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NEW ULM, MN - On April 22, 2008, the
Board of Directors of New Ulm Telecom, Inc. declared a 2nd quarter dividend in
the amount of $.10 per share. The dividend will be paid to shareholders of
record at the close of business on May 5, 2008 and will be payable on June 13,
2008. Thank you.
January 15, 2008 - New Ulm Telecom, Inc. Receipt
of Midwest Wireless
New Ulm Telecom, Inc. (“New Ulm”) announced today that it has received the
final payment of funds received from the November 2006 Midwest Wireless Holding
(“MWH”) transaction.
New Ulm announced that it had received from escrow $5,331,000 in principal plus
accrued interest and that its newly-acquired subsidiary, Hutchinson Telephone
Company also received a payment of $1,128,000 in principal plus accrued
interest. The aggregate amount received by both companies, including accrued
interest, is approximately $6,459,000.
New Ulm intends to use the money for general working capital purposes and
repayment of debt.
As previously announced, on January 4, 2008, New Ulm acquired Hutchinson
Telephone Company for approximately $78 million and borrowed approximately $60
million from Co-Bank to finance the acquisition. The price that New Ulm paid for
Hutchinson Telephone Company reflected the anticipated receipt of the MWH funds
by Hutchinson Telephone Company.
In addition, Hector Communication Corporation, of which New Ulm is a one-third
owner, also received a final payment from the escrow account of approximately
$4,323,000 in principal plus accrued interest.
Background on the MWH Transaction
In connection with the acquisition of MWH by Alltel in October 2006, New Ulm
received approximately 90% of the sale proceeds attributable to its interest or
approximately $74 million on October 6, 2006. Alltel delivered the other 10% to
the escrow agent. The escrow account was established to be used for any true-up
adjustments, indemnifications, and other specified costs under the acquisition.
Funds not used for these purposes were to be released to the former shareholders
of MWH. New Ulm had received a payment of approximately $3 million plus accrued
interest in April 2007. Due to the contingencies for release of the escrow
funds, the Company had not recorded a receivable for any part of the funds prior
to their receipt.
Forward-Looking Statements
Statements about New Ulm’s future prospects are forward-looking and, therefore,
involve certain risks and uncertainties. These and other risk factors are
discussed in New Ulm’s Report on Form 10-K for the year ended December 31, 2006
and from time to time in its other filings with the Securities and Exchange
Commission. In addition to these factors, forward-looking statements in this
press release are subject to the ability of New Ulm to operate the combined
company in a profitable manner after the merger.
On
January 2, 2008- New Ulm Telecom, Inc. and Hutchinson Telephone
Company Announce Anticipated Closing Date for Merger
New Ulm, MN
- New Ulm Telecom, Inc. (“New Ulm”) (NULM.OB) and Hutchinson Telephone Company
(“HTC”) announced today that they received all the approvals for the closing of
the merger agreement under which New Ulm will acquire Hutchinson Telephone
Company. The transaction is expected to close on or before Friday, January 4,
2008. It is being structured as a
reverse triangular merger under which a newly-formed subsidiary of New Ulm will
merge into HTC at closing, with HTC continuing to operate as a subsidiary of New
Ulm.
About New Ulm
New Ulm owns and operates
incumbent local exchange carriers (ILECs) and a competitive local exchange
carrier (CLEC) that provide, own and operate phone, video and internet services
in a number of Minnesota and Iowa communities. New Ulm also sells and services
cellular phones and accessories, customer premise equipment and transport
operations. New Ulm also holds a 25.18% investment in FiberComm, LC, a CLEC
based in Sioux City, Iowa and holds a 33.33% ownership interest in Hector
Communications Corporation, which provides phone, video and internet services to
a number of communities in Minnesota and Wisconsin.
Forward-Looking Statements
Statements about New Ulm’s
future prospects are forward-looking and, therefore, involve certain risks and
uncertainties. These and other risk factors are discussed in New Ulm’s Report
on Form 10-K for the year ended December 31, 2006 and from time to time in
its other filings with the Securities and Exchange Commission.
On November 27, 2007, the Board of Directors
of New Ulm Telecom, Inc. declared a 4th quarter dividend in the amount of $.10
per share. The dividend will be paid to shareholders of record at the close of
business on December 7, 2007 and will be payable on December 14, 2007.
On August 28, 2007, the Board of Directors of
New Ulm Telecom, Inc. declared a 3rd quarter dividend in the amount of $.10 per
share. The dividend will be paid to shareholders of record at the close of
business on September 7, 2007 and will be payable on September 14, 2007.
On April 24, 2007, the Board of Directors of
New Ulm Telecom, Inc. declared a 2nd quarter dividend in the amount of $.10 per
share. The dividend will be paid to shareholders of record at the close of
business on May 7, 2007 and will be payable on June 15, 2007.
On February 26, 2007, the Board of Directors
of New Ulm Telecom, Inc. declared a 1st quarter dividend in the amount of $.10
per share to shareholders of record at the close of business on March 9, 2007.
This dividend will be payable on March 15, 2007
On November 28, 2006, the Board of Directors
of New Ulm Telecom, Inc. declared a 4th quarter dividend in the amount of $.09
per share. The dividend was paid to shareholders of record at the close of
business on December 8, 2006 and was payable on December 15, 2006.
New Ulm Telecom, Inc. (OTCBB:NULM) announced
today that on Friday, October 6, 2006, it received proceeds of
approximately $74 million from the sale of its 9.88% interest in Midwest
Wireless Holdings, L.L.C. (Midwest) which was acquired by Alltel Corporation
(Alltel). Under the terms of the acquisition between Alltel and Midwest, 90% of
the proceeds were distributed at closing, with an additional 4% to be
distributed six months later, and the final 6% 18 months later, subject to
certain contingencies. Accordingly, New Ulm expects to receive additional
payments of approximately $3 million in April 2007 and $5 million in April 2008,
subject to certain contingencies.
In connection with the receipt of the funds
from the sale of Midwest Wireless, the New Ulm Telecom, Inc. Board of Directors
announced that it is declaring a special dividend of $2.75 per share payable on
October 25, 2006 to shareholders of record as of October 20, 2006. This special
dividend represents approximately 42% of the Company’s after-tax gain from the
sale of its Midwest Wireless units. On October 6, 2006, the Company had
5,115,435 shares outstanding.
New Ulm Telecom, Inc. also announced that it
intends to use approximately $18 million of the proceeds, after payment of taxes
of approximately $25 million, in connection with its purchase of one third of
Hector Communications Corporation, which New Ulm expects to close prior to
year-end.
Pending use of the remaining proceeds, the Company is investing in
short-term government securities.
**** It has been brought to our attention
that the information on the check stub of the most recent dividend paid to
shareholders contained a typographical error. The line that read "Dividend paid
2005" should read "Dividend paid 2006" and the line that read "Reportable
dividend 2005" should read "Reportable dividend 2006". If you have any further
questions, please call the office at 888-873-6853.****
On
August 29, 2006, the
Board of Directors of New Ulm Telecom, Inc. declared a 3rd quarter
dividend in the amount of $.09 per share. The dividend was paid to
shareholders of record at the close of business on September 13, 2006
and was payable on September 15, 2006.
On April 25, 2006, the Board of Directors of
New Ulm Telecom, Inc. declared a 2nd quarter dividend in the amount of $.09 per
share. The dividend will be paid to shareholders of record at the close of
business on May 9, 2006 and will be payable on June 15, 2006.
On January 31, 2006, the Board of Directors
of New Ulm Telecom, Inc. declared a 1st quarter dividend in the amount of $.09
per share. The dividend will be paid to shareholders of record at the close of
business on February 27, 2006 and will be payable on March 15, 2006.
On November 22, 2005, the Board of Directors
of New Ulm Telecom, Inc. declared a 4th quarter dividend in the
amount of $.0833 per share. The dividend will be paid to shareholders of record
at the close of business on December 8, 2005 and will be payable on December 15,
2005.
On August 24, 2005, the Board of Directors of
New Ulm Telecom, Inc. declared a 3rd quarter dividend in the amount of $.0833
per share. The dividend will be paid to shareholders of record at the close of
business on September 8, 2005 and will be payable on September 15, 2005.
On April 26, 2005, the Board of Directors of
New Ulm Telecom, Inc. declared a 2nd quarter dividend in the amount
of $.0833 per share. The dividend will be paid to shareholders of record at the
close of business on May 11, 2005 and will be payable on June 15, 2005.
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.
