Rye, NY – May 9, 2017 – LICT Corporation (“LICT”; Pink Sheets ®: LICT ) LICT Corporation (“LICT”) notes that Straight Path Communications Inc. (“Straight Path”) has issued a press release relating to the previously announced bid by AT&T to acquire Straight Path. Straight Path announced that its Board of Directors has determined that a “Superior Proposal” to the AT&T bid has been received by Straight Path in the form of a revised offer from a multi-national telecommunications company to acquire 100% of Straight Path’s shares outstanding for $184.00 per share, to be paid in the bidder’s stock. The press release also noted that this bidder’s offer price implied an intrinsic value for Straight Path of $3.1 billion, and that AT&T has the option for the next three business days to negotiate a price that will match or exceed the bidder’s price.
In connection with the possible acquisition of Straight Path, LICT also notes that PTPMS Communications, LLC (“PTPMS”), in which LICT has a minority ownership position, partnered with Straight Path in 2012 on twenty two 39 GHz licenses then owned by PTPMS, see attached list of licenses. Relevant to the value of LICT’s ownership interest in PTPMS, Mr. Alfred Angelo, President and General Partner of PTPMS, has stated that “PTPMS is contractually entitled to a 20% of the net proceeds on this sale of the licenses it transferred to Straight Path, which it will share with all of its stakeholders, including LICT.”
LICT is monitoring developments in the possible acquisition of Straight Path. We expect and anticipate that the value of LICT’s interest in the PTPMS licenses involved will be appropriately realized for LICT and its shareholders.
This release contains 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 originally expected. 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.
LICT is a holding company with subsidiaries in telecommunications and multimedia, and actively seeks acquisitions, principally in its existing business areas.
LICT is listed on OTC Pink ® under the symbol “LICT”. Its web address is set forth above.
Contact: Robert E. Dolan
Executive Vice President and Chief Financial Officer
List of Licenses
|Designation||State||Market Name||Block||MHz||(2010 Census)|
|BEA160||CA||Los Angeles-Riverside-Orange County, CA-AZ||G||100||19,800,937|
|BEA161||CA||San Diego, CA||D||100||3,095,313|
|BEA152||UT-NV||Salt Lake City-Ogden, UT-ID||A||100||2,558,128|
|BEA152||UT-NV||Salt Lake City-Ogden, UT-ID||G||100||2,558,128|
|BEA152||UT-NV||Salt Lake City-Ogden, UT-ID||L||100||2,558,128|
|BEA153||UT-NV||Las Vegas, NV-AZ-UT||D||100||2,403,936|
|BEA153||UT-NV||Las Vegas, NV-AZ-UT||H||100||2,403,936|
|BEA153||UT-NV||Las Vegas, NV-AZ-UT||J||100||2,403,936|
|BEA100||IA||Des Moines, IA-IL-MO||D||100||1,755,021|
|BEA102||IA||Davenport-Moline-Rock Island, IA-IL||G||100||559,935|
|BEA157||NM||El Paso, TX-NM||D||100||1,112,036|
|BEA139||NM||Santa Fe, NM||B||100||274,264|
|BEA008||NY||Buffalo-Niagara Falls, NY-PA||B||100||1,460,584|
|BEA008||NY||Buffalo-Niagara Falls, NY-PA||F||100||1,460,584|