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LICT Corporation Partners With Maytum Family As It Repurchases DFT Communications Corporation
LICT Corporation Partners With Maytum Family As It Repurchases DFT Communications Corporation.
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[{"type":"text","content":"\n\n\n\nLICT Corporation Partners With Maytum Family As It Repurchases DFT Communications Corporation\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.prngen3{\nBORDER-BOTTOM:1pt; TEXT-ALIGN: RIGHT; BORDER-LEFT:1pt; PADDING-LEFT:0.50em; PADDING-RIGHT:0.50em; VERTICAL-ALIGN: BOTTOM; BORDER-TOP:1pt; BORDER-RIGHT:1pt\n}\n.prngen2{\nBORDER-BOTTOM:1pt; BORDER-LEFT:1pt; PADDING-LEFT:0.50em; PADDING-RIGHT:0.50em; VERTICAL-ALIGN: BOTTOM; 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 Partners With Maytum Family As It Repurchases DFT Communications Corporation\nPR Newswire\nRYE, N.Y., May 20, 2014\n\n\n\nRYE, N.Y., May 20, 2014 /PRNewswire/ -- LICT Corporation (\"LICT\"; Pink Sheets ®: LICT) today announced that it has reached a definitive agreement to sell a controlling interest in DFT Communications Corporation (\"DFT\"), which is headquartered in Fredonia, New York.  The purchasers are three members of DFT's management team, Robert A. Maytum, Mark Maytum and Kurt Maytum, as well as Maytum family member Sheri Stoltenberg, and a newly-formed corporation they control, Brick Skirt Holdings, Inc. (\"Brick Skirt\").   \n\nArthur Maytum founded DFT in 1898 and members of the Maytum family have managed the company from that time to the present.  LICT acquired DFT from the Maytums in 1996.  DFT provides telecommunications services in western New York State, principally through two operating telephone companies, Dunkirk and Fredonia Telephone Company and Cassadaga Telephone Company; an Internet access company, Netsync Internet Services Corp.; and an alarm company, DFT Security Services, Inc.\n\nFinancial terms are not being disclosed.  As part of the transaction, LICT will remain a minority owner in Brick Skirt.  The transaction is subject to a financing contingency and to regulatory approval by both the New York State Public Service Commission and the Federal Communications Commission.  Closing is anticipated in the four...