EX-99.1
2
nutele064288_ex99-1.htm
PRESS RELEASE DATED NOVEMBER 3, 2006
Exhibit 99.1 to New Ulm Telecom, Inc. Form 8-K dated November 3, 2006
EXHIBIT 99-1
NEWS RELEASE
NEWS RELEASE
NEWS RELEASE
FROM:
NU-Telecom
27 N. Minnesota
New Ulm, MN 56073
Tele. 507-354-4111
FOR RELEASE:
Immediate
CONTACT:
Bill Otis
NU-Telecom
507-354-4111
E-mail: billotis@nu-telecom.net
New Ulm Telecom, Inc. announces the acquisition of a
one-third ownership in Hector Communications Corporation
NEW ULM, Minn. - November 3, 2006,
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.

EX - 99 . 1 2 nutele064288 _ ex99 - 1 . htm PRESS RELEASE DATED NOVEMBER 3 , 2006 Exhibit 99 . 1 to New Ulm Telecom , Inc . Form 8 - K dated November 3 , 2006 EXHIBIT 99 - 1 NEWS RELEASE NEWS RELEASE NEWS RELEASE FROM : NU - Telecom 27 N . Minnesota New Ulm , MN 56073 Tele . 507 - 354 - 4111 FOR RELEASE : Immediate CONTACT : Bill Otis NU - Telecom 507 - 354 - 4111 E - mail : billotis@nu-telecom.net New Ulm Telecom , Inc . announces the acquisition of a one - third ownership in Hector Communications Corporation NEW ULM , Minn . - November 3 , 2006 , 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 .
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