AUCTION 110 - Due to Provisions in Upcoming Auction 110, Gary L. Sugarman, Who Joined the LICT Corporation Board of Directors in 2006 Has Resigned

Rhea-AI Summary

LICT Corporation (OTC Pink: LICT) announces the immediate resignation of Gary L. Sugarman from its Board of Directors, effective immediately. This decision was prompted by the FCC's Rule Section 20.22(b)(4)i, which limits the spectrum options for companies where board members have attributable interests. Mr. Sugarman has had a significant impact on LICT since rejoining in 2019, previously serving as an advisor and director. His departure raises potential concerns for LICT's strategic direction regarding spectrum auctions. The company will address the vacancy appropriately.

Positive

• Expected fresh perspectives in leadership following Mr. Sugarman's resignation.

Negative

• Potential challenges in spectrum auction strategies due to board member's resignation.
• Loss of experienced leadership with Gary Sugarman's departure.

RYE, N.Y.--(BUSINESS WIRE)-- LICT Corporation (“LICT” or the “Company”; OTC Pink®: LICT) is today announcing the resignation of Gary L. Sugarman from its Board of Directors. His resignation is effective immediately.

Mr. Sugarman’s resignation is in response to a Rule of the Federal Communications Commission (“FCC”), Section 20.22(b)(4)i, which was first adopted in 2014, amended in 2015 into its current form) providing that an “attributable interest” in wireless spectrum is created by a person’s service as an officer or director in a licensee or its controlling entity. That attributable interest is then counted toward the cap on the amount of spectrum which an entity may hold and since Gary serves on the Board of another telecommunications provider, this FCC Rule “greatly limits either company’s options in” spectrum auctions and other spectrum-related matters.

Mr. Sugarman has a lengthy and distinguished record of service with LICT. He first served as President of Brighton Communications, Inc., a subsidiary of Lynch Corporation from 1991 through 1993. Then after his departure from Brighton, he continued to serve as a closely involved advisor to LICT for the next thirteen years, from 1993 through 2006, at which time he joined LICT’s Board. He served as a Director of LICT from September 2006 through April 2008 and returned as a Director in February 2019. At the time of his resignation, he was serving as the Chairman of the Board’s Regulatory Committee and as a member of the Audit Committee.

Speaking for the Company, Mario J. Gabelli, Chairman and Chief Executive Officer, said that “We will greatly miss Gary and his insightful knowledge of rural telecommunications. We are profoundly appreciative of his contribution to the Company’s development over his long service as a manager, an advisor and a Director. His efforts played a major role in LICT’s progress in bringing broadband services and capacities to rural Americans.”

Any action which the Board decides to take regarding the vacancy created by Mr. Sugarman’s resignation will be announced at the appropriate time.

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This release contains certain 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, 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 and financial markets, regulatory and other approvals, 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 accomplished or be successful, or that financial targets will be met. Such forward-looking information is subject to uncertainties, risks and inaccuracies, which could be material.

LICT Corporation is a holding company with subsidiaries in broadband and other telecommunications services that actively seeks acquisitions, principally in its existing business areas.

LICT Corporation is listed on the OTC Pink^® under the symbol LICT. For further information visit our website at http://www.lictcorp.com.

View source version on businesswire.com: https://www.businesswire.com/news/home/20210827005369/en/

Mario J. Gabelli

Executive Chairman and

Chief Executive Officer



Stephen J. Moore

Vice President-Finance



914-921-8821

www.lictcorp.com

Source: LICT Corporation

FAQ

What led to Gary L. Sugarman's resignation from LICT Corporation?

Gary L. Sugarman resigned in response to an FCC rule that limits spectrum auction options due to his role on another company's board.

How long did Gary L. Sugarman serve on the Board of LICT Corporation?

Gary L. Sugarman served on the Board of LICT from September 2006 to April 2008 and rejoined in February 2019.

What impact does Gary L. Sugarman's resignation have on LICT Corporation?

His resignation may affect the company's strategic options in spectrum auctions and reflects a loss of experienced leadership.

Who is the current CEO of LICT Corporation?

Mario J. Gabelli is the Chairman and Chief Executive Officer of LICT Corporation.

What are the next steps for LICT Corporation following Sugarman's departure?

LICT Corporation will announce actions regarding the vacancy created by Sugarman's resignation at an appropriate time.