ICOA Closes 240 Million BGBF Acquisition

Rhea-AI Summary

ICOA, Inc. (OTC PINK: ICOA) has successfully closed its acquisition of BGBF, the first insured Bitcoin Fund in South East Asia, valued at USD 240 million. The acquisition involves ICOA purchasing 100% of BGBF for restricted preferred shares of ICOA. CEO Hadria Wong expressed optimism about this strategic move, emphasizing the company's aim to become a leader in the Crypto, DeFi, NFT, and Metaverse sectors. The deal marks a significant step in ICOA's expansion within the blockchain ecosystem.

Positive

• Acquisition of BGBF enhances ICOA's position in the DeFi and blockchain sectors.
• Valued at USD 240 million, the acquisition represents significant growth potential.
• BGBF's insured Bitcoin Fund offers a unique investment opportunity, attracting more investors.

Negative

• None.

Las Vegas, Nevada, Dec. 20, 2021 (GLOBE NEWSWIRE) -- ICOA, Inc. (OTC PINK: ICOA) (“ICOA” or the “Company”) a publicly traded Nevada company currently entering the DeFi, Blockchain, NFT and Metaverse space through multiple acquisitions, announces the closing of its acquisition of BGBF, South East Asia’s 1st insured Bitcoin Fund.

The terms of the LOI have been finalized and legal sign off has been completed. As such, the Company’s management has elected to move ahead with the closing of its BGBF acquisition in a transaction valued at USD 240,000,000.

As part of the acquisition, ICOA is acquiring 100% of BGBF in return for RESTRICTED PREFERRED shares of ICOA.

“Months of work have finally come to fruition. BGBF is now part of the ICOA Family. We know our shareholders and investors were eager to hear this news. We could not be happier or more optimistic about this latest development. The team has been hard at work laying the foundation for what we intend to make ICOA into a strategic and thought leader in the Crypto, DeFi, NFT and Metaverse space is what we aim to become. With the continuous support and advisory of Dr. Vin Menon and his team, we expect iBG and BGBF to become a name brands in our industry.” said Hadria Wong, CEO of ICOA Inc.

We invite shareholders and investors to follow our social media handle on Twitter for daily updates on the latest developments.

Twitter: https://twitter.com/icoa_inc

About ICOA INC.

ICOA, Inc. is a publicly traded Nevada company currently entering the DeFi, Blockchain, NFT and Metaverse space through multiple acquisitions. ICOA entered the DeFi space with its first acquisition of IBG Finance and expects to close the second acquisition of BGBF in December 2021.

About BGBF

BGBF is South East Asia’s First Insured Bitcoin denominated Fund. The Fund provides Bitcoin exposure to investors, while offering insurance coverage & underwriting for public offering security insurance (POSI), striving to deliver safe and secured investment.

Twitter: https://twitter.com/BGBF_I

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: Erwin Vahlsing
info@icoamail.com

FAQ

What is the value of ICOA's acquisition of BGBF?

The acquisition of BGBF by ICOA is valued at USD 240 million.

What does ICOA aim to achieve with the BGBF acquisition?

ICOA aims to become a leader in the Crypto, DeFi, NFT, and Metaverse sectors through the acquisition.

What type of shares will ICOA issue for the acquisition of BGBF?

ICOA will issue restricted preferred shares for the acquisition of BGBF.

What is BGBF known for?

BGBF is known as South East Asia's first insured Bitcoin Fund, providing safe investment options.