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Montana Power Sets Date for Special Shareholders Meeting.

BUTTE, Mont., July 10 /PRNewswire/ --

Anticipating timely completion of Securities and Exchange Commission review of the company's registration and proxy statement, The Montana Power Company (NYSE: MTP) announced today the close of business July 18, 2001 is the record date for the determination of shareholders entitled to notice of and to vote at the Special Meeting of shareholders to be held September 14, 2001, at 1:30 p.m. in the Mother Lode Theatre, 315 W. Park Street, Butte, Montana.

At the Special Meeting shareholders will consider the merger and sale of the Utility business to NorthWestern Corporation of Sioux Falls, South Dakota, which if approved by two-thirds majority of shareholders will result in TOUCHAMERICA, Montana Power's wholly owned broadband services subsidiary, becoming the traded company. Additionally, shareholders will be asked to approve the redemption of preferred stock, both the 4.20 and 6.00 series.

The Montana Power Company is a diversified investor-owned electric and natural gas utility. The company announced on March 28, 2000 that it would divest all of its energy businesses, including its utility, and invest the proceeds in its telecommunications subsidiary, TOUCHAMERICA, a national broadband service provider that will have a 26,000-mile fiber-optic network by yearend. Montana Power has sold its oil and gas business to PanCanadian Petroleum Limited of Calgary for $475 million, its independent power business to CES Acquisition Corp. of Butte for $84.5 million, and its coal business to Westmoreland Coal Company of Colorado Springs for $183 million. The Utility sale to NorthWestern Corp. of Sioux Falls, SD for $602 million in cash and the assumption of $488 million in debt is expected to close third quarter. Information about Montana Power can be found at http://www.mtpower.com.

Forward-looking information is subject to risk and uncertainty. Portions of this document may constitute "forward-looking statements" as defined by federal law. Although the company believes any such statements are based on reasonable assumptions, there is no assurance that actual outcomes will not be materially different. Any such statements are made in reliance on the "safe harbor" protections provided under the Private Securities Litigation Reform Act of 1995. Additional information about issues that could lead to material changes in performance is contained in the company's Annual Report on Form 10-K filed with the Securities and Exchange Commission.

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Publication:PR Newswire
Date:Jul 10, 2001
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