RENO, Nev. & RYE, N.Y.--(BUSINESS WIRE)--
CIBL, Inc. (“CIBL”; OTC Pink®: CIBY) and LICT Corporation (“LICT”; OTC Pink®: LICT) are announcing an agreement in principle whereby CIBL will issue shares of its stock to LICT in exchange for its New Hampshire operations. After the closing of the transaction, LICT will hold approximately 6% of CIBL’s outstanding common stock.
The transaction is subject to the execution of definitive documents and the satisfaction of customary closing conditions and regulatory approvals. Accordingly, no assurances can be given that a binding agreement will be entered into, that the proposed transaction will be consummated or the timing thereof.
LICT’s New Hampshire operations consist of two subsidiaries, Bretton Woods Telephone Company, Inc. and World Surfer, Inc. These companies are leading providers of broadband and communications services to an approximately 35 -square-mile area in northern New Hampshire, including the Omni Mount Washington Hotel and Resort, The Mount Washington Cog Railway and the summit of Mount Washington, New Hampshire’s highest mountain top. Art Nicholson, Vice President of Bretton Woods Telephone Company said, “We are excited about joining forces with CIBL to further enable our growth initiatives in our current service area and beyond. We also look forward to supporting CIBL’s strategic acquisition program.”
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. It should be recognized that such information may be based upon assumptions, projections and forecasts, and must be read considering the cautionary statements set forth in documents filed by CIBL and LICT on their websites. As a result, there can be no assurance that any possible transactions will be accomplished or be successful or that the financial targets will be met, and such information is subject to uncertainties, risks and inaccuracies, which could be material.
CIBL is a holding company that is actively seeking acquisitions within its existing business areas. CIBL is listed on OTC Pink® under the symbol CIBY and information can be obtained on our website: http://www.ciblinc.com.
LICT Corporation is a holding company with subsidiaries in broadband and other telecommunications services that is seeking acquisition within 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.