16 Dec CIBL and LICT Transaction Receives Final Approval And Year End Closing Is Scheduled
RENO, Nev. & RYE, N.Y.–(BUSINESS WIRE)–LICT Corporation (“LICT”; OTC Pink ®: LICT) and CIBL, Inc. (“CIBL”; OTC Pink ®: CIBY) are announcing that the New Hampshire Public Utilities Commission (“NHPUC”) today approved the merger of LICT’s subsidiary which owns the Bretton Woods Telephone Company (“BWTC”) with a subsidiary of CIBL. The NHPUC’s approval of the merger is effective as of December 31, 2019.
LICT and CIBL initially announced their agreement in principle to merge LICT’s New Hampshire operations with CIBL on July 1, 2019. LICT’s New Hampshire operations consist of BWTC, a Rural Local Exchange Carrier serving the Mt. Washington/Carroll, NH area, and World Surfer, Inc., a Competitive Local Exchange Carrier serving the same area.
A definitive agreement for this transaction was signed by LICT and CIBL on August 20, 2019. Subsequently, the Federal Communications Commission (“FCC”) approved the transfer of BWTC’s domestic and international FCC licenses in October 2019. NHPUC approval was the final authorization required from a regulatory Commission. The final approval needed is from the Rural Utilities Service (“RUS”) of the U.S. Department of Agriculture which is required as a result of a grant to construct fiber optic facilities received by BWTC under the American Recovery and Reinvestment Act of 2009. RUS approval is expected prior to the effective date of the NHPUC approval.
Daniel E. Hopkins, President and Chief Financial Officer of LICT, said “We are very pleased with the NHPUC’s timely action permitting the merger. We believe that the Commission’s approval reflects that this transaction is in the best interest of the customers and shareholders of LICT. Subject to RUS approval, we look forward to closing the transaction prior to year-end.
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.
Daniel E. Hopkins, President & CFO
Stephen J. Moore, Vice President-Finance