Business
AUCTION 110 - Due to Provisions in Upcoming Auction 110, Gary L. Sugarman, Who Joined the LICT Corporation Board of Directors in 2006 Has Resigned
AUCTION 110 - Due to Provisions in Upcoming Auction 110, Gary L. Sugarman, Who Joined the LICT Corporation Board of Directors in 2006 Has Resigned.
About this update from Lict Corp.
[{"type":"text","content":"\nLICT Corporation (“LICT” or the “Company”; OTC Pink®: LICT) is today announcing the resignation of Gary L. Sugarman from its Board of Directors. His resignation is effective immediately.\n\nMr. Sugarman’s resignation is in response to a Rule of the Federal Communications Commission (“FCC”), Section 20.22(b)(4)i, which was first adopted in 2014, amended in 2015 into its current form) providing that an “attributable interest” in wireless spectrum is created by a person’s service as an officer or director in a licensee or its controlling entity. That attributable interest is then counted toward the cap on the amount of spectrum which an entity may hold and since Gary serves on the Board of another telecommunications provider, this FCC Rule “greatly limits either company’s options in” spectrum auctions and other spectrum-related matters.\n\nMr. Sugarman has a lengthy and distinguished record of service with LICT. He first served as President of Brighton Communications, Inc., a subsidiary of Lynch Corporation from 1991 through 1993. Then after his departure from Brighton, he continued to serve as a closely involved advisor to LICT for the next thirteen years, from 1993 through 2006, at which time he joined LICT’s Board. He served as a Director of LICT from September 2006 through April 2008 and returned as a Director in February 2019. At the time of his resignation, he was serving as the Chairman of the Board’s Regulatory Committee and as a member of the Audit Committee.\n\nSpeaking for the Company, Mario J. Gabelli, Chairman and Chief Executive Officer, said that “We will greatly miss Gary and his insightful knowledge of rural telecommunications. We are profoundly appreciative of his contribution to the Company’s development over his long service as a manager, an advisor and a Director. His efforts played a major role in LICT’s progress in bringing broadband services and capacities to rural Americans.”\n\nAny action which the Board decides to take regarding the vacancy created by Mr. Sugarman’s resignation will be announced at the appropriate time.\n\n.**********************************************************************************\n\nThis release contains certain forward-looking information within the mean...