Since when does it mean that because it was in a press release that it had to be true? Shares in the penny stock of ICOA, Inc. (ICOA) are exploding right now on a press release issued that Google Inc. (GOOG) agreed to purchase the Company for $400 million. Even though Forbes is even carrying the peice, conflicting stories are also out stating that sources at the search engine giant are denying reports that the Rhode Island-based player in public Wi-Fi Networks was even spoken with. Regardless of the truth, ICOA stock is flying today — all 5 billion shares of the float could have traded without the conflicting report.
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ICOA Stock Chart
Market Cap: 848.34K
Dollar Volume: $494,832
Issued and Outstanding: 8,483,415,755
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The story goes like this:
At roughly 11:05am Monday, Forbes (see here) reported that “Google is expanding its footprint in providing Internet access, buying Wi-Fi hotspot provider ICOA Inc. for $400 million.” At roughly the same time, an Associated Press link and summary on Yahoo finance ( see here) reported that ” Google has bought an operator of Wi-Fi hotspots in high-traffic locations such as airports, hotels and fast-food restaurants.” The AP report goes on the state that “Google Inc. is paying $400 million for ICOA Inc., a Warwick, R.I., company, as part of the search company’s efforts to diversify its portfolio.”
Note that those reports were both released at roughly 11:00 am EST.
At 8:24AM, the website AllThingsD.com reported (see here) that “Sources at Google are denying reports that the search giant has acquired ICOA Wireless in a $400 million deal.” The article goes on to state that “We have yet to hear from a Google rep on the record. But people within the company say that contrary to a press release posted on PR Web, Google has not bought ICOA, a Rhode Island-based player in public Wi-Fi Networks. Shares of ICOA, which are traded on the OTC “pink sheets”, are up sharply this morning.”
It sucks for the suckers who got scammed into ICOA stock thinking they were gonna see somewhere around 0.04 per share if you factor in the $10 million plus worth of liabilities on the Company’s books as of June 30, 2012. The irony is that, because of the search engine giants instant access to data, funny how a report about ICOA stock more than 1 hour before the market opened made it so far down the list of news items.
About ICOA Stock
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.
Bottom Line: ICOA busted the pockets of a lot of penny stock traders today who count on those trip-zero shares to boost their portfolio egos since how else can you spend $100 and own a million shares of a company. With ICOA stock already retreated, it proves that not everything on the internet is a scam, I mean real, I mean fraudulent, I mean written in stone.
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