Reno, NV – February 27, 2019 – CIBL, Inc. (“CIBL” or the “Company”; OTC Pink ®: CIBY) announces that at December 31, 2018, CIBL held $31.3 million in liquid assets or $1,903 per share, based on the 16,437 shares outstanding at that date, and 10,000 shares of Solix Inc., a private outsourcing firm that provides, among other services, billing and collection for the telecommunications industry.
ICTC Group Inc. – On October 19, 2018, BEK Communications Cooperative’s completed the merger with ICTC Group Inc. (“ICTC”) for $65.25 per ICTC share. CIBL owned 166,556 shares of ICTC which equated to pre-tax proceeds $10.9 million. CIBL’s cost basis for these shares, almost all of which were acquired in 2012, was $22.63 per share.
Share Repurchases – During the year ended December 31, 2018, the Company acquired 198 of its shares at an average price of $1,643 per share. We acquired 37 shares since December 31, 2018, at $1,667 per share, and now have 16,400 shares outstanding. Since its spin-off from LICT Corporation in 2007, CIBL has repurchased 8,716 of its shares for a total of $10.0 million, or an average price of $1,153 per share.
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To the extent 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. Thus, such information is subject to uncertainties, risks and inaccuracies, which could be material, and there can be no assurance that such information will prove to be accurate.
CIBL is a holding company with interests in telecommunications operations. CIBL is listed on OTC Pink® under the symbol CIBY and information can be obtained on our website: www.ciblinc.com.
Contact: Robert E. Dolan