LICT Corporation Seeks Optionality to Enhance Growth

RYE, N.Y.--(BUSINESS WIRE)-- LICT Corporation (the “Corporation”; OTC Pink®: LICT) is announcing that at its April 27, 2023 Board of Directors (the “Board”) Meeting, evaluations of all alternatives for a CEO (as previously announced) and to provide capital were discussed, in its objective to accelerate and broaden the development of high speed connections to the communities that we serve.

Sound Broadband LLC, our newly formed, wholly owned, wireless company, under the leadership of Dylan Larmore, has initiated the installation of wireless broadband services in areas we serve in Michigan and New Mexico. Sound Broadband will analyze how the implementation of wireless broadband services in our other locations could efficiently provide faster broadband speeds to the many communities we serve.

Shareholders of LICT have benefited through spin-offs. CIBL, Inc., spun off in 2007, initially traded beginning in 2008 at around $200 per share; it has recently traded as high as $1,800 per share. Likewise, ICTC Group, Inc., spun off in 2010, initially traded at around $15 per share and was acquired in 2018 for $65 per share. Indeed, LICT was itself a spin-off from Lynch Corporation and started trading at $2,500 per share. The spin-off of our Michigan subsidiary is in the final stages, with projections for an early third quarter distribution. LICT is analyzing its current portfolio of companies to determine whether our shareholders might benefit from other such spin-offs.

Acquisitions in our existing operations are under consideration and the Corporation has been authorized to negotiate an enlarged line of credit with CoBank.

The Board continues to champion the Corporation’s continued analysis and evaluation of a full range of means to expand the scope and scale of its businesses, accelerating growth, to provide speed, and accessibility to our customers, while enhancing our shareholders’ value.

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/20230503005997/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