Rye, New York – June 13, 2013 – LICT Corporation (“LICT” or the “Company”) today announces that it is receiving authorization under its line of credit agreement to purchase an additional $1,000,000. of the Company’s stock. Webster Bank, N.A., which provides LICT’s $17.5 million line of credit, has advised the Company that it will modify the agreement to increase from $1 million to $2 million the amount which LICT may spend to re-purchase its stock in 2013. The Company had requested this increase because it has nearly exhausted the original $1 million authorization and believes that stock buy-backs serve the interests both of shareholders and of the Company itself. Modification of the agreement for this purpose is expected to be completed within the next week.
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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 future financial results, anticipated 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, and such 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 Pink Sheets® under the symbol LICT. Its World Wide Web address is: http://www.lictcorp.com.
Contact: Robert E. Dolan
Executive Vice President and Chief Financial Officer