ICOA INC. POSTS POSITIVE ANNUAL RESULTS OF OPERATIONS AND UPDATES SHAREHOLDERS

Rhea-AI Summary

ICOA Inc. (OTC Pink: ICOA) has reported positive annual revenue growth and significant achievements, indicating a robust foundation for future expansion. In the past year, ICOA reduced its payables from $1,241,303 to $115,998 and reversed a prior loss, posting a net income of $3,919,333. The company's total liabilities decreased by 71.7%, and total assets stand at $483,758,169. Key milestones include the $185m acquisition of iBG Finance and a $240m acquisition of BGBF. ICOA is focused on blockchain-driven sectors such as DeFi, NFTs, and gaming, paving the way for sustainable growth.

Positive

• Net income increased to $3,919,333 from a loss of $63,768 last year.
• Total liabilities decreased by 71.7% to $663,504 from $3,173,463.
• Total assets increased to $483,758,169.
• Successful acquisitions in key blockchain sectors, including a $185m acquisition of iBG Finance and a $240m acquisition of BGBF.

Negative

• None.

Las Vegas, NV, March 31, 2022 (GLOBE NEWSWIRE) -- ICOA Inc. (OTC Pink: ICOA) ($ICOA; “the Company”), a publicly traded Nevada company that acquires and partners with blockchain-enabled projects and companies within key vertical sectors, has today posted positive annual revenue and updates to its shareholders.    

ICOA highlights significant achievements, solidifying its strong foundation for growth in the coming year.  

“We are very pleased with the performance of ICOA through this last year,” comments Hadria Wong, CEO of ICOA Inc. “We continue to build a solid base of recurring revenue through acquisitions and organic growth. This is due to the team’s hard-work and determination, and the company’s ability to consolidate this growing and diverse sector.”

“ICOA is focused on six key vertical sectors within the blockchain space. We have already made successful acquisitions and partnerships within four of these verticals, namely DeFi, crypto fund management, NFTs, and services that support the industry. And our interests in the gaming/play-to-earn and wealth management sectors are progressing very well.”

ICOA’s Payables have seen a notable decrease in this Annual Disclosure to $115,998, as compared to last year’s of $1,241,303. The Net Income for this year is $3,919,333, compared to a loss of $63,768 in the same Annual Disclosure the previous year.  Total liabilities are down to $663,504 as compared to $3,173,463 from the same previous Annual Year, representing a decrease of 71.7%. The Total Assets of the Company equal $483,758,169, including goodwill.

Three notable achievements for ICOA over the past 12 months include:

1. USD $185m acquisition of iBG Finance Ltd in October 2021. iBG Finance (www.ibg.finance) offers a safe and easy environment for crypto newbies and investors new to DeFi.
2. USD $240m acquisition of BGBF in December 2021 (www.bgbf.fund). POSI insured, BGBF offers Bitcoin denominated funds. Launching shortly will be a sub-fund of a VCC umbrella fund, set to be regulated by the Monetary Authority of Singapore (MAS).
3. ICOA is creating and collaborating with exclusive NFT projects that hold meaning and are incomparable to other market offerings. In February 2022, it signed an MOU at Expo 2020 in Dubai for an impending NFT platform with prominent artists.

Wong concludes: “The past few months have been incredibly exciting at ICOA. With an ambitious yet achievable roadmap for 2022 clearly defined, we look forward to further successes as we continue to ‘unleash’ blockchain-powered projects and opportunities.”

ICOA invites shareholders and investors to follow its social media handle on Twitter for regular updates on the latest developments.

Twitter: https://twitter.com/icoa_inc

For further information, please contact: pr@icoa.tech

About ICOA Inc.:

ICOA Inc. is a publicly traded Nevada company. For over 30 years, ICOA has been at the forefront of ‘transformative innovation’, bringing new technologies to market that exponentially change the way individuals, communities - and society at large - live, learn, work and earn. The ICOA team keeps an intelligent and data driven eye on the upcoming advancements being made possible thanks to blockchain technology. More information can be found at: www.icoa.tech.

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.

FAQ

What were ICOA's recent annual financial results?

ICOA reported a net income of $3,919,333 for the year, compared to a loss of $63,768 the previous year.

How much did ICOA's total liabilities decrease?

ICOA's total liabilities decreased by 71.7%, from $3,173,463 to $663,504.

What key acquisitions did ICOA make?

ICOA made notable acquisitions including iBG Finance for $185m and BGBF for $240m.

Which sectors is ICOA focusing on?

ICOA is focusing on blockchain-enabled sectors including DeFi, NFTs, and gaming.