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NULM.OB > SEC Filings for NULM.OB > Form 8-K on 2-Jul-2009All Recent SEC Filings

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Form 8-K for NEW ULM TELECOM INC

2-Jul-2009

Entry into a Material Definitive Agreement, Financial Statements and Exhibits


ITEM 1.01 ENTRY INTO A MATERIAL DEFINITIVE AGREEMENT.

On June 30, 2009, New Ulm Telecom, Inc. ("New Ulm") entered into an Agreement to sell its ownership interests in SHAL Networks, Inc., SHAL, LLC, Direct Communications, LLC and En-Tel Communications, LLC to Iowa Telecommunications Services, Inc. for approximately $1.7 million, subject to specified customary adjustments.

The transaction has been unanimously approved by the Board of Directors of New Ulm and is expected to close in the fall of 2009. The sale of these minority owned investments allow New Ulm to monetize non-core investments. In addition, this transaction will release New Ulm from approximately $5.7 million in loan guarantees to RTFC for loans made to SHAL, LLC and En-Tel Communications, LLC.



ITEM 9.01 FINANCIAL STATEMENTS AND EXHIBITS.

(d) Exhibits

Exhibit 99.1 Press Release dated July 2, 2009.

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