LICT Corporation Announces Acquisition of Manti Telephone Company

Rhea-AI Summary

LICT Corporation's subsidiary CentraCom to acquire Manti Telephone Company and sister companies

Positive

• CentraCom, a subsidiary of LICT Corporation, has agreed to acquire Manti Telephone Company and its sister companies. This acquisition will expand CentraCom's fiber network footprint and support the growth of business and residential access to advanced communication services.

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• None.

RYE, N.Y.--(BUSINESS WIRE)-- LICT Corporation’s (“LICT”, OTC Pink ®: LICT) wholly owned subsidiary CentraCom, has agreed to acquire Manti Telephone Company (MTC) and its sister companies, Manti Tele Communications Company (MTCC), and AFConnect (AFI). The Manti transaction is scheduled to close on October 31, 2023. MTC will close pending regulatory approval.

CentraCom is celebrating 120 years in business. It is headquartered in Fairview, Utah and provides broadband data, video, and voice communications to over sixty cities throughout rural Utah.

Manti Telephone Company has provided communication services in Manti and Sterling, Utah, for over a century, and expanded into Ephraim, Utah in the 1990s. In 2022, MTC further expanded its reach by acquiring AFConnect, an internet service provider in American Fork, Utah, known for its continuous growth in providing fiber-to-the-home internet services.

Expanding CentraCom’s statewide fiber network footprint to the rural communities of Manti, Sterling, Ephraim, and beyond, supports the growth of business and residential access to advanced communication services.

The acquisition is part of LICT’s strategic initiative and reinforces our commitment to deliver high-quality communication services to the communities we serve. LICT continues to actively seek partnerships with other companies in and outside its current service areas to deliver fast, reliable digital speed.

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/20231006214654/en/

Mario J. Gabelli

Executive Chairman &

Interim Chief Executive Officer

Stephen J. Moore

Vice President-Finance

914-921-8821

www.lictcorp.com

Source: LICT Corporation

FAQ

What companies are involved in the acquisition?

CentraCom, a subsidiary of LICT Corporation, is acquiring Manti Telephone Company and its sister companies.

When is the transaction scheduled to close?

The Manti transaction is scheduled to close on October 31, 2023, pending regulatory approval.

What services does CentraCom provide?

CentraCom provides broadband data, video, and voice communications to over sixty cities throughout rural Utah.

What is LICT Corporation's strategic initiative?

LICT Corporation's strategic initiative is to deliver high-quality communication services to the communities it serves and actively seek partnerships with other companies.

What is LICT Corporation's stock symbol?

LICT Corporation is listed on the OTC Pink® under the symbol LICT.