic public locations, today reported its financial results for its
fourth quarter and fiscal year ended December 31, 2005 in its 10-KSB filed
with the SEC.



For the fourth fiscal quarter ended December 31, 2005, the company
generated revenue of $771,038, an increase of 97% versus $392,105 for the
same period last year.



For fiscal year 2005, the company reported revenue of $2,475,914, a 111%
increase over FY '04 revenue of $1,170,719. Transaction Service Fee
revenue, in FY 2005 was $1,514,830 versus 2004 of $354,324, an increase of
327% year over year.





ICOA showed a Gross Margin Profit for the FY 2005 of $20,339 versus a loss
in FY 2004 of ($30,667).



The company reported a net loss of ($9,237,334) as compared to a net loss
of ($3,922,130) for the year ended December 31, 2004, due to an increase in
one-time interest/finance expense of $3,922,982, which is primarily related
to the recording of the convertible debentures, and SG&A of $1,364,795,
which reflects the company's significant operational growth over the course
of 2005.



Full financial results for Q4 '05 and FY '05 can be found in the company's
10-KSB, filed on April 20, 2006 with the SEC.



"2005 was a significant year of growth and transformation for ICOA," said
Stephen Cummings, CFO. "The results reflect the positive trends in our
business, as the company tightens expenditures on SG&A while improving its
gross margins. The strong increase in recurring revenue is a positive
signal that ICOA's business model is beginning to gain traction."



ICOA's CEO, Rick Schiffmann, said, "While we are extremely happy to report
these financial results, ICOA's Management team continues to maintain a
focus on increasing shareholder value by driving the company to become
EBITDA positive and profitable. We believe that the broadband wireless
industry is ripe for consolidation, and we hope to continue to build ICOA
to be in a strong position in order to become a significant factor in the
consolidation of this industry. We anticipate that 2006 will be another
year of continued revenue growth for ICOA."



About ICOA, Inc.



ICOA, Inc. is a national provider of neutral-host wireless and wired
broadband Internet networks in high-traffic public locations. ICOA provides
design, installation, operations, maintenance and management of neutral,
common-use 802.11x standard WLAN Wi-Fi hot spot and hot zone infrastructure
throughout airport facilities, quick-service restaurants, universities,
travel plazas, marinas, hospitality and municipal/hot zone locations. ICOA
owns or operates over 1,500 broadband access installations in high-traffic
locations across 45 states. For additional information, visit
http://www.icoacorp.com. To subscribe to ICOA's email alert system, please
send an email to: [e-mail].



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.



For more information regarding ICOA, contact:
Erwin Vahlsing, Jr.
VP Finance
[phone]
email: [e-mail]