RYE, N.Y., Feb. 19, 2014 /PRNewswire/ -- LICT Corporation (Pink Sheets: LICT) ("LICT" or the "Company") announced today that it has received an unsolicited, preliminary non-binding proposal from an unaffiliated third party to acquire the Company. While the proposed purchase price represents a significant premium to LICT's current trading price, LICT's Board of Directors has determined that the proposed purchase price does not adequately reflect what we refer to as the private market value of LICT and has rejected the proposal. While LICT's main focus is on growing the value of our businesses, the Board will carefully review any credible offer made to acquire the Company that delivers full value to LICT stockholders. At this time, there can be no assurance that any revised proposal will be made or that this or any other transaction will be approved or consummated. The Company is currently in negotiation to initiate a management buy-out of one of its operating units. The Company does not undertake any obligation to provide any updates with respect to this or any other transaction, except as required under applicable law.
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 should be read in light of the cautionary statements set forth in documents filed by LICT on its website, www.lictcorp.com. There can be no assurance that any transactions referred to will be successful or that financial targets will be met.
LICT Corporation is a holding company with subsidiaries in telecommunications that actively seeks acquisitions, principally in its existing business areas.
LICT Corporation is listed on the Pink Sheets® under the symbol LICT. Its World Wide Web address is: http://www.lictcorp.com.
Contact: Robert E. Dolan
Executive Vice President and Chief Financial Officer
914/921-8821
Release: 14-1
SOURCE LICT Corporation
