RYE, New York, June 1, 2016 /PRNewswire/ -- LICT Corporation (OTC Pink: LICT) announced today it has adopted a Shareholder Charitable Contribution program for all registered shareholders. Each shareholder will be eligible to designate charities to which the company will make a donation of $100 per share on behalf of the shareholder.
Warren Buffett had a similar program at Berkshire Hathaway from 1981 to 2003. In addition, GAMCO Investors, Inc. has had a similar program.
At LICT, we believe charitable giving is a cornerstone of society and an obligation for those with means to make a difference in the world. As an organization, LICT will have no control over the donations, but we are happy to make them on behalf of our shareholders.
As in the case of both Berkshire and GAMCO, only registered shareholders will be eligible to participate.
If a shareholder's shares are registered in "street name" (i.e. a bank, broker or other institution holding the shares for the shareholder), those shares will not be eligible to participate in this charitable program. Therefore, any shareholder who has shares that are currently held in street name but wishes to participate in this program should contact the institution holding the shares to arrange for their registration in the shareholder's own name.
Shareholders will have until July 15, 2016 to register shares in their own name to participate in the program. Our current plan is to distribute, in early July, a charitable contribution form that must be returned to LICT no later than August 15, 2016, for the charitable contribution to be made. Only charities that are recognized 501 (c) (3) organizations will be qualified to receive the donation from LICT on the shareholder's behalf. A list of eligible charities is available at: http://www.irs.gov/Charities-&-Non-Profits/Exempt-Organizations-Select-Check
If all shares outstanding are registered in the shareholders' names at the record date, the total contribution would be approximately $2.2 million.
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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SOURCE LICT Corporation