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Repayment of Consolidated Seller Loan to LICT

RYE, N.Y.--(BUSINESS WIRE)--

LICT Corporation (“LICT” or the “Company”; OTC Pink®: LICT) is announcing that it has agreed to terminate its outstanding indebtedness with Brick Skirt Holding Company, LLC. (formerly DFT Communications) upon Brick Skirt’s re-financing of their debt.

As background, LICT purchased DFT in 1996 and in 2014, sold it back to its founding family, the Maytums, of Fredonia, New York, under the name Brick Skirt Holding Company, LLC.

As part of the sale process, LICT retained a $3,250,000 face note as well as an equity interest in Brick Skirt Holding Company.

As negotiated in 2018, Brick Skirt Holding Company repaid this debt by forwarding $2.85 million to LICT upon refinancing.

This announcement is being made by the Company in a continued effort to keep our shareholders informed of significant events.

This release contains 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 is based upon assumptions, projections and forecasts which may not prove to be correct or may develop differently from the manner originally expected. Such forward-looking information must be read and interpreted in light of the cautionary statements set forth in documents filed by LICT on its website, www.lictcorp.com.

LICT is a holding company with subsidiaries in telecommunications and multimedia, and actively seeks acquisitions, principally in its existing business areas.

LICT is listed on OTC Pink ® under the symbol “LICT”. Its web address is set forth above.

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