FERGUS FALLS, Minn., July 5, 2005 (PRNewswire-FirstCall) — Officials at Otter Tail Corporation announced the completed sale of its telecommunications business, Midwest Information Systems, to Arvig Enterprises, Inc. in a cash-for-stock transaction. Otter Tail Corporation expects the sale of Midwest Information Systems will result in an after-tax gain estimated to be in the range of $.37 to $.42 per share.
The closing of the transaction followed approval of the sale by the Minnesota Public Utilities Commission. Robert W. Baird & Co. acted as the financial advisor in the marketing process of the sale. Midwest Information Systems is based in Parkers Prairie, Minnesota, and includes Midwest Telephone Company and Data Video Systems in Parkers Prairie, Osakis Telephone Company in Osakis and Peoples Telephone Company in Bigfork.
About Arvig Enterprises [ www.arvig.com ]
Arvig Enterprises, Inc. is the parent company of Arvig Communication Systems (ACS), a full-service telecommunications provider based in Perham, Minnesota. In addition to providing voice, video and data services, ACS also offers cellular phones and service, business phone systems, web development services and more.
About Otter Tail [ www.ottertail.com ]
Otter Tail Corporation has interests in diversified operations that include an electric utility, plastics, manufacturing, health services, food ingredient processing and other businesses. Otter Tail Corporation stock trades on NASDAQ under the symbol OTTR. The latest investor and corporate information is available on the website . Corporate offices are located in Fergus Falls, Minnesota, and Fargo, North Dakota.