Smith Bagley, Inc. acquired spectrum from LICT Corporation

Announced: November 28, 2011

Target: Lynch 3G Communications (a subsidiary of LICT Corporation) (“LICT”)

Buyer: Smith Bagley, Inc. (d/b/a Cellular One of Northeast Arizona)

Price: Not disclosed

Assets: Eight lower C-Block 700 MHz spectrum licenses covering approximately 1.5 million POPs in Iowa, Michigan, New Mexico, and New York.

Closed: February 16, 2012

Comments: LICT acquired these eight spectrum licenses in FCC auctions 44 and 49 for a total of $753,000 ,which represents approximately $0.04 per MHz POP. Although pricing and valuation were not disclosed, the transaction will result in a net gain, after transaction costs and taxes, of $7.7 million for LICT
LICT is a holding company with subsidiaries in communications and multimedia, and actively seeks acquisitions, principally in its existing business areas.
Smith Bagley provides wireless communications services to over 80,000 customers in Arizona and New Mexico.

Charlesmead Advisors, LLC served as exclusive financial advisor to Smith Bagley, Inc. in this transaction.

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