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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 OR 15(d) of The Securities Exchange Act of 1934.
Date of Report (Date of earliest event reported): December 22, 1998
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HICKORY TECH CORPORATION
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(Exact name of registrant as specified in its charter)
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<S> <C> <C>
Minnesota 0-13721 41-1524393
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(State or other jurisdiction (Commission (IRS Employer
of incorporation) File Number) Identification No.)
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221 East Hickory Street, P.O. Box 3248, Mankato, MN 56002-3248
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(Address of principal executive offices) (Zip code)
Registrant's telephone number including area code (800) 326-5789
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ITEM 5. OTHER EVENTS.
On December 22, 1998, Hickory Tech Corporation issued the following press
release.
HICKORY TECH CORPORATION ACQUIRES CELLULAR PROPERTY
IN MINNEAPOLIS/ST. PAUL AREA
Mankato, MN--Hickory Tech Corporation (HTC) today announced that it has
signed a definitive agreement to acquire certain cellular telephone property
in the Minneapolis/St. Paul, Minnesota area. The geography involved is a
portion of the Mpls./St. Paul MSA (Metropolitan Statistical Area), which is
generally represented as a ring around the metropolitan Twin Cities area.
The cellular property is located in six Minnesota counties (including
Chisago, Wright, Carver, Scott, Dakota and Anoka) and one in St. Croix
County, Wisconsin. It covers a population of approximately 200,000 people.
Under terms of the agreement, HTC will acquire the assets and the license of
this cellular business from McElroy Electronics Corporation, a Massachusetts
company, in a cash transaction. This cellular property is the rural portion
of the Mpls./St. Paul MSA, and has previously been served only partially with
cellular telephone service on what is known as the "A" side of the market.
This is the same system as the adjacent AT&T Wireless service.
Robert D. Alton, HTC's President, CEO and Chairman said, "The purchase of
this additional cellular territory in the Minneapolis/St. Paul market is
valuable to HTC for several reasons. First, the opportunity to acquire a new
cellular property like this is unique. The financial success of other
markets, including our own, justifies our interest. Second, because the
property is directly adjacent to our existing property in Minnesota RSA 10
(dba Cellular One of Mankato), and links us with the metropolitan area, it
expands the scope of our service area. Third, with our Collins customer base
in Mpls./St. Paul (serving business users) and our expanding competitive
local exchange customer base in these areas, having the wireless products to
sell will enhance our ability to serve in many new ways."
This transaction is the second significant cellular acquisition for HTC
within the year. In April 1998, HTC acquired Minnesota RSA 10 (dba Cellular
One of Mankato), a cellular property serving a population of approximately
230,000 from Frontier Corporation.
There are no employees involved since the cellular system is not yet fully
operational. Ultimately this territory will be served with seventeen
digitized cell sites using the TDMA signaling format. The transaction
requires the approval of the Federal Communications Commission, and is
expected to close in the second quarter of 1999. Further details of the
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purchase were not disclosed. Hickory Tech Corporation is a diversified
communications holding company located in Mankato, Minnesota. HTC is in its
100th year of operations with its roots in the local telephone exchange
business. From this base it has expanded into four sectors: Local Telephone,
Communication Products, Billing/Data Processing and Communication Services.
For the year 1997, HTC had $76 million in revenue with operations in
Minnesota, Iowa, and formerly in Texas. The NASDAQ symbol is HTCO. The
Internet home page address is: http://www.hickorytech.com
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934,
the Registrant has duly caused this report to be signed on its behalf by
the undersigned hereunto duly authorized.
Date: December 23, 1998
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HICKORY TECH CORPORATION
By /s/ Robert D. Alton, Jr.
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Robert D. Alton, Jr., Chief Executive Officer
By /s/ David A. Christensen
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David A. Christensen, Chief Financial Officer
