Official Company Statement Regarding Caveat Emptor

Rhea-AI Summary

ICOA Inc. (OTC Pink: ICOA) has issued a statement regarding the Caveat Emptor (CE) designation placed on its ticker on May 13, 2022, due to potential risks highlighted by OTC Markets Group. The current management team, unaware of the situation at the time, has since conducted an internal investigation. They confirmed that the CE relates to a legal matter involving previous management. The current leadership is unaffected and remains focused on business objectives.

Positive

• Current management team is not under investigation, ensuring stability.
• Immediate actions taken to sever ties with individuals named in the legal issue.
• Commitment to business objectives and operational continuity remains strong.

Negative

• Caveat Emptor designation raises investor risk perception.
• Potential reputational damage due to previous management's legal issues.

Las Vegas, Nevada, May 16, 2022 (GLOBE NEWSWIRE) -- ICOA Inc. (OTC Pink: ICOA) ($ICOA; “the Company”), a publicly-traded Nevada company that acquires blockchain-enabled projects and companies, has issued this Official Company Statement to provide clarity and an update to all shareholders regarding the Caveat Emptor (CE) that was placed on the ICOA ticker after trading hours on Friday 13 May, 2022.

A Caveat Emptor security “is a designation the OTC Markets Group places on a security after a determination was made surrounding the company that there may be potential risk to investors which include a questionable stock promotion, known investigation of fraudulent activity committed by the company or insiders, regulatory suspensions, or disruptive corporate actions, among other reasons.”

The current management team at ICOA were first made aware of the situation when the CE was actually placed on the ICOA ticker on 13 May 2022, and had no understanding or knowledge of the reason behind it.

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 matter regarding certain members of ICOA’s previous management team. 

Neither the current management team nor Board of Directors are being investigated nor have been named in any capacity by the authorities in connection to the legal matter mentioned above.

ICOA remains committed to delivering on its business objectives and strategy, and it is “business as usual” in terms of business development and operations.

However, there are immediate steps that the management team are taking today in order to minimize any negative impact and ring-fence the situation as best as possible.  

ICOA can confirm that any and all people named in the investigation no longer have any involvement with the company in any capacity whatsoever either directly or indirectly, with immediate effect. This action has been taken based on the aforementioned legal matter’s official court documentation and has been executed to protect ICOA’s shareholders.

ICOA will update the public as soon as it receives any additional information or clarification from the authorities or OTC Markets.

Hadria Wong, ICOA CEO, comments: “Myself and my colleagues would like to provide reassurance that we, along with experienced counsel, are working tirelessly to navigate the current issue with the best interest of our shareholders in mind.”

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 up and coming 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 does the Caveat Emptor designation mean for ICOA?

Caveat Emptor indicates potential risks to investors related to questionable promotional activities or legal issues.

Why was the Caveat Emptor placed on ICOA's ticker?

The CE was placed due to a legal matter involving certain members of ICOA's previous management team.

Is the current management team at ICOA affected by the legal matter?

No, the current management team and Board of Directors are not being investigated or named in relation to the legal issues.

What steps is ICOA taking in response to the Caveat Emptor situation?

ICOA has severed ties with individuals involved in the legal matter and is focused on protecting shareholder interests.

Will ICOA provide updates on the Caveat Emptor situation?

Yes, ICOA plans to update the public as soon as more information is available.