LICT Corporation Announces Receipt of Offer for Its Shares

Rhea-AI Summary

LICT Corporation (OTC Pink: LICT) has received an offer to purchase all outstanding shares of its stock. The proposed price exceeds the current market value, but the Board believes it falls short of the company's intrinsic value. The company is continuing its financial engineering initiatives. Shareholders are advised that no further updates on the offer will be provided until the conclusion of Auction 110. The announcement also includes a caution regarding forward-looking statements and the uncertainties that may affect potential transactions.

Positive

• Received a buyout offer that exceeds current market price, suggesting interest in the company's value.
• Continuing with previously announced financial engineering initiatives, indicating proactive management.

Negative

• None.

RYE, N.Y.--(BUSINESS WIRE)-- LICT Corporation (“LICT” or the “Company”; OTC Pink^®: LICT) is announcing that we received an offer to purchase all of LICT’s outstanding stock. Although the price which has been offered represents a price above market, our Board believes it is below the intrinsic value of our enterprise.

In addition, we continue to move on with our previously announced financial engineering.

This announcement is being made to inform our shareholders that the offer described above has been received. We plan to issue no further communication on this offer until Auction 110 concludes.

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/20211013005928/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 is the recent stock offer received by LICT Corporation?

LICT Corporation announced that it received an offer to purchase all outstanding stock, although the Board believes the price offered is below the company's intrinsic value.

What does LICT Corporation plan to do about the stock offer?

The company plans to provide no further updates on the offer until Auction 110 concludes.

What is the current stock symbol for LICT Corporation?

The stock symbol for LICT Corporation is OTC Pink: LICT.

Are there any risks associated with the forward-looking information in LICT's announcement?

Yes, the announcement contains forward-looking statements that are subject to uncertainties and risks that could materially affect possible transactions.

What financial initiatives is LICT Corporation pursuing?

LICT is continuing its previously announced financial engineering efforts.