Sale of Spectrum Licenses
Rye, New York – November 28, 2011 – LICT Corporation (Pink Sheets®:“LICT”) (the “Company”) is announcing that its wholly-owned subsidiary, Lynch 3G Communications
Corporation (“Lynch 3G”), has entered into a definitive agreement to sell its remaining 700 MHz licenses to Smith Bagley, Inc. The licenses cover Catron County, New Mexico;
Chautauqua County, New York; Dubuque, Iowa; Elmira, New York; Gogebic County, Michigan; Grant County, New Mexico; Las Cruces, New Mexico; and San Juan County,
New Mexico. The closing of the sale, which is expected to occur in the First Quarter of 2012, is subject to the satisfaction of various closing conditions including the approval of
the sale by the Federal Communications Commission. If the sale is completed in accordance with the terms of the agreement, it is anticipated that the sale price received
by Lynch 3G will be an amount that is materially and substantially in excess of the aggregate cost of $753,000 that was incurred by Lynch 3G in 2002 and 2003 to acquire these licenses.
This release may contain forward-looking information within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. It should be recognized that such information is based upon assumptions, projections and forecasts which may not prove to be correct or may develop differently from the manner or form originally anticipated. Such forward looking information must be read and interpreted in light of the cautionary statements set forth in documents filed by LICT on its website, www.lictcorp.com. There can be no assurance that any forward-looking information will be accurate, and such information is subject to uncertainties, risks and inaccuracies, which could be material.
LICT Corporation is a holding company with subsidiaries in telecommunications and multimedia, and actively seeks acquisitions, principally in its existing business areas.
LICT Corporation is listed on the Pink Sheets® under the symbol LICT. Its World Wide Web address is: http://www.lictcorp.com.
Contact: Robert E. Dolan
Executive Vice President and Chief Financial Officer