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LICT Corporation Closes Sale Of DFT Communications Corporation To Maytum Family
LICT Corporation Closes Sale Of DFT Communications Corporation To Maytum Family.
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[{"type":"text","content":"\n\n\n\nLICT Corporation Closes Sale Of DFT Communications Corporation To Maytum Family\n\n/* Style Definitions */\nspan.prnews_span\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\na.prnews_a\n{\ncolor:blue;\n}\nli.prnews_li\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\np.prnews_p\n{\nfont-size:0.62em;\nfont-family:\"Arial\";\ncolor:black;\nmargin:0in;\n}\n.prngen2{\nBORDER-BOTTOM:1pt; BORDER-LEFT:1pt; PADDING-LEFT:0.50em; PADDING-RIGHT:0.50em; BORDER-TOP:1pt; BORDER-RIGHT:1pt\n}\n.prntblns{\nBORDER-BOTTOM: 1pt; BORDER-LEFT: 1pt; BORDER-COLLAPSE: collapse; BORDER-TOP: 1pt; BORDER-RIGHT: 1pt\n}\n\n\n\n\n\n\nLICT Corporation Closes Sale Of DFT Communications Corporation To Maytum Family\nPR Newswire\nRYE, N.Y., Dec. 24, 2014\n\n\n\nRYE, N.Y., Dec. 24, 2014 /PRNewswire/ -- LICT Corporation (\"LICT\"; OTC Pink ®: LICT) announces the sale of its DFT Communications Corporation (\"DFT\") subsidiary to DFT's founding family, The Maytums, of Fredonia, NY. \n\nThe Maytum family founded the Dunkirk & Fredonia Telephone Company in 1898.LICT had acquired DFT from the Maytums in 1996. DFT provides telecommunications services in western New York State, principally through its two local telephone companies serving the Dunkirk/Fredonia and Cassadaga areas. DFT also operates an Internet access company and an alarm/security company.\n\nLICT announced the signing of the definitive agreement for this transaction on May 20, 2014, and the New York Public Service Commission (\"NYPSC\") approved the transaction on December 12, 2014.  \n\nIn its Order approving this transaction, the NYPSC stated that the Maytum family's local management would be \"in tune [with] and responsive to the needs of the local communities\" involved.  The NYPSC also noted the many \"consecutive years of service quality commendations\" it has issued to both of the DFT telephone companies.\n\nFor the nine months ended September 30, 2014, DFT contributed $11.8 million to LICT's total revenues of $76 million, or 15.5%, and $2.3 million to LICT's EBITDA from operations of $30.7 million, or 8.3%.  Detailed financial terms are not being released at this time, but as a result of the transaction LICT will receive cash and notes as well as 20% in Brick Skirt's equity. As of September 30, 2014, LICT had approximately $11.0 million in cash...