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Tango Software Corp. attains exclusive agreement with GFSI to build and manage Payment Processing Gateway

WARWICK, R.I., July 11, 2012 /PRNewswire/ -- ICOA, Inc. ( ICOA )  is pleased to announce, in conjunction with Tango Software Corp. with whom it recently signed a Letter of Intent (LOI) to acquire a majority interest, that Tango has entered into an exclusive agreement with Global Filipino Solutions Incorporated (GFSI), to build an advanced Payment Processing Gateway. Tango is also the primary software developer for GFSI current endeavors.

Tango wishes to highlight at this time that it has an exclusive arrangement with GFSI to architect (software design), develop (software program), and deploy (hardware appliance and install) a world-class banking remittance and credit card processing system (eCommerce and payment processing gateway) for GFSI's booming merchant base.

Tango and GFSI ( www.filipinosolutions.com ) have undergone due diligence and feasibility of the project, and the project has been initiated since Spring 2010, and has undergone an extensive review and vetting process. The project has completed planning, costing, and resource allocation stages.  Both parties are in agreement to expedite the development of the software.

Tango is extremely excited to start work on the payment processor.  Online (Internet) payment processing is a very lucrative market, as each transaction is charged a fee plus a transaction rate.  It includes m-commerce, eWallets, loyalty cards, prepaid cards, money transfers, and credit card processing. The higher the dollar volume and the higher the number of transactions that Tango's software will process, Tango will generate higher and higher net revenue.  According to http://mobithinking.com/mobile-marketing-tool...m-payments , 170 million mobile device users will make a purchase, and $119 Billion of annual transaction volume is expected to be processed through mobile devices by 2015.  The trend is upwards, as more people are using tablets, mobile phones with internet access, and other devices to purchase products.  Gartner predicts that in 2016 there will be 448 million m-payment users, in a market worth $617 billion.  Asia/Pacific will have the most m-payment users, but Africa will account for the highest revenues.  GIA: Asia-Pacific will emerge as the predominant MFS market in terms of customer base.  In the Middle East and Africa, the need to provide financial services to remote areas will be central to the growth of m-banking.

GFSI is a well respected corporation and has established clientele in various parts of Asia and in the Pacific coast of North America. The principals of GFSI have extensive experience in the MicroPayments industry and know how to attract high-value merchants and create high transaction dollar volume accounts.  It has a vast portfolio of software assets and extensive strategic partners.  It has the following software systems: Online Games Publisher, Online Archiving & Data Witness, Provider of Communication & Internet Enhancement, Payment Gateway, and Medical Transcription.  GFSI aims to utilize the new processor to process payments for its clients.

Tango staff has worked in Payment Processing and has architected and implemented world-class payment systems. Tango is experienced in creating 24/7 critical fault-tolerant systems to maximize uptime and optimize transaction volume for its clients.  Tango is eager to start this project with GFSI.  The partnership is a long-term one as building the payment processing gateway project is very complex. Tango is pleased to work with GFSI long-term as it will "open doors" to GFSIs current critical systems market.

Tango has entered into a Letter of Intent with ICOA Inc. under which ICOA will acquire a majority stake of Tango, and will 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.