Hector Communic (AMEX:HCT)
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From Sep 2019 to Sep 2024
New Ulm Telecom, Inc. (OTCBB:NULM) announced today that it has completed
its acquisition of a one-third ownership in Hector Communications
Corporation (AMEX:HCT) through a recently formed corporation, Hector
Acquisition Corporation, that is owned equally by New Ulm Telecom, Inc.,
Blue Earth Valley Communications, Inc. and Arvig Enterprises, Inc., all
of which are independent local exchange carriers. Each of the owners
will provide management and other operational services to Hector
Communications Corporation and its subsidiaries.
New Ulm Telecom, Inc.’s President and CEO, Mr.
Bill Otis, has been named Chairman of the Board and President of Hector
Communications Corporation.
Hector Acquisition Corporation entered into a merger agreement to
acquire all of the outstanding shares of Hector Communications
Corporation for $36.40 per share on June 27, 2006. New Ulm Telecom,
Inc., as a one-third owner of Hector Acquisition Corporation, previously
announced the entry into a merger agreement with Hector Communications
Corporation in its 8-K filed on June 27, 2006.
Hector Communications Corporation is a telecommunications holding
company which through its subsidiaries provides telecommunications
services in rural communities in Minnesota, Wisconsin and North Dakota.
At June 30, 2006 Hector Communications Corporation served approximately
29,300 telephone access lines, 8,000 cable television subscribers and
11,700 Internet customers, as well as having minority ownership interest
in other telecommunications companies.
New Ulm Telecom, Inc. is a telecommunications provider serving rural
communities in Minnesota and Iowa. At June 30, 2006, New Ulm Telecom,
Inc. served approximately 16,300 telephone access lines, 4,800 cable
television subscribers and 5,400 Internet customers.
New Ulm Telecom, Inc., as it has previously announced in its October 10,
2006 8-K, used approximately $18 million of the proceeds it received
from the sale of Midwest Wireless Holding in connection with its
purchase of its one-third ownership of Hector Communications Corporation.
CAUTIONARY STATEMENT
The Private Securities Litigation Reform Act of 1995 contains certain
safe harbor provisions regarding forward-looking statements. These
statements may include, without limitation, statements with respect to
anticipated future operating and financial performance, growth
opportunities and growth rates, acquisition and divestiture
opportunities, business strategies, business and competitive outlook and
other similar forecasts and statements of expectation. Words such as
expects, anticipates, intends, plans, believes, seeks, estimates and
should, and variations of these words and similar expressions, are
intended to identify these forward-looking statements. Such
forward-looking statements are subject to risks and uncertainties that
could cause actual results to differ materially from such statements.
Due to the uncertainties listed and the fact that any forward-looking
statements made by New Ulm Telecom, Inc. and its management are based on
estimates, projections, beliefs and assumptions of management, they are
not guarantees of future performance. Except as required by law, New Ulm
Telecom, Inc. disclaims any obligation to update or revise any
forward-looking statements based on the occurrence of future events, the
receipt of new information, or otherwise.
New Ulm Telecom, Inc. (OTCBB:NULM) announced today that it has
completed its acquisition of a one-third ownership in Hector
Communications Corporation (AMEX:HCT) through a recently formed
corporation, Hector Acquisition Corporation, that is owned equally by
New Ulm Telecom, Inc., Blue Earth Valley Communications, Inc. and
Arvig Enterprises, Inc., all of which are independent local exchange
carriers. Each of the owners will provide management and other
operational services to Hector Communications Corporation and its
subsidiaries.
New Ulm Telecom, Inc.'s President and CEO, Mr. Bill Otis, has been
named Chairman of the Board and President of Hector Communications
Corporation.
Hector Acquisition Corporation entered into a merger agreement to
acquire all of the outstanding shares of Hector Communications
Corporation for $36.40 per share on June 27, 2006. New Ulm Telecom,
Inc., as a one-third owner of Hector Acquisition Corporation,
previously announced the entry into a merger agreement with Hector
Communications Corporation in its 8-K filed on June 27, 2006.
Hector Communications Corporation is a telecommunications holding
company which through its subsidiaries provides telecommunications
services in rural communities in Minnesota, Wisconsin and North
Dakota. At June 30, 2006 Hector Communications Corporation served
approximately 29,300 telephone access lines, 8,000 cable television
subscribers and 11,700 Internet customers, as well as having minority
ownership interest in other telecommunications companies.
New Ulm Telecom, Inc. is a telecommunications provider serving
rural communities in Minnesota and Iowa. At June 30, 2006, New Ulm
Telecom, Inc. served approximately 16,300 telephone access lines,
4,800 cable television subscribers and 5,400 Internet customers.
New Ulm Telecom, Inc., as it has previously announced in its
October 10, 2006 8-K, used approximately $18 million of the proceeds
it received from the sale of Midwest Wireless Holding in connection
with its purchase of its one-third ownership of Hector Communications
Corporation.
CAUTIONARY STATEMENT
The Private Securities Litigation Reform Act of 1995 contains
certain safe harbor provisions regarding forward-looking statements.
These statements may include, without limitation, statements with
respect to anticipated future operating and financial performance,
growth opportunities and growth rates, acquisition and divestiture
opportunities, business strategies, business and competitive outlook
and other similar forecasts and statements of expectation. Words such
as expects, anticipates, intends, plans, believes, seeks, estimates
and should, and variations of these words and similar expressions, are
intended to identify these forward-looking statements. Such
forward-looking statements are subject to risks and uncertainties that
could cause actual results to differ materially from such statements.
Due to the uncertainties listed and the fact that any
forward-looking statements made by New Ulm Telecom, Inc. and its
management are based on estimates, projections, beliefs and
assumptions of management, they are not guarantees of future
performance. Except as required by law, New Ulm Telecom, Inc.
disclaims any obligation to update or revise any forward-looking
statements based on the occurrence of future events, the receipt of
new information, or otherwise.