LICT Corporation Announces Sale of Its Interest in MODOC RSA Limited Partnership to Verizon
LICT CORP (LICT)
NASDAQ:AMEX Investor Relations:
lictcorp.com/investors
Company Research
Source: Business Wire
RYE, N.Y.--(BUSINESS WIRE)--LICT Corporation (“LICT” or the “Company”; OTC Pink®: LICT) is announcing the signing of a definitive agreement to sell its minority interest in the MODOC RSA Limited Partnership (“Modoc”), to Verizon Wireless. Modoc is a partnership which is controlled by Verizon and provides wireless service in a rural area of northern California.A subsidiary of LICT acquired this 25% limited partnership interest in Modoc in 1988. The transaction is expected to close in January 2020. LICT will receive its regular partnership distributions for the period through December 31, 2019.Dan Hopkins, President and Chief Financial Officer of LICT, said, “We are very pleased to announce this transaction. Verizon has been an excellent partner and Modoc has contributed significant value to our business over the years. The ability to monetize our minority interest represents a good opportunity to further strengthen the financial condition and flexibility of LICT.“The transaction is
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