Why forget!
By Ellen Simon, Associated Press
NEW YORK — Alas, wireless Internet may not be the technology sector's salvation after all.
Small companies, some publicly traded, are burning cash trying to turn
Wi-Fi into viable business. Some have already shut down.
ICOA, which also trades over the counter, is just as enthusiastic, even after losing $2.5 million in the last two years. Its auditors expressed substantial doubt about its ability to continue as a going concern in recent Securities and Exchange Commission filings.
Erwin Vahlsing, its chief financial officer, said it should be "cash flow positive" in six to nine months. ICOA installs and manages Wi-Fi equipment for clients, including Panera Bread.
"A lot of what we've done has been putting a structure in place that can support a lot of volume," he said. "Now we're moving toward getting that volume."
Roomlinx, which installs and maintains hot spots in hotels, hopes to issue 205 million shares of new stock, despite a net loss of $915,000 for the most recent quarter.
One small over-the-counter company, R Wireless, recently left the business after building only one hot spot, at an office building in New York.
Why stop now? "Management believes that only Wi-Fi equipment manufacturers are currently successful in generating profits in the Wi-Fi industry, and service providers have yet to develop a profitable business model," the company said in its most recent quarterly report.
And so, the filing said, R Wireless "has started looking for alternative realization opportunities."
News 
Market Data 
Discover 
AI
