Company will expand broadband network to connect anchor institutions throughout Greater Minnesota
MANKATO, Minn., August 18, 2010— HickoryTech Corporation (NASDAQ:HTCO, news, filings), through its Enventis subsidiary, today was awarded $16.8 million in federal stimulus grants to extend its middle mile fiber-optic network across greater Minnesota connecting health care facilities, schools, libraries, higher education institutions and public offices with an advanced high-capacity broadband network.
Upon accepting this award administered by the U.S. Department of Commerce’s National Telecommunication and Information Administration (NTIA), HickoryTech will expand its 2,800-mile fiber network with 428 miles of new fiber construction connecting rural community anchor institutions across greater Minnesota. Enventis will directly connect community anchor institutions of its collaborative partners including: health care facilities, state and local government offices and educational institutions with a minimum of 100 MB of broadband service and 10GB backbone fiber services supporting advanced high-capacity service applications.
HickoryTech will invest $7.2 million or 30 percent of the total project cost of $24 million over a three-year period to build the fiber optic network.
This broadband network will provide rural communities across Minnesota with affordable, high-capacity broadband services enabling telemedicine, economic development opportunities and improved connectivity to state and local government offices.
HickoryTech, which is currently the largest telecommunications provider based in Minnesota, has a history of partnering with local, state and government agencies to offer innovative broadband solutions throughout rural Minnesota. Enventis is a wholly owned subsidiary of HickoryTech. In April, HickoryTech announced the expansion of its fiber network to Sioux Falls, So. Dakota, and Fargo, No. Dakota.
About HickoryTech
HickoryTech Corporation (dba HickoryTech and Enventis) is a leading integrated communications provider in the markets it serves. With headquarters in Mankato, Minn., the corporation has approximately 450 employees and a regional fiber network with facilities-based operations in Minnesota and Iowa. Enventis serves businesses of all sizes across a five-state region with IP-based voice, data and network solutions. HickoryTech provides bundled residential and business services including high-speed Internet, Digital TV and voice services in its legacy telecom markets. The Company trades on the Nasdaq Stock Exchange, symbol: HTCO. For more information, visit www.hickorytech.com.
HickoryTech Corporation (dba HickoryTech and Enventis) is a leading integrated communications provider in the markets it serves. With headquarters in Mankato, Minn., the corporation has approximately 450 employees and a regional fiber network with facilities-based operations in Minnesota and Iowa. Enventis serves businesses of all sizes across a five-state region with IP-based voice, data and network solutions. HickoryTech provides bundled residential and business services including high-speed Internet, Digital TV and voice services in its legacy telecom markets. The Company trades on the Nasdaq Stock Exchange, symbol: HTCO. For more information, visit www.hickorytech.com.
Forward-Looking Statement
The press release may contain forward-looking statements that are not based on historical facts. Such forward-looking statements involve known and unknown risks, uncertainties and other factors that may cause actual results, events or developments to be materially different from future results, events or developments described in the forward-looking statements. Such factors include those risks described in HickoryTech’s Form 10-K on file with the SEC. These factors should be considered carefully and readers are cautioned not to place undue reliance on such forward-looking statements. HickoryTech undertakes no obligation to update any of its forward-looking statements, except as required by federal securities laws.
The press release may contain forward-looking statements that are not based on historical facts. Such forward-looking statements involve known and unknown risks, uncertainties and other factors that may cause actual results, events or developments to be materially different from future results, events or developments described in the forward-looking statements. Such factors include those risks described in HickoryTech’s Form 10-K on file with the SEC. These factors should be considered carefully and readers are cautioned not to place undue reliance on such forward-looking statements. HickoryTech undertakes no obligation to update any of its forward-looking statements, except as required by federal securities laws.
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