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LICT Completes Sale of Partnership Interest to Verizon

January 3, 2020 GMT

RYE, N.Y.--(BUSINESS WIRE)--Jan 3, 2020--

LICT Corporation (“LICT” or the “Company”; OTC Pink ®: LICT) has closed the sale of its minority interest in the Modoc RSA Limited Partnership (“Modoc”) to Verizon Wireless. LICT had announced the signing of a definitive agreement for this transaction on November 26, 2019.

Modoc is a partnership controlled by Verizon Wireless which provides service in a rural area of northern California. A subsidiary of LICT had acquired this interest in Modoc in 1988. The transaction was not subject to any regulatory approvals.

Dan Hopkins, President and Chief Financial Officer of LICT, said “The sale of LICT’s interest will further strengthen LICT’s financial condition and flexibility. This transaction concludes a very successful partnership with Verizon Wireless. Verizon has been a good partner and has provided excellent management of this property and we wish it continued success.”

This release contains certain forward-looking information within the meaning of Section 27A of the Securities Act of 1933, as amended, and the Securities Exchange Act of 1934, as amended, including without limitation anticipated financial results, financing, capital expenditures and corporate transactions. It should be recognized that such information is based upon certain assumptions, projections and forecasts, including without limitation business conditions, financial markets and the cautionary statements set forth in documents filed by LICT on its website, www.lictcorp.com. As a result, there can be no assurance that any possible transactions will be successful or that financial or other targets will be met. Such forward-looking information is subject to uncertainties, risks and inaccuracies, which could be material.

LICT is a holding company with subsidiaries in broadband and other telecommunications services that actively seeks acquisitions, principally in its existing business areas. LICT is listed on the OTC Pink ® under the symbol LICT. For further information, please visit our website listed above.

View source version on businesswire.com:https://www.businesswire.com/news/home/20200103005267/en/

CONTACT: Daniel E. Hopkins, President & CFO

Stephen J. Moore, Vice President-Finance

914-921-8821

KEYWORD: NEW YORK UNITED STATES NORTH AMERICA

INDUSTRY KEYWORD: TECHNOLOGY VOIP MOBILE/WIRELESS TELECOMMUNICATIONS NETWORKS INTERNET

SOURCE: LICT Corporation

Copyright Business Wire 2020.

PUB: 01/03/2020 11:05 AM/DISC: 01/03/2020 11:05 AM

http://www.businesswire.com/news/home/20200103005267/en