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: June 9, 2000
(Date of Earliest Event Reported)
Hector Communications Corporation
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(Exact name of registrant as specified in its charter)
Minnesota 0-18587 41-1666660
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(State or other (Commission (I.R.S. Employer
jurisdiction File Number) Identification No.)
of Incorporation)
211 South Main Street
Hector, Minnesota 55342
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(Address of principal executive offices)
Registrant's telephone number, including area code: (320) 848-6611
Total Pages (3)
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Hector Communications Corporation
Form 8-K
Items 1 - 4 -- Not applicable.
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Item 5. Other Events.
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On June 9, 2000, Registrant, through its 68% owned subsidiary, Alliance
Telecommunications Corporation, a Minnesota corporation ("Alliance"), acquired
Hager TeleCom, Inc., a Wisconsin corporation ("Hager"), and its wholly owned
subsidiary, Cannon Communications Corporation, a Minnesota corporation
("Cannon"). The acquisition was conducted through a merger transaction whereby a
wholly-owned subsidiary of Alliance, Alliance Acquisition, Inc., a Wisconsin
corporation, merged with and into Hager. The aggregate consideration paid to
Hager's shareholders was $9,124,700, including an escrow of approximately
$445,500. Hager provides telephone service to approximately 2000 residential and
business customers in the Hager City, Wisconsin area. In addition, Hager
provides Internet service to approximately 2500 customers, primarily in Redwing,
Minnesota and has investments in several telecommunications ventures, including
Midwest Wireless LLC. Hager's 1999 operating revenues were approximately
$1,448,000.
Item 6 -- Not applicable.
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Item 7. Financial Statements and Exhibits.
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(a) Not applicable.
(b) Not applicable.
(c) 99.1 Press release
Item 8 -- Not applicable.
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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.
HECTOR COMMUNICATIONS CORPORATION
By /s/Charles A. Braun
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Charles A. Braun
Chief Financial Officer
Dated: June 23, 2000
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Hector Communications Corporation
Form 8-K
Exhibit 99.1 - Press Release
PRESS RELEASE
Contact: Curtis A. Sampson, Chairman and Chief Executive Officer at 320-848-6231
HECTOR COMMUNICATIONS REPORTS AGREEMENT
TO ACQUIRE HAGER TELECOM, INC.
Hector, Minnesota -- May 16, 2000 -- Hector Communications Corporation
(Amex: HCT) today reported that its 68% owned subsidiary, Alliance
Telecommunications Corporation, has signed a definitive agreement to acquire
Hager TeleCom, Inc. and its wholly owned subsidiary, Cannon Communications
Corporation. The acquisition will be conducted by a merger transaction. The
aggregate consideration to be paid to Hager's shareholders is $9,124,700,
including an escrow of approximately $445,500.
Hager TeleCom provides telephone service to approximately 2000 residential
and business customers in the Hager City, Wisconsin area. In addition, Hager
provides Internet service to approximately 2500 customers, primarily in Redwing,
Minnesota and has investments in several telecommunications ventures, including
Midwest Wireless LLC. Hager's 1999 operating revenues were approximately
$1,448,000.
Curtis A. Sampson. Hector's Chairman and Chief Executive Officer, stated
that: "We are pleased to report this acquisition. Hager is a well managed
telecommunications company with a history of steady growth in revenues,
operating income and cash flow. In addition, it is geographically complementary
to the Company's operations in eastern Minnesota communities of Goodhue, Pine
Island and Mazeppa.
In addition to Hector's 68% interest, Alliance is owned by Golden West
Telecommunications Cooperative, Inc., of Wall, South Dakota and Split Rock
Telecom Cooperative, Inc., of Garreston, South Dakota.
Hector Communications Corporation, through its wholly-owned and
majority-owned subsidiaries, provides telephone and cable television service to
rural communities in Minnesota, Wisconsin, South Dakota and Iowa. The Company
presently serves more than 36,000 telephone access lines and 13,000 cable
television customers. Hector is also an investor in partnerships and
corporations providing wireless telephone and other telecommunications related
services.
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