Rye, New York- November 30, 2018 – LICT Corporation (OTC Pink: LICT) is announcing that its Board of Directors has approved continuing, for 2019, the Shareholder Charitable Contribution Program for all registered shareholders. The program was originally adopted in 2016. All registered shareholders will be eligible to designate charities to which the company will make a donation of $100 per share on behalf of the shareholder.
Details of the program, including date of which shareholders must have registered their shares to participate in the program, and the date the charitable contribution designation forms are due, will be announced at a later date. We expect to make the contributions in the first half of 2019.
Warren Buffett had a similar program at Berkshire Hathaway from 1981 to 2003. In addition, GAMCO Investors, Inc. has had a similar program.
At LICT, we continue to believe charitable giving is a cornerstone of society and an obligation for those with means to make a difference in the world. As an organization, LICT will have no control over the donations, but we are happy to make them on behalf of our shareholders.
As in the case of both Berkshire and GAMCO, only registered shareholders will be eligible to participate.
If a shareholder’s shares are registered in “street name” (i.e. a bank, broker or other institution holding the shares for the shareholder), those shares will not be eligible to participate in this charitable program. Therefore, any shareholder who has shares that are currently held in street name but wishes to participate in this program should contact the institution holding the shares to arrange for their registration in the shareholder’s own name.
Only charities that are recognized 501 (c) (3) organizations will be qualified to receive the donation from LICT on the shareholder’s behalf. A list of eligible charities is available at www.irs.gov/Charities-&-Non-Profits/ExemptOrganizations-Select-Check; or Guidestar.org.
Please see our website, www.lictcorp.com for a list of Frequently Asked Questions regarding further details on the charitable contribution program. If you have additional questions, please use the contact number provided below.
If all shares are registered in the shareholders’ names at the record date, the total contribution would be approximately $2.0 million.
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