Rye, NY – November 26, 2019 – LICT Corporation (“LICT” or the “Company”; OTC Pink®: LICT) is announcing the signing of a definitive agreement to sell its minority interest in the MODOC RSA Limited Partnership (“Modoc”), to Verizon Wireless. Modoc is a partnership which is controlled by Verizon and provides wireless service in a rural area of northern California.
A subsidiary of LICT acquired this 25% limited partnership interest in Modoc in 1988. The transaction is expected to close in January 2020. LICT will receive its regular partnership distributions for the period through December 31, 2019.
Dan Hopkins, President and Chief Financial Officer of LICT, said “We are very pleased to announce this transaction. Verizon has been an excellent partner and Modoc has contributed significant value to our business over the years. The ability to monetize our minority interest represents a good opportunity to further strengthen the financial condition and flexibility of LICT. “
The transaction is not subject to any regulatory approvals.
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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 anticipated financial results, 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. Such forward-looking information is subject to uncertainties, risks and inaccuracies, which could be material.