UPDATE: Release with Google (GOOG) Acquiring ICOA in $400M Deal is Fake, ICOA Says

November 26, 2012 9:40 AM EST
(Updated - November 26, 2012 12:33 PM EST)

(Updated - November 26, 2012 11:35 AM EST)

Google (Nasdaq: GOOG) announced its acquisition of ICOA Inc (OTCBB: ICOA).

A provider of Wi-Fi to high traffic public locations. ICOA is a leading vertically integrated, neutral-host broadband wireless Internet network provider. Their suite of services and solutions power the unique requirements of high-traffic public locations such as airports, marinas, restaurants and more, while also providing back office solutions for hotspot operators and wireless service providers. Google looks to further diversify it's already impressive portfolio of companies.

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. Based in Warwick, Rhode Island, 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. ICOA networks are compatible with widely-used 802.11x technology and with virtually all Internet service providers.

UPDATE - AllThingsD is saying that Google did not buy ICOA, according to sources. Notably, the original announcement was posted via PR Web. It's really not clear either way, but ICOA's shares are traded OTC with a price at a fraction of a cent. About 1.13 billion shares have moved today.

UPDATE 2 - CNET said it received a statement from ICOA CFO Erwin Vahlsing, Jr. that the release was fake and Chief Executive George Strouthopoulos notes that the PR might have been from a stock promoter.

Seems like this merger news is up in smoke.

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