Rye, NY – September 19, 2017, LICT Corporation (“LICT” or the “Corporation”; OTC Pink®: LICT) LICT recently has received questions relating to its interest in PTPMS Communications, LLC (“PTPMS”). By way of background, a subsidiary of LICT has a 49% limited liability company interest in PTPMS, which acquired 22 spectrum licenses at auction from the Federal Communications Commission (“FCC”). In 2012, PTPMS sold all of its licenses to the predecessor-in-interest of a subsidiary of Straight Path Communications, Inc. (“Straight Path”). In that transaction, PTPMS retained an interest of 20% in the net proceeds of any subsequent transaction of those licenses. In May 2017, Straight Path announced that it had entered into a transaction to sell itself to Verizon for a total of $3.1 billion in Verizon stock. Straight Path has filed an application with the FCC for approval of the transaction.
In public filings with the SEC relating to this transaction, Straight Path has expressly recognized that PTPMS continues to hold a financial interest in its former licenses. Although many criteria may be relevant to valuation, the Managing Member of PTPMS, has assured LICT that PTPMS is taking all necessary and appropriate measures to pursue the full value of its interest in these licenses. The Managing Member has also advised LICT that those measures will, if needed, include litigation to enforce PTPMS’s rights and obtain fair compensation for its financial interest in the licenses.
LICT requests that any future questions concerning PTPMS be directed to its General Partner. LICT will remain fully supportive of PTPMS’s efforts to secure fair compensation in this matter.
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
Release 17- 10