Reno, NV – February 18, 2016 – CIBL, Inc. (“CIBL” or the “Company”; OTC Pink ®: CIBY) announces preliminary, unaudited results for the fourth quarter of 2015. See Attachments A and B.
Summary – At December 31, 2015, CIBL held $23.6 million in liquid assets or $1,334 per share, based on the 17,725 shares outstanding at that date. In addition, the company owns 166,556 common shares of ICTC Group, Inc. (“ICTC”; OTC Pink ®: ICTG), or 43.5% of the shares outstanding, and has voting control through a voting rights agreement with our Chairman; and 10,000 shares of Solix Inc., a private outsourcing firm that provides, among other services, billing and collection for the telecommunications industry.
Fourth Quarter and Full Year Results- During the fourth quarter of 2015, the net loss attributable to CIBL was $82,000 or $4.63 per share, as compared to $63,000, or $3.46 per share in the fourth quarter of 2014. Significant items the fourth quarter results are:
- The net after-tax cost of CIBL’s corporate activities was $89,000, or $4.99 per share, in 2015 and $85,000, or $4.67 per share, in 2014.
- In 2015, net income from CIBL’s ownership in ICTC was $17,000, or $0.94 per share, and in 2014 net income from ICTC was $18,000, or $1.02 per share.
For the full year of 2015, the net loss attributed to CIBL was $9,000 or $0.51 per share as compared to a net loss of $48,000 or $2.54 per share for the full year ended December 31, 2014. Significant items in the full year results are:
- The net after-tax cost of CIBL’s corporate activities was $283,000, or $15.80 per share, as compared to 292,000 or $15.46 per share in 2014.
- In 2015, net income from CIBL ownership of ICTC was $212, 000 or $11.84 per share as compared to $170,000 or $9.02 per share in 2014.
Corporate Development- In the fourth quarter of 2015, CIBL added Gary Julien as Vice President – Corporate Development to assist in developing and executing our strategic initiatives. Gary brings experience in corporate finance, with a background in mergers and acquisitions.
In addition, Gary is working on CIBL’s previously announced special purpose acquisition company (“SPAC”), PMV Acquisition Corp., whose Registration Statement is on file with the Securities and Exchange Commission.
Share Repurchases – During the year ended December 31, 2015, the Company acquired 380 of its shares at an average price of $1,336 per share. Since its spin-off from LICT Corporation in 2007, CIBL has repurchased 7,389 of its shares for a total of $8.3 million, or an average price of $1,118 per share.
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