Las Vegas, Nevada, May 16, 2022 (GLOBE NEWSWIRE) — ICOA Inc. (OTC Pink: ICOA) ($ICOA; “the Company”), a Nevada-listed company that acquires projects and businesses compatible with the blockchain, a has released this official company statement to provide clarification and an update to all shareholders regarding the Caveat Emptor (CE) which was placed on the ICOA ticker after hours on Friday, May 13, 2022.
A Caveat Emptor security “is a designation that the OTC Markets Group assigns to a security after it has been determined around the company that there may be potential risk to investors, including questionable stock promotion, known investigation of fraudulent activity by the company or insiders, regulatory suspensions or disruptive corporate actions, among other reasons.”
The current ICOA management team was first made aware of the situation when the EC was actually placed on the ICOA ticker on May 13, 2022, and had no understanding or knowledge of the reason underlying.
Subsequent internal investigations, and as posted by ICOA shareholders on the company’s official Discord channel, indicate that the CE placement relates to a legal regarding certain members of the former ICOA management team.
Neither the current management team nor the board of directors are under investigation or have been named in any capacity by the authorities in connection with the legal case mentioned above.
The ICOA remains committed to achieving its business objectives and strategy, and it is “business as usual” in terms of business development and operations.
However, the management team is taking immediate action today to minimize any negative impact and protect the situation as best as possible.
ICOA can confirm that all individuals named in the survey no longer have any involvement with the company in any capacity, directly or indirectly, with immediate effect. This action was taken based on the official court documentation of the aforementioned case and was executed to protect ICOA shareholders.
The ICOA will notify the public as soon as it receives additional information or clarifications from the authorities or over-the-counter markets.
Hadria Wong, CEO of ICOA, comments: “My colleagues and I would like to reassure that we, together with experienced lawyers, are working tirelessly to resolve the current issue with the best interests of our shareholders in mind.”
For more information, please contact: [email protected]
About ICOA Inc.:
ICOA Inc. is a publicly traded company in Nevada. For more than 30 years, ICOA has been at the forefront of “transformative innovation”, bringing to market new technologies that exponentially change the way individuals, communities – and society as a whole – live, learn , work and earn. The ICOA team is keeping a smart, data-driven eye on the upcoming advancements made possible by blockchain technology. More information can be found at: www.icoa.tech.
This press release contains forward-looking statements which can be identified by words such as “believes”, “expects”, “potential”, “plans”, “suggests”, “may”, “should”, “could”. “, ” to the intention of “. », or similar expressions. Many forward-looking statements involve known and unknown risks, uncertainties and other factors that may cause actual results to differ materially from future results implied by such statements. These factors include, but are not limited to, our ability to continue to improve our products and systems to meet industry changes, our ability to expand our customer base and retain existing customers, our ability to compete effectively in our market segment, the lack of public information about our company, our ability to raise sufficient capital to fund our business, our operations, our ability to continue our operations and a limited public market for our common stock, among other risks. Many factors are difficult to accurately predict and are generally beyond the company’s control. Forward-looking statements speak only as of the date on which they are made, and we undertake no obligation to update forward-looking statements to reflect circumstances or events that occur after the date on which the forward-looking statements are made.