LICT Corporation Announces Expected Ex-Dividend Date for Spin-Off of MachTen, Inc.

RYE, N.Y.--(BUSINESS WIRE)-- LICT Corporation (OTC Pink: LICT) previously announced that its Board of Directors has approved the spin-off of a majority interest in its Michigan businesses through a pro rata distribution of 81% of the common stock of MachTen, Inc., a newly formed holding company formed to hold the Michigan businesses. LICT shareholders will receive on August 14, 2023, a distribution of 150 shares of MachTen common stock for every 1 share of LICT common stock owned as of 5 p.m. ET on July 31, 2023, the record date for the distribution.

It is intended that the ex-dividend date for the distribution will be set for August 15, 2023, such that any shares of LICT common stock traded from now until such date will be transferred with the right to receive the distribution of MachTen common stock in the spin-off.

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This release contains certain 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, including without limitation anticipated financial results, financing, capital expenditures and corporate transactions. It should be recognized that such information is based upon certain assumptions, projections and forecasts, including without limitation, business conditions and financial markets, regulatory and other approvals, and the cautionary statements set forth in documents filed by LICT on its website, www.lictcorp.com. As a result, there can be no assurance that any possible transactions will be accomplished or be successful, or that financial targets will be met. Such forward-looking information is subject to uncertainties, risks and inaccuracies, which could be material.

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Mario J. Gabelli

Executive Chairman and Interim Chief Executive Officer

Stephen J. Moore

Vice President-Finance

914-921-8821

www.lictcorp.com

Source: LICT Corporation