| [August 18, 2011] |
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HickoryTech Announces Share Repurchase Plan of up to $3 Million
MANKATO, Minn. --(Business Wire)--
HickoryTech Corporation (NASDAQ: HTCO) today announced its board of
directors has authorized a stock repurchase plan in which the company
intends to repurchase up to $3 million of HickoryTech's common stock.
HickoryTech shares will be repurchased periodically in open market
transactions or privately negotiated transactions at HickoryTech's
discretion, and are subject to the Securities and Exchange Act Rule
10b-18 and black-out periods in which the company and its insiders are
prohibited from trading the company's stock.
"We believe HickoryTech's stock price does not adequately reflect our
company's strong financial condition, operating performance, and solid
cash flows," said John Finke, president and chief executive officer of
HickoryTech. "We intend to use this plan over time to increase
shareholder value."
A Form 8-K will be filed with the Securities and Exchange Commission
today and will be available at http://investor.hickorytech.com
under "SEC (News - Alert) Filings."
The share repurchase plan will be arranged through Stevens Inc.
About HickoryTech
HickoryTech Corporation is a leading
communications provider serving business and residential customers in
the upper Midwest. With headquarters in Mankato, Minn., HickoryTech
has 460 employees and a five-state fiber network spanning more than
2,750 route miles across Minnesota and into Iowa, North Dakota, South
Dakota and Wisconsin. Enventis
provides business IP-based voice and data solutions, MPLS networking,
data center and managed hosted services and communication systems.
HickoryTech delivers broadband Internet, Digital TV, voice and data
services to businesses and consumers in southern Minnesota and northwest
Iowa. The Company trades on the NASDAQ, symbol: HTCO,
and is a member of the Russell 2000 Index. For more information, visit www.hickorytech.com.
Forward-looking statement
Certain statements included in
this press release that are not historical facts are "forward-looking
statements." Such forward-looking statements are based on current
expectations, estimates and projections about the industry in which
HickoryTech operates and management's beliefs and assumptions. The
forward-looking statements are subject to uncertainties. These
statements are not guarantees of future performance and involve certain
risks, uncertainties and probabilities. Therefore, actual outcomes and
results may differ materially from what is expressed or forecasted in
such forward-looking statements. You are cautioned not to place undue
reliance on these forward-looking statements, which speak only as of the
date on which they were made. HickoryTech undertakes no obligation to
update any of its forward-looking statements, except as required by law.
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