Rye, New York — February 1, 2017 – LICT Corporation (“LICT”, OTC Pink ®: LICT) is today announcing that each of its operating telephone company subsidiaries which is eligible to participate in the new “Alternative – Connect America Model” (“A-CAM”) program adopted by the Federal Communications Commission (“FCC”) has elected to do so.
The A-CAM program was designed by the FCC to speed and expand the deployment of broadband capacities throughout the nation’s rural areas. Seven of LICT’s ten rural telephone companies are eligible to participate in A-CAM, based on their current broadband deployment: California-Oregon Telephone, based in Dorris, CA; Central Scott Telephone Company, based in Eldridge, IA; Central Utah Telephone Company, based in Fairview, UT; Haviland Telephone Company, based in Haviland, KS; J.B.N. Telephone Company, based in Holton, KS; Upper Peninsula Telephone Company, based in Carney, MI; and Western New Mexico Telephone Company, based in Silver City, NM.
Due to their extensive current deployment of broadband facilities, the three smallest of LICT’s rural telephone companies were not eligible to participate in A-CAM: Cuba City Telephone Company and Belmont Telephone Exchange Company, both based in Cuba City, WI; and Bretton Woods Telephone Company, based in Bretton Woods, NH. These companies will continue to receive FCC support similar to their current funding, under the FCC’s “Connect America Fund – Broadband Loop Support” program.
The A-CAM program will provide a fixed and level amount of annual funding for a period of ten years. The LICT companies expect to begin receiving funding under the A-CAM program in the first quarter of 2017, potentially effective back to January 1, 2017.
LICT’s Chairman and CEO, Mario J. Gabelli, said that “We are very pleased the FCC has adopted A-CAM. The targeted funding it provides will enable us to greatly accelerate our provision of expanded broadband facilities. This acceleration will offer vastly increased broadband capacities to our rural customers much sooner than we would otherwise have been able to achieve. In fact, in some cases we will be able to offer fiber optic facilities all the way to customers’ homes and businesses.”
Mr. Gabelli also stated that “A-CAM will provide sufficient funding to assure that all of LICT’s participating companies remain on a very sound financial footing as they conduct their broadband build-outs. A-CAM is a win-win-win: for LICT’s companies, for our customers and for the national telecommunications network.”
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This release may contain 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 or form originally anticipated. 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 Corporation is a holding company with subsidiaries in telecommunications and multimedia, and actively seeks acquisitions, principally in its existing business areas.
LICT Corporation is listed on OTC Pink® under the symbol LICT. Its World Wide Web address is: http://www.lictcorp.com.
Contact: Robert E. Dolan
Vice President and Chief Financial Officer
914.921.8821
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