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WARWICK, R.I., July 9, 2012 /PRNewswire via COMTEX/ -- ICOA, Inc. (OTCPK: ICOA) is pleased to announce the signing of a Letter of Intent (LOI) to acquire a majority interest in TANGO Software Corporation, a privately held Canadian company that develops mission critical software.

Tango Software Corp. (Tango) designs and develops mission-critical software specializing in e-Commerce payment processing software, high-availability (24/7) solutions for enterprise-scale Internet websites, Internet security and digital identity protocols, and computer control systems for industrial, electrical, and refrigeration applications.

Since its inception, Tango has developed, designed, and quality assured software for a number of enterprise clients. In the payment processing space, it has integrated processors with gateways such as FDMS, Nova Systems, BCE AssurePay, and Moneris.

Tango through its relationship with ICOA, will develop its own Internet Transaction Payment Processing Software, also known as a 'Payment Engine'. The Payment Engine will be unique as it will handle small payments over the Internet of multiple currencies in small amounts, also known as "micro-payments". ICOA will provide Management and funding support; in addition Tango engineers expect to utilize ICOA's Authentication and Authorization Platform in order to expedite the development of the "Payment Engine".

Currently Tango is in the final stages of securing a long term contract with an overseas processor to design, build and support a "Proprietary Payment Engine". Tango management commented that it is the nature of these types of contracts to be of high profit margin and on a multiyear term basis. Tango expects to process billions of transactions that can generate significant recurring revenue from transaction fees for the short and long term.

ICOA will acquire a majority stake of Tango, and will now be expanding into the e-Commerce Payments space. Its competitive advantage is that ICOA will be able to provide its existing Wi-Fi and Internet customers e-Commerce payment solutions on an International level.

Tango and its present management will operate in Canada as an ICOA subsidiary serving its existing North America and International customers. The transaction is expected to close by the end of July 2012