Rye, New York – June 1, 2017 – LICT Corporation (“LICT” or the “Company”, OTC Pink ®: LICT) is today announcing that its Board of Directors (the “Board”) has increased the Company’s share repurchase authorization. Prior to this increase, there had been 332 shares remaining for repurchase under the Board’s prior authorizations. The Board has now increased that amount to a total of 900 shares currently authorized for repurchase by LICT. LICT continues to view its buy-back program as an effective means of providing shareholder compensation, enhancing the liquidity of the Company’s stock and efficiently deploying the Company’s capital. The increase in the authorized repurchase amount will serve each of these purposes. LICT intends to buy its shares from time to time in the marketplace as it deems appropriate.
LICT is also expanding its consideration of financing alternatives to take advantage of the favorable financial environment which currently exists. As the Company announced on April 27, 2017, it has increased its line of credit from $30 million to $50 million and extended the line’s maturity from December 2017 to December 2019. The Company is now broadening its review of financing alternatives to include an expansive range of potential vehicles and measures. LICT is keenly interested in evaluating business opportunities both in its current industries and in other areas of the economy where it determines that it could operate successfully. The Company is initiating its exploration of a wide range of creative financing alternatives in order to support this further development of its business.
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