Google has not acquired Wi-Fi hotspot provider ICOA for $400 million, according to statements from both companies.
Both Google and ICOA have confirmed that the press release reporting the acquisition was a fake.
George Strouthopoulos, president and CEO of ICOA, said in an email that his company is investigating the source of the fake press release. So far, ICOA has only been able to ascertain that the release originated in Aruba.
"Never had any discussions with any potential acquirers!! This is absolutely false!" Strouthopoulos wrote in an email. "Someone, I guess a stock promoter with a dubious interest, is disseminating wrong, false and misleading info in the PR circles."
ICOA said it is reporting the matter to the proper authorities.
The press release, which did not cite quotes from any executives associated with the purported acquisition, was posted on PRWEB, which is owned by Vocus. The release has since been pulled from the website.