WARWICK – ICOA Inc. and Richmond, British Columbia-based Tango Software Corp. have called off the acquisition deal the companies announced in July.

Under the July agreement, ICOA was set to acquire a majority interest in Tango Software.

The deal has been “unwound,” effective immediately, due to ICOA’s inability to raise the necessary development funds required to complete the deal.

According to an ICOA release, both companies felt it best to terminate the relationships “so as not to impact contracts that were already in place with Tango.”

“It is unfortunate that market conditions at this time have prohibited us from fulfilling our end of the agreement,” Erwin Vahlsing Jr., ICOA’s chief financial officer said in a statement. “However, the two companies will continue to collaborate on various smaller projects, in hopes that conditions will change and permit a greater future relationship.” •