– Non-Regulated Revenues Report Record Results

                    – Shareholder Designated Contribution Program -$100. per share

Rye, NY – November 12, 2021 – LICT Corporation (“LICT” or the “Company”; OTC Pink^®: LICT) reports unaudited, financial results for the quarter ended September 30, 2021.

COVID-19 – LICT continues to closely monitor developments of the new variants of COVID -19. We continue to take steps to mitigate the potential risks related to the COVID-19 pandemic to the communities we serve and our teammates who work efficiently and diligently to serve their respective communities.

RESULTS-

Driven by broadband services, third quarter non-regulated revenues increased 9%, to a record $17.1 million from the prior year’s third quarter $15.6 million. Non-regulated EBITDA rose over 9% to $7.3 million, from $6.7 million.

Regulated revenues on the other hand slipped to $15.2 million from last year’s third quarter revenues of $16.5. This shortfall is traceable to a reduction from DSL detariffing and a cost study revision associated with network changes. Last year’s third quarter included a non-recurring receivable of $0.6 million driven by changes in the computation of the cost recovery mechanism. Regulated EBITDA was $7.4 million compared to $8.8 million last year.

Overall revenues in LICT’s third quarter were $32.3 million compared to $32.2 million for the corresponding quarter in 2020. EBITDA was $14.7 million in the third quarter of 2021 as compared to $15.5 million in 2020.

OTHER EXPENSES – A decline in other expenses to $300,000 from $500,000 was mostly due to a decrease in interest expense reflecting payment of a large portion of  the $50 million loan from CoBank in 2020.

EARNINGS PER SHARE – Earnings per share from operations for the third quarter of 2021 were $342 per share for the third quarter as compared to $371 per sharein the prior year’s third quarter. LICT’s guidance, for 2021 revenue and EBITDA, remains unchanged with revenues of $127 – $131 million and EBITDA in the range of $58 to $60 million.

Full year we expect earnings per share to be $1,435 per share versus $1,353  in 2020. Shares outstanding at the end of the third quarter of 2021 were 17,960.

EMERGENCY BROADBAND BENEFIT (“EBB”) PROGRAM – LICT is actively participating in the FCC’s $3.2 billion EBB Program to support our ongoing commitment to provide affordable broadband to the rural communities we serve and help close the digital divide.  This program provides consumers who are eligible with a broadband credit of up to $50 per month (up to $75 for households on Tribal Lands) towards their qualifying broadband plan for the duration of the program.

FCC AUCTIONS – LICT is currently participating in Auction 110. During the third quarter of 2021, we continued our efforts to deploy the spectrum licenses we were awarded in various auctions which will enable us to provide increases speeds to some of our more remote customers. In addition, we are engaged in the filing process required by the FCC for the markets we were awarded in Auction 904, the Rural Digital Opportunities Fund auction.

STRATEGIC REVIEW – As previously stated, the Company continues to systematically seek, analyze and evaluate a full range of means to expand the scope and scale of its businesses to accelerate growth across all of them, and thereby enhance our shareholders’ value.

CAPITAL EXPENDITURES – In the third quarter of 2021, capital expenditures increased by $1.7 million to $8.1 million, of which $3.5 million was for non-regulated activities and $4.6 million for regulated activities. LICT’s guidance on capital expenditures is increasing to a range of $31 and $33 million  this year from $28 million invested in 2020 as we have increased deployment of fiber in the communities we serve. Our capital spending enables us to meet and exceed our A-CAM requirements, by accelerating our broadband deployment, offering enhanced broadband speeds, and increase the overall fiber route miles in our network.

As of September, 30, 2021, LICT owns and operates 5,411 miles of fiber optic cable, 11,499 miles of copper cable, 775 miles of cable and 83 towers. 

SHARE REPURCHASES – During the nine months ended September 30, 2021, the Company repurchased 573 shares for $12.9 million, with an average price of $22,600 per share. On September 30, 2021, 17,960 shares were outstanding, with 914 shares still available for authorized repurchase mostly on an opportunistic basis.

SHAREHOLDER CONTRIBUTION PROGRAM – LICT’s Board of Directors has approved $100 per share for this year’s  Shareholder Designated Charitable Contribution Program. For the past 6 years LICT has extended to registered shareholders, the opportunity to designate a 501(c) 3 charity to which LICT will contribute $100. per share. Details regarding the program will be issued under separate cover.

OPERATING STATISTICS / BROADBAND DEPLOYMENT – As of September 30, 2021, the Company’s broadband penetration in its franchised telephone service territories, based on its total Incumbent Local Exchange Carrier (“ILEC”) voice lines, was 93.3%, as compared to 90.8% at December 31, 2020.

	September 30,	December 31,		Percent
	Increase	Increase
	2021	2020	(Decrease)	(Decrease)
Broadband lines	43,480	39,825	3,655	9.2%
Voice Lines
ILEC	23,896	24,005	(109)	(0.5%)
Out of franchise	6,919	7,456	(537)	(7.2%)
Total	30,815	31,461	(646)	(2.1%)
Video Subscribers	4,179	4,406	(227)	(5.2%)
Revenue Generating Units	78,474	75,692	2,782	3.7%

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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.

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.

LICT CORPORATION					Exhibit A
Statements of Operations and Selected Balance Sheet Data				Page 1 of 2
(In Thousands, Except Per Share Data)
STATEMENTS OF OPERATIONS
	Three Months Ended			Nine Months Ended
	September 30,			September 30,
	2021	2020		2021	2020
Revenues	$32,314	$32,183		$96,616	$92,736
Cost and Expenses:
Cost of revenue, excluding depreciation	14,624	13,739		43,622	40,487
Selling, general and administration	2,960	2,911		9,149	9,186
Corporate Office Expenses	880	1,207		2,743	3,220
Charitable Contributions	—	—		183	247
Depreciation and amortization	4,919	4,453		14,210	12,867
Total Costs and Expenses	23,383	22,310		69,907	66,007
Operating profit	8,931	9,873		26,709	26,729
Other Income (Expense)
Investment income	7	16		791	283
Interest expense	(277)	(481)		(981)	(1,269)
Equity in earnings of affiliated companies	29	—		235	53
Gain from the sale of investment (a)	—	—		—	13,071
Other	(31)	16		5	12
	(272)	(449)		50	12,150
Income Before Income Tax Provision	8,659	9,424		26,759	38,879
Provision for income taxes	(2,497)	(2,481)		(7,337)	(10,358)
Net Income	$6,162	$6,943		$19,422	$28,521
Capital Expenditures	$8,132	$6,460		$22,763	$19,348
Weighted Average Shares- Basic and Diluted	18,026	18,701		18,214	18,866
Actual shares outstanding at end of period	17,960	18,673		17,960	18,673
Earnings Per Share:	$342	$371		$1,066	$1,512
Earnings Per Share excluding the gain from the sale of an investment(a)	$342	$371		$1,066	$1,002
(a) Please note for the nine months ended September 30, 2020, includes the gain of $13.1 million stemming from the sale of MODOC which added $510 to earnings per share.
See EBITDA on page 2

LICT Corporation                                                                                                                                            Exhibit A                                                                                                    Statements of Operations and Selected Balance Sheet Data-Continued                                  Page 2 of 2  (In Thousands, Except Per Share Data)
	SELECTED BALANCE SHEET DATA		September 30,		December 31,
			2021		2020
	Cash and Cash Equivalents		$42,738		$67,324
	Other short-term investments		$20,000		$20,000
	Long-Term Debt (including current portion)		$(47,325)		$(63,176)
	Net Cash		$15,413		$24,148
	Shareholders’ Equity		$187,047		$180,595
	Shares Outstanding		17,960		18,533
EBITDA
EBITDA is an established measure of operating performance and liquidity that is commonly reported and widely used by analysts, investors, and other interested parties in the telecommunications industry because it eliminates many differences in financial, capitalization, and tax structures. We believe that EBITDA trends are a valuable indicator of whether our operations can produce sufficient operating cash flow to fund working capital needs, service debt obligations, and fund capital expenditures.
EBITDA is calculated as Operating Profit from Continuing Operations plus depreciation and amortization expense and charitable contributions.

	Three Months Ended				Nine Months Ended
	September 30,				September 30,
	2021	2020			2021	2020
EBITDA Reconciliation:
Operating Profit from Continuing Operations	$8,931		$9,873		$26,709		$26,729
Additions:
Corporate expenses	880		1,207		2,743		3,220
Charitable contributions	—		—		183		247
Depreciation and amortization	4,919		4,453		14,210		12,867
EBITDA from Operations Before Corporate Expenses	14,730		15,533		43,845		43,063
Corporate Expenses	(880)		(1,207)		(2,743)		(3,220)
EBITDA	$13,850		$14,326		$41,102		$39,843

Rye, New York- October 20, 2021 – LICT Corporation (OTC Pink: LICT) announced today that its Board is in final discussions regarding continuing its Shareholder Charitable Contribution program for all registered shareholders. Each registered shareholder will be eligible to designate a  501(c)3 charity to which the company will make a donation of $100 per share on behalf of the shareholder. It is currently anticipated that more details will be announced before year end regarding the mechanics and timing of the contributions.

In addition to our Shareholder Giving Program, as we have done in the past, LICT will extend the opportunity for each of our Teammates to allocate a 501(c)3 charity to whom the Company will make a donation. Our Teammates welcome the opportunity to continue to support the 501(c)3 recipients in in the communities they serve.

Over the past 5 years, LICT has made more than $6.0 million in charitable contributions.

At LICT, we believe charitable giving is a cornerstone of society and an obligation for those with means to make a difference in the world. As an organization, LICT will have no control over the donations, but we are happy to make them on behalf of our shareholders and Teammates.

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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 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, financial markets 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 successful or that financial or other targets will be met.  Such forward-looking information is subject to uncertainties, risks and inaccuracies, which could be material.

LICT is a holding company with subsidiaries in broadband and other telecommunications services that actively seeks acquisitions, principally in its existing business areas.  LICT is listed on the OTC Pink ® under the symbol LICT.  For further information, please visit our website listed above.

Rye, New York – October 13, 2021 – LICT Corporation (“LICT” or the “Company”; OTC Pink^®: LICT)  is announcing that we  received an offer to purchase all of LICT’s outstanding stock.  Although the price which has been offered represents a price above market, our Board believes it is below the intrinsic value of our enterprise.

In addition, we continue to move on with our previously announced financial engineering.

This announcement is being made to inform our shareholders that the offer described above has been received. We plan to issue no further communication on this offer until Auction 110 concludes.

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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.

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.

Due to Provisions in Upcoming Auction 110, Gary L. Sugarman,

Who Joined the LICT Corporation Board of Directors in 2006 Has Resigned

Rye, NY – August 27, 2021 – LICT Corporation (“LICT” or the “Company”; OTC Pink®: LICT) is today announcing the resignation of Gary L. Sugarman from its Board of Directors.  His resignation is effective immediately.  

Mr. Sugarman’s resignation is in response to a Rule of the Federal Communications Commission (“FCC”), Section 20.22(b)(4)i,  which was first adopted in 2014, amended in 2015 into its current form)  providing that an “attributable interest” in wireless spectrum is created by a person’s service as an officer or director in a licensee or its controlling entity.  That attributable interest is then counted toward the cap on the amount of spectrum which an entity may hold and since Gary serves on the Board of another telecommunications provider, this FCC Rule “greatly limits either company’s options in” spectrum auctions and other spectrum-related matters. 

Mr. Sugarman has a lengthy and distinguished record of service with LICT.  He first served as President of Brighton Communications, Inc., a subsidiary of Lynch Corporation  from 1991 through 1993.  Then after his departure from Brighton, he continued to serve as a closely involved advisor to LICT for the next thirteen years, from 1993 through 2006, at which time he joined LICT’s Board.  He served as a Director of LICT from September 2006 through April 2008 and returned as a Director in February 2019.  At the time of his resignation, he was serving as the Chairman of the Board’s Regulatory Committee and as a member of the Audit Committee. 

Speaking for the Company, Mario J. Gabelli, Chairman and Chief Executive Officer, said that “We will greatly miss Gary and his insightful knowledge of rural telecommunications.  We are profoundly appreciative of his contribution to the Company’s development over his long service as a manager, an advisor and a Director.  His efforts played a major role in LICT’s progress in bringing broadband services and capacities to rural Americans.” 

Any action which the Board decides to take regarding the vacancy created by Mr. Sugarman’s resignation will be announced at the appropriate time. 

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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.

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.

• Revenues increased 5.8% to $32.3 from $30.5 million.
• EBITDA from operations was $14.8 versus $13.8 million.
• EPS from operations rose 13% to $346 from $307 per share.
• Capital Expenditure increases accelerate our broadband deployment

Rye, NY – August 4, 2021 – LICT Corporation (“LICT” or the “Company”; OTC Pink^®: LICT) reports unaudited, financial results for the quarter ended June 30, 2021.

COVID-19 – LICT continues to closely monitor developments of the new variants of COVID -19.  We continue to take steps to mitigate the potential risks related to the COVID-19 pandemic to our teammates and customers. 

SECOND QUARTER – In 2021, LICT’s second quarter revenues were $32.3 million compared to $30.5 million for the corresponding quarter in 2020. EBITDA was $14.8 million in the second quarter of 2021 as compared to $13.8 million in 2020.

Non-regulated revenues increased 12%, or $1.8 million, to $16.8 million from the prior year’s second quarter $15.0 million, driven by broadband and cable modem sales. Non-regulated EBITDA rose just over 12% to $7.3 million, from $6.5 million.

Regulated revenues totaled $15.5 million in the second quarter of both 2021 and 2020. Regulated EBITDA was $7.5 million compared to $7.3 million last year. 

In April 2021, CentraCom, the Company’s Utah operation, closed on the acquisition of assets and operations of NeboNet, a fixed wireless Internet Service Provider located in Nephi, Utah. NeboNet offered high speed wireless Internet service in the counties of Juab and Boxer Elder, Utah. CentraCom will expand and enhance the bandwidth capabilities of the network throughout these communities. 

OTHER INCOME – Other income/(expense) for the second quarter of 2021 and 2020 totaled $0.3 million, mostly due to  the $50 million drawdown from CoBank  in the prior year, which we have reduced to $10 million.

EARNINGS PER SHARE – Earnings per share from operations for the second quarter of 2021 were $346 per share as compared to $307 per sharein the prior year’s second quarter.

ALTERNATIVE – CONNECT AMERICA COST MODEL (“A-CAM”) PROGRAM – LICT included $8.0 million in the second quarter of 2021 for A-CAM and A-CAM II revenues, about the same as the $8.1 million in the second quarter of 2020.

All LICT telephone companies have elected to participate in the Federal Communications Commission’s (“FCC”) A-CAM and A-CAM II programs. The A-CAM program commenced January 1, 2017, with revisions in 2018 and 2019. A-CAM II was implemented by the FCC in 2019, which LICT adopted in Wisconsin. The A-CAM program is designed to accelerate and expand the deployment of broadband capabilities throughout the nation’s rural areas with mandatory build-out requirements for receipt of support.  LICT is actively building and expanding broadband facilities. A-CAM and A-CAM II replaced two prior USF mechanisms for companies electing A-CAM.

EMERGENCY BROADBAND BENEFIT (“EBB”) PROGRAM – LICT is actively participating in the FCC’s $3.2 billion EBB Program to support our ongoing commitment to provide affordable broadband to the rural communities we serve and help close the digital divide.  This program provides consumers who are eligible with a broadband credit of up to $50 per month (up to $75 for households on Tribal Lands) towards their qualifying internet plan for the duration of the program. 

FCC AUCTIONS – During the second quarter of 2021 we continued our efforts to deploy the spectrum licenses we were awarded in Auction 105 of last year which will enable us to reach some of our more remote customers with increased speeds.  In addition, we are engaged in the filing process required by the FCC for the markets we were awarded in Auction 904, the Rural Digital Opportunities Fund auction, as well as planning to  participate in the upcoming Auction 110.

2021 OUTLOOK – LICT’s guidance for 2021 revenue and EBITDA remains unchanged with revenues of $127 – $131 million and EBITDA in the range of $58 to $60 million.  LICT’s guidance on capital expenditures is increasing to a range of $31 and $33 million as we have increased deployment of fiber in the communities we serve. The effect of the COVID-19 pandemic may impact revenue growth, in the second half of 2021.

STRATEGIC REVIEW – As previously stated, the Company continues to systematically seek, analyze and evaluate a full range of means to expand the scope and scale of its businesses to accelerate growth across all of them, and thereby enhance our shareholders’ value.

CAPITAL EXPENDITURES – In the second quarter of 2021, capital expenditures were $7.5 million, of which $4.1 million was for non-regulated activities and $3.4 million for regulated activities. Our capital spending will enable us to meet and exceed our A-CAM requirements, offer enhanced broadband speeds, and increase the overall fiber route miles in our network.

As of June 30, 2021, LICT owns and operates 5,325 miles of fiber optic cable, 11,494 miles of copper cable, 770 miles of coaxial cable and 83 towers.  During the quarter, we added 26 towers as a result of our acquisition of NeboNet in Utah.

SHARE REPURCHASES – During the six months ended June 30, 2021, the Company repurchased 453 shares for $10.1 million, with an average price of $22,200 per share. On June 30, 2021, 18,080 shares were outstanding. 

OPERATING STATISTICS / BROADBAND DEPLOYMENT – As of June 30, 2021, the Company’s broadband penetration in its franchised telephone service territories, based on its total Incumbent Local Exchange Carrier (“ILEC”) voice lines, was 93.3%, as compared to 90.8% at December 31, 2020.

	June 30,	December 31,		Percent
	Increase	Increase
	2021	2020	(Decrease)	(Decrease)
Broadband lines	40,607	39,825	782	2.0%
Voice Lines
ILEC	23,957	24,005	(48)	(0.2%)
Out of franchise	6,897	7,456	(559)	(7.5%)
Total	30,854	31,461	(607)	(1.9%)
Video Subscribers	4,307	4,406	(99)	(2.2%)
Revenue Generating Units	75,768	75,692	76	0.1%

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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.

LICT Corporation is a holding company with subsidiaries in broadband and other telecommunications services that actively seeks acquisitions, principally in its existing business areas.

Rye, New York – July 13, 2021 – LICT Corporation (“LICT” or the “Company”, OTC Pink ®: LICT) is today announcing that its Board of Directors (the “Board”) has increased the Company’s authorization to  repurchase its stock to a total of 1,000 shares. Prior to this increase, there had been 335 shares remaining for repurchase under the Board’s prior authorizations. LICT continues its buyback program because it believes that the current market under values the long-term prospects of the company.

As previously stated, the Company continues to systematically seek, analyze and evaluate a full range of means to expand the scope and scale of its businesses, to accelerate growth across all of them, and thereby enhance our shareholders’ value.

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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.

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.

Rye, NY – May 26, 2021 – LICT Corporation (the “Corporation”; OTC Pink®: LICT) is privileged to announce that Kevin Errity has joined LICT as Chief Operating Officer. 

Mr. Errity has been engaged in the telecommunications industry throughout his entire business career of nearly 30 years.  Since beginning with AT&T in 1993, he has held executive positions in sales, sales engineering and operations.  He has also had substantial experience with mergers and acquisitions of telecommunications firms. 

Most recently Mr. Errity served as a Senior Vice President of ExteNet Systems, a provider of custom fiber optic infrastructure for financial, carrier and enterprise clients.  Prior to that, he played a leading executive role in the development of PAETEC Communications from a start-up operation into a $2 billion enterprise at its 2012 merger with Windstream Communications.

Mario J. Gabelli, Chairman of the Corporation’s Board, said “We are delighted that Kevin is joining LICT.  His deep experience in many areas of telecommunications will greatly strengthen our executive team as we prepare to accelerate the development of our businesses.”  Mr. Errity echoed those thoughts, saying “I look forward with great enthusiasm to being a member of this dynamic enterprise.  I believe LICT has a bright future and will dedicate all my efforts to its rapid achievement.”

Mr. Errity’s office will be located at the Corporation’s headquarters location in Rye, NY.

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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.

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.

• Revenues increased 6.6% to $32.0 from $30.0 million.
• EBITDA from operations was $14.3 versus $13.7 million.
• EPS from operations rose 17% to $378 from $324 per share.

Rye, NY – May 20, 2021 – LICT Corporation (“LICT” or the “Company”; OTC Pink^®: LICT) reports unaudited, financial results for the quarter ended March 31, 2021.

(Y)our “S” in ESG-

SHAREHOLDER DESIGNATED CHARITABLE CONTRIBUTION PROGRAM — In 2016, the Company adopted a Shareholder Designated Charitable Contribution Program. Under the Program, all registered shareholders are eligible to designate charities and the company will a make a contribution to that charity. In 2016 through 2020, the company made $100 per share contribution on behalf of its shareholders to their designated charities. LICT is committed to giving back to our communities and, over the past four years, LICT has made over $6.0 million in charitable contributions.

COVID-19 – LICT continues to closely monitor developments as we begin to see pandemic related restrictions lifted.  The voice and data services we provide are essential to the communities we serve. We will continue to take steps to mitigate the potential risks related to the COVID-19 pandemic to our teammates and customers. 

FIRST QUARTER – In 2021, LICT’s first quarter revenues were $32.0 million compared to $30.0 million for the corresponding quarter in 2020. EBITDA was $14.3 million in the first quarter of 2020 as compared to $13.7 million in 2019.

Non-regulated revenues increased 13%, or $1.9 million, to $16.4 million from the prior year’s first quarter $14.5 million, driven by broadband and cable modem sales. Non-regulated EBITDA rose just over 15% to $7.1 million, from $6.2 million.

Regulated revenues were $15.6 million in the first quarter of 2021 versus the prior year’s first quarter of $15.5 million. Regulated EBITDA was $7.2 million compared to $7.6 million last year. The quarter over quarter decline in EBITDA is predominantly due to expenses related to increased customer installs, maintenance of fiber and additional testing for compliance with A-CAM reporting.

OTHER INCOME – Other income increased by $0.6 million due to an increase of Patronage Capital of $0.3 million related to our $50 million line of credit with CoBank, and $0.3 million investment income from an affiliated company.

EARNINGS PER SHARE –Diluted earnings per share from operations for the first quarter of 2021 was $378 per share as compared to $324 per sharein 2020, which excludes the $504 gain per share on the sale of MODOC.

ALTERNATIVE – CONNECT AMERICA COST MODEL (“A-CAM”) PROGRAM –All LICT telephone companies have elected to participate in the FCC’s A-CAM and A-CAM II programs. The A-CAM program is designed to speed and expand the deployment of broadband capabilities throughout the nation’s rural areas and replaced two prior USF mechanisms for companies electing A-CAM. LICT received $8.0 million in the first quarter of 2021 for A-CAM and A-CAM II revenues, as compared to $8.1 million in the first quarter of 2020.

The FCC’s A-CAM program, which commenced January 1, 2017, with revisions in 2018 and 2019, and the addition of A-CAM II in Wisconsin in 2019, is designed to increase broadband speed and expand broadband deployment in rural portions of the country with mandatory build-out requirements for receipt of support. A-CAM and A-CAM II replaced two prior legacy FCC Universal Service Fund (“USF”) mechanisms which LICT had been receiving.  LICT is actively building and expanding broadband facilities. 

EMERGENCY BROADBAND BENEFIT – LICT is actively participating in the Federal Communications Commission’s (“FCC”) $3.2 billion Emergency Broadband Benefit Program to support our ongoing commitment to provide broadband to the rural communities we serve and help close the digital divide.  This program provides consumers who are eligible for a broadband credit of up to $50 per month (up to $75 for households on Tribal Lands) towards their qualifying internet plan for the length of the program and we offer a variety of broadband options that qualify under the Emergency Broadband Benefit program.

BALANCE SHEET – LICT benefited from strong cash from operations in the first quarter of 2021.  In addition, this  reflects  the return of a portion of our FCC deposit of $20 million for Auction 107, as well as the reduction of the borrowings against our line of credit by $30.0 million dollars.  At the end of the first quarter of 2021 our net cash position totaled $22.1 million.

2021 OUTLOOK – LICT’s guidance for 2021 remains unchanged with revenues of $127 – $131 million, EBITDA in the range of $58 to $60 million, and total capital expenditures between $27 and $29 million. We are aware that the effect of the COVID-19 pandemic may impact revenue growth.

FCC SPECTRUM AUCTIONS – LICT Wireless Broadband Company, LLC (“LICT Wireless”), a wholly owned subsidiary, participated in FCC Auction 107 – 3.7 GHz band which ended on February 18, 2021.  In this auction, LICT acquired 5 licenses in 5 Partial Economic Areas (PEA) for $4.3 million of spectrum 3.7 GHz band licenses.  In March 2021, the FCC returned $15.7 million which is our $20.0 million original deposit less the $4.3 million in licenses we were highest bidder on.

During the first quarter we continued our efforts to deploy the spectrum licenses we were awarded in Auction 105 of last year which will enable us to reach some of our more remote customers with increased speeds.  In addition, we continue the filing process required by the FCC for the 5 markets we were awarded in the RDOF auction. 

STRATEGIC REVIEW –  As previously announced, LICT has initiated a strategic review to accelerate and broaden the Corporation’s businesses. The actions to be explored will include, among others, the possible creation of a Special Purpose Acquisition Corporation (“SPAC”); the spin-off of one or more of the Corporation’s subsidiaries as a separate entity; potential strategic and accretive acquisitions in the Corporation’s current or adjacent industries; and the possibility of raising additional capital by such means as a rights offering to the Corporation’s existing shareholders.

CAPITAL EXPENDITURES – In the first quarter of 2021, capital expenditures were $7.1 million, of which $4.6 million was for non-regulated activities and $2.5 million for regulated activities. Our capital spending will enable us to meet and exceed our A-CAM requirements, offer enhanced broadband speeds, and increase the overall fiber route miles in our network.

As of March 31, 2021, LICT owns and operates 5,251 miles of fiber optic cable, 11,492 miles of copper cable, 767 miles of coaxial cable and 57 towers.

SHARE REPURCHASES – During the three months ended March 31, 2021, the Company repurchased 134 shares for $2.6 million, with an average price of $19,100 per share. On March 31, 2021, 18,399 shares were outstanding. 

OPERATING STATISTICS / BROADBAND DEPLOYMENT – As of March 31, 2021, the Company’s broadband penetration in its franchised telephone service territories, based on its total Incumbent Local Exchange Carrier (“ILEC”) voice lines, was 91.9%, as compared to 90.8% at December 31, 2020.   During the first quarter the Company’s broadband lines grew by 1.8% to just over 40,500 units, this marginal increase offset our voice and video line loss resulting in an overall growth of 0.4%:

	March 31,	December 31,		Percent
	Increase	Increase
	2021	2020	(Decrease)	(Decrease)
Broadband lines	40,556	39,825	731	1.8%
Voice Lines
ILEC	23,739	24,005	(266)	(1.1%)
Out of franchise	7,423	7,456	(33)	(0.4%)
Total	31,162	31,461	(299)	(1.0%)
Video Subscribers	4,307	4,406	(99)	(2.2%)
Revenue Generating Units	76,025	75,692	333	0.4%

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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.

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.

LICT CORPORATION				Exhibit A Page 1 of 2
Statements of Operations and Balance Sheet Data
(In Thousands, Except Per Share Data)
STATEMENTS OF OPERATIONS
	Three Months Ended
	March 31,
	2021	2020
Revenues	$32,015	$30,046
Cost and Expenses:
Cost of revenue, excluding depreciation	14,479	13,198
Selling, general and administration	3,173	3,099
Corporate office expenses	946	950
Depreciation and amortization	4,636	4,340
Total Costs and Expenses	23,234	21,587
Operating profit	8,781	8,459
Other Income (Expense)
Investment income	762	113
Interest expense	(385)	(302)
Equity in earnings of affiliated companies	185	53
Gain from the sale of investment (a)	–	13,071
Other	58	(29)
	620	12,906
Income Before Income Tax Provision	9,401	21,365
Provision for Income Taxes	(2,427)	(5,554)
Net Income	$6,974	$15,811
Capital Expenditures	$7,123	$4,996
Weighted Average Shares- Basic and Diluted	18,458	19,101
Actual shares outstanding at end of period	18,399	19,008
Earnings Per Share:	$378	$828
Earnings Per Share excluding the gain from the sale of an investment(a)	$378	$324

^(a) Please note the Three Months ended March 31, 2020 includes the gain of $13.1 million stemming from the sale of MODOC which added $504 to earnings per share.

LICT Corporation                                                                                                                                            Exhibit A                                                                                                   

Statements of Operations and Selected Balance Sheet Data-Continued                                  Page 2 of 2  

(in thousands, Except Per Share Data)

SELECTED BALANCE SHEET DATA	Mar. 31,	Dec. 31,
	2021	2020
Cash and Cash Equivalents	$55,231	$67,324
Other short-term investments	$          –	$20,000
Long-Term Debt (including current portion)	$33,176	$63,176
Net Cash	$22,055	$24,148
Shareholders’ Equity	$184,897	$180,595
Shares Outstanding	18,399	18,533

	Three Months Ended
	March 31,
	2021	2020
EBITDA Reconciliation:
Operating Profit from Continuing Operations	$ 8,781	$ 8,459
Additions:
Depreciation and amortization	4,636	4,340
Corporate Expenses	946	950
EBITDA from Operations before Corporate Expenses	14,363	13,749
Corporate Expenses	(946)	(950)
EBITDA	$ 13,417	$ 12,799

Rye, NY – April 26, 2021 – LICT Corporation (the “Corporation”; OTC Pink®: LICT) is announcing that its Board of Directors (the “Board”) has initiated a strategic review to accelerate and broaden the development of the Corporation’s  businesses.  At a special meeting held on April 23, 2021, the Board directed the consideration and analysis of a full range of measures to unlock current and enhance and surface shareholder value.

The actions to be explored will include, among others, the possible creation of a Special Purpose Acquisition Corporation (“SPAC”); the spin-off of one or more of the Corporation’s subsidiaries as a separate entity; potential strategic and accretive acquisitions in the Corporation’s current or adjacent industries; and the possibility of raising long term debt.

 A SPAC gives the Corporation flexibility to seek out and fund transactions in its existing or related businesses or expand into new areas.

In addition, Shareholders have benefited through spin-offs.  CIBL, Inc., spun off in 2007, initially traded beginning in 2008 at around $200 per share; it has recently traded as high as $1,800 per share.  Likewise, ICTC Group, Inc., spun off in 2010, initially traded at around $15 per share and was acquired in 2018 for $65 per share. Indeed, LICT was itself a spin-off from Lynch Corporation and started at $2,500 per share. LICT is analyzing its current portfolio of companies to determine whether our shareholders might benefit from another such spin-off.

In sum, at the Board’s affirmative direction, the Corporation will systematically seek, analyze, and evaluate a full range of means to expand the scope and scale of its businesses, to accelerate growth across all of them, and thereby to enhance and surface our shareholders’ value.

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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.

LICT Corporation is a holding company with subsidiaries in broadband and other telecommunications services that actively seeks acquisitions, principally in its existing business areas.

Rye, New York- March 2, 2021 – LICT Corporation (OTC Pink: LICT) announces that 8,700 shares are eligible for our Shareholder Charitable Contribution program for all registered shareholders. Each registered shareholder will be eligible to designate a  charity to which the company will make a donation of $100 per share on behalf of the shareholder.

Forms have been mailed to eligible shareholders and must be returned to LICT by March 8, 2021.

LICT’s Board of Directors will make a motion to  repeat the program in 2021.

Only charities that are recognized 501 (c) (3) organizations will be qualified to receive the donation from LICT on the shareholder’s behalf. A list of eligible charities is available at: Guidestar.org

At LICT, we believe charitable giving is a cornerstone of society and an obligation for those with means to make a difference in the world. As an organization, LICT will have no control over the donations, but we are happy to make them on behalf of our shareholders

Over the past 4 years, LICT has made more than $5.5 million in charitable contributions.

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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 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, financial markets 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 successful or that financial or other targets will be met.  Such forward-looking information is subject to uncertainties, risks and inaccuracies, which could be material.

LICT is a holding company with subsidiaries in broadband and other telecommunications services that actively seeks acquisitions, principally in its existing business areas.  LICT is listed on the OTC Pink ® under the symbol LICT.  For further information, please visit our website listed above.