Rye, NY – November 16, 2015 – LICT Corporation (“LICT”; OTC Pink®: LICT) is announcing that Dixon Acquisition, LLC (“Dixon Acquisition”), a wholly-owned subsidiary of Central Scott Telephone Company (“Central Scott”), today closed its acquisition of the assets and operations of Dixon Telephone Company (“Dixon”) in eastern Iowa. Central Scott is a wholly-owned subsidiary of LICT.
Central Scott is currently celebrating its 113th year in business. It is headquartered in Eldridge, Iowa and provides broadband data, video and voice communications to the Scott County, Iowa communities of Eldridge, Long Grove, McCausland and Donahue. Central Scott also operates as a Competitive Local Exchange Carrier (“CLEC”) providing broadband and voice communications in the Quad Cities area of Iowa and Illinois, as well as in Dubuque, Iowa.
Dixon provides broadband data, video and voice communications to a total of 772 customers located in four communities that are geographically adjacent to Central Scott’s franchised service territory. The transaction has been approved by Dixon’s shareholders, by the Federal Communications Commission and by the Iowa Utilities Board. Financial terms of the transaction are not being disclosed at this time.
Donn Wilmott, CEO and General Manager of Central Scott, stated “We are very happy to conclude this transaction and are confident that it will be in the best interests of all concerned. We look forward to continuing the provision of first-rate service to Dixon’s customers, and to substantially increasing the broadband capacities available to them.”
Howard Hunt, General Manager of Dixon, stated that “The primary goal of Dixon’s Board of Directors has been to assure the continuation of excellent service to our customers. Central Scott is undoubtedly the company to do that, as well as to expand the broadband speeds available to them.”
Central Scott plans to begin the process of upgrading the Dixon broadband capacities during November 2015.
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 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 OTC Pink® under the symbol LICT. For further information visit our website at http://www.lictcorp.com.
Contact: Robert E. Dolan
Executive Vice President and Chief Financial Officer