ICOA, Inc. (OTCPK:ICOA) signed a letter of intent to acquire majority stake in TANGO Software Corporation on July 9, 2012. Tango and its present management will operate in Canada as a subsidiary of ICOA. The transaction is expected to close by the end of July 2012. ICOA, Inc. completed the acquisition of majority stake in TANGO Software Corporation on July 26, 2012. The deal was terminated later due to insufficiency of funds.

ICOA, Inc. (OTCPK:ICOA) cancelled the acquisition of majority stake in TANGO Software Corporation on October 11, 2012. ICOA, Inc. was unable to raise the necessary development funds required to complete development of the Payment Processing Gateway at this time, and it was felt that it was in the best interest of both companies to terminate their relationship so as not to impact contracts that were already in place with Tango.