ALLETE Completes Sale of North Carolina Water Systems.Business Editors DULUTH, Minn.--(BUSINESS WIRE)--June 1, 2004 ALLETE, Inc. (NYSE NYSE See: New York Stock Exchange :ALE) announced today that it has completed the sale of its North Carolina-based water and wastewater systems, Heater Utilities, Inc., to Aqua America, Inc. (NYSE:WTR WTR Water WTR Writer WTR Wait To Restore WTR Wireless Technology Research WTR Walker, Texas Ranger (TV show) WTR Western Test Range WTR With-The-Rule Astigmatism WTR Working Time Regulation (UK) ) for $48 million in cash and the assumption of approximately $28 million in debt by Aqua America. The North Carolina North Carolina, state in the SE United States. It is bordered by the Atlantic Ocean (E), South Carolina and Georgia (S), Tennessee (W), and Virginia (N). Facts and Figures Area, 52,586 sq mi (136,198 sq km). Pop. Utilities Commission approved the transaction on May 26, 2004. The agreement to sell Heater Utilities to Aqua America was announced in November of 2003. At that time, Aqua America was known as Philadelphia Suburban Corporation. ALLETE's corporate headquarters are located in Duluth, Minnesota. ALLETE's holdings include ADESA, the second largest wholesale vehicle auction network in North America North America, third largest continent (1990 est. pop. 365,000,000), c.9,400,000 sq mi (24,346,000 sq km), the northern of the two continents of the Western Hemisphere. ; AFC (1) (Application Foundation Classes) A class library from Microsoft that provides an application framework and graphics, graphical user interface (GUI) and multimedia routines for Java programmers. , the leading provider of independent auto dealer financing; Minnesota Power, a low-cost electric utility that serves some of the largest industrial customers in the United States United States, officially United States of America, republic (2005 est. pop. 295,734,000), 3,539,227 sq mi (9,166,598 sq km), North America. The United States is the world's third largest country in population and the fourth largest country in area. ; and significant real estate holdings in Florida. For more information about ALLETE, visit the company's Web site at www.allete.com. The statements contained in this release and statements that ALLETE may make orally in connection with this release that are not historical facts, are forward-looking statements. Actual results may differ materially from those projected in the forward-looking statements. These forward-looking statements involve risks and uncertainties and investors are directed to the risks discussed in documents filed by ALLETE with the Securities and Exchange Commission. |
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