Reno, NV – July 31, 2015 – CIBL, Inc. (“CIBL” or the “Company”; OTC Pink ®: CIBY) announces results for the second quarter of 2015. See Attachments A and B.
At June 30, 2015, CIBL held $24.3 million in liquid assets or $1,352 per share, based on the 17,944 shares outstanding at that date. In addition, the company owns 164,307 common shares of ICTC Group, Inc. (“ICTC”; OTC Pink ®: ICTG) which represents 42.8% of the total outstanding; and 10,000 shares of Solix Inc. (a private outsourcing firm that provides, among other services, billing and collection for the telecommunications industry).
On June 16, 2015 the Company announced that its Board of Directors has authorized the creation of a Special Purpose Acquisition Corporation (“SPAC”) by CIBL. It is anticipated that this SPAC will seek an acquisition candidate from a broad range of industries, company sizes and geographies. CIBL believes that the creation of this SPAC will enhance the Company’s shareholder value. Additional information, including members of the SPAC’s management team, will be provided at a later date.
During the six months ended June 30, 2015, the Company acquired 161 of its shares at an average price of $1,359 per share. Since its spin-off from LICT Corporation in 2007, CIBL has repurchased 7,171 of its shares for a total of $8.0 million, or $1,111 per share.
Earnings (Loss) Per Share
During the second quarter of 2015, the net loss attributable to CIBL was $20,000, or $1.14 per share as compared to a loss of $28,000, or $1.50 per share in the second quarter of 2014. The net losses primarily consist of the net after-tax cost of CIBL’s corporate activities of $65,000, or $3.62 per share, in 2015 and $77,000, or $4.06 per share, in 2014, offset by net income from CIBL’s ownership in ICTC of $44,000, or $2.48 per share, in 2015 and $49,000, or $2.56 per share, in 2014.
Information on ICTC can be obtained on its website, www.ictcgroup.net, and information on CIBL can be obtained on our website: www.ciblinc.com.
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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, including without limitation business conditions and financial markets, and the cautionary statements set forth in documents filed by CIBL on its website, www.ciblinc.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, and such information is subject to uncertainties, risks and inaccuracies, which could be material.
CIBL is a holding company with interests in telecommunications operations. CIBL is listed on OTC Pink® under the symbol CIBY.
Contact: Robert E. Dolan
CIBL has retained LICT Corporation to provide it with administrative and management services