Icoa to retire $1.5 million in convertible debentures

By Sheri Kasprzak

New York, April 28 - Icoa, Inc. said it intends to retire $1.5 million in convertible debentures held by Cornell Capital Partners, LP.

The debentures will be redeemed by June 2.

Also, Cornell will receive an unsecured convertible debenture for $935,000, which is convertible into common shares at $0.03 each.

Icoa had entered into the debenture agreement for $2.19 million in principal on Nov. 7, 2005. The debentures had a two-year term.

"This agreement allows Icoa to restructure its debt and replace the existing convertible debentures with Cornell Capital Partners based upon pre-identified terms and conditions," said Stephen Cummings, the company's chief financial officer, in a statement. "Management believes that shareholder value will be best served by replacing Icoa's existing floor-less convertible debt instruments with long-term debt or equity."

Icoa, based in Warwick, R.I., provides neutral-host wireless and wireless broadband internet networks for public locations.

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