ICOA Signs LOI for 185 Million Acquisition of IBG Finance
Rhea-AI Summary
ICOA Inc. (OTC PINK: ICOA) has signed a Letter of Intent to acquire iBG Finance, valued at USD 185 million. The acquisition aims to expand ICOA's presence in the DeFi and cryptocurrency sectors. iBG Finance, launched in 2020, offers a wealth management platform designed for ease of use in digital finance. The deal is anticipated to close within 60 days, with ICOA acquiring 100% of iBG in exchange for restricted preferred shares. This acquisition is expected to leverage synergies in the growing DeFi market, projected to reach USD 80 billion in 2021.
Positive
- Acquisition of iBG Finance valued at USD 185 million enhances ICOA's entry into DeFi and cryptocurrency markets.
- iBG Finance brings advanced Robo Advisory technology, potentially increasing user engagement.
- The transaction is expected to close within 60 days, indicating expedited market entry.
Negative
- Acquisition is structured with restricted preferred shares, which may affect shareholder equity.
- The DeFi sector is volatile and presents inherent risks that could impact financial performance.
News Market Reaction – ICOA
In the trading session that priced this news, ICOA declined 25.00%, reflecting a significant negative market reaction.
Data tracked by StockTitan Argus on the day of publication.
AI-generated analysis. How Rhea-AI works. Not financial advice.
Las Vegas, Nevada, Oct. 01, 2021 (GLOBE NEWSWIRE) -- ICOA Inc. (OTC PINK: ICOA) (“ICOA” or the “Company”) a publicly traded Nevada company and a national provider of wireless and wired broadband Internet networks in high-traffic public locations currently entering the DeFi, Blockchain and Crypto Space through multiple acquisitions, announces it has executed a Letter of Intent (“LOI”) to acquire iBG Finance, the World’s 1st and only insured (POSI: Public Offering Security Insurance) - DeFi project, in a transaction valued at USD 185,000,000.
Launched in September of 2020, iBG is a Decentralized Finance (DeFi) wealth management platform designed to bring simplicity to users interested in entering the cryptocurrency and the DeFi market. iBG is equipped with the latest Robo Advisory technology to offer algorithm-driven recommendations.
The iBG App is a smart yield aggregator platform, providing an intuitive user experience to make it easy for all users to benefit from their digital tokens/cryptocurrencies. The App is offered as a customized recommendation engine by simplifying user experience to provide non-tech savvy users a way to interact with various crypto and DeFi assets that are built on blockchains. In traditional finance and portfolio management, you can get obtain advice and use automated platforms to enrich your trading strategies. iBG takes these principles and applies them in the cryptocurrency markets with advanced Al technology solutions.
The LOI executed by ICOA and iBG outlines the terms of the transaction, which is valued at USD 185 Million and anticipated to close within 60 days. As part of the acquisition, ICOA will be acquiring
Aneesha Reihana, CEO and Co-Founder of iBG said “Decentralized Finance is becoming increasingly pivotal to the overall Crypto Market and has doubled its market share since 2020. iBG Finance is proud to be part of an industry that has grown to
George Strouthopoulos, Chief Executive Officer of ICOA, Inc. added “ICOA’s mission statement has always been to be a player in the digital landscape for decades. I cannot think of a better way to further that mission. This first acquisition further accelerates our mission to contribute to the digital transformation journey.”.
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 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. 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. ICOA is currently entering the DeFi, Blockchain and Crypto Space through multiple acquisitions.
About iBG Finance
iBG is a Decentralized Finance (DeFi) wealth management platform designed to bring simplicity to users interested in entering the cryptocurrency and the DeFi market. iBG is equipped with the latest Robo Advisory technology to offer algorithm-driven recommendations.
Website: https://ibg.finance
Twitter: https://twitter.com/IbgFinance
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: Kim Halvorson
info@icoamail.com
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