ALLETE Makes First Investment in American Transmission Co.DULUTH, Minn. -- ALLETE (NYSE NYSE See: New York Stock Exchange :ALE), through a subsidiary, made its first installment of a $60 million investment in the American Transmission Company today. ATC ATC Air Traffic Control ATC Average Total Cost ATC Certified Athletic Trainer ATC At the Center (Hartford, Maine retreat center) ATC Applied Technology Council ATC All Things Considered is a Wisconsin-based public utility that owns and maintains electric transmission assets in parts of Wisconsin, Michigan and Illinois. ALLETE signed an agreement with ATC last December that enables its subsidiary Rainy River Rainy River can refer to:
tr.v. au·thor·ized, au·thor·iz·ing, au·thor·iz·es 1. To grant authority or power to. 2. To give permission for; sanction: an Order that allowed the investment to proceed. ALLETE's subsidiary will be responding to ATC's monthly capital calls to arrive at the total planned contribution by year end. When completed, this investment would represent an estimated nine percent ownership interest in ATC. In addition, Rainy River is also eligible to participate in ATC's quarterly general equity capital calls, which would increase the total amount of this investment. ALLETE's corporate headquarters are located in Duluth, Minnesota. ALLETE provides energy services in the upper Midwest The Upper Midwest is a region of the United States with no universally agreed-upon boundary, but it almost always lies within the US Census Bureau's definition of the Midwest and includes the states of Minnesota and Wisconsin, as well as at least the Upper Peninsula of Michigan. and has significant real estate holdings in Florida. More information about the company is available on ALLETE'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 forward-looking statement A projected financial statement based on management expectations. A forward-looking statement involves risks with regard to the accuracy of assumptions underlying the projections. . 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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