$ICOA ICOA Signs LOI for 185 Million Acquisition of IBG Finance
Press Release | 10/01/2021
Las Vegas, Nevada, Oct. 01, 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 and Crypto Space through multiple acquisitions, announces it has executed a Letter of Intent (“LOI”) to acquire iBG Finance, the World’s 1st and only insured (POSI: Public Offering Security Insurance) - DeFi project, in a transaction valued at USD 185,000,000.
Launched in September of 2020, 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.
The iBG App is a smart yield aggregator platform, providing an intuitive user experience to make it easy for all users to benefit from their digital tokens/cryptocurrencies. The App is offered as a customized recommendation engine by simplifying user experience to provide non-tech savvy users a way to interact with various crypto and DeFi assets that are built on blockchains. In traditional finance and portfolio management, you can get obtain advice and use automated platforms to enrich your trading strategies. iBG takes these principles and applies them in the cryptocurrency markets with advanced Al technology solutions.
The LOI executed by ICOA and iBG outlines the terms of the transaction, which is valued at USD 185 Million and anticipated to close within 60 days. As part of the acquisition, ICOA will be acquiring 100% of iBG Finance in return for restricted preferred shares of ICOA.
Aneesha Reihana, CEO and Co-Founder of iBG said “Decentralized Finance is becoming increasingly pivotal to the overall Crypto Market and has doubled its market share since 2020. iBG Finance is proud to be part of an industry that has grown to $80 Billion in 2021. Our merger with ICOA could not have come at a better time. We expect this milestone will open new markets and opportunities for us moving forward”
George Strouthopoulos, Chief Executive Officer of ICOA, Inc. added “ICOA’s mission statement has always been to be a player in the digital landscape for decades. I cannot think of a better way to further that mission. This first acquisition further accelerates our mission to contribute to the digital transformation journey.”.
We invite shareholders and investors to follow our social media handle on Twitter for daily updates on the latest developments.
About ICOA INC.
ICOA, Inc. is a national provider of wireless and wired broadband Internet networks in high-traffic public locations. ICOA provides design, installation, operation, maintenance, and management of WI-FI hot-spot and hot-zone Internet access. ICOA owns or operates broadband access installations in high-traffic locations across 40 states, located in airports, quick-service restaurants, hotels and motels, travel plazas, marinas etc. ICOA networks are compatible with widely used 802.11x technology and with virtually all Internet service providers. ICOA is currently entering the DeFi, Blockchain and Crypto Space through multiple acquisitions.
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.
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