NEW BUSINESS New Ulm Telecom Inc., New Ulm, Minn., said Hector Communications Corp., a Hector, Minn.-based diversified telecommunications company, and its three owners/shareholders: Arvig Enterprises Inc., Blue Earth Valley Communications Inc. and New Ulm Telecom, entered into a spin-off agreement under which Hector would distribute its independent local exchange company subsidiaries to its three owners/shareholders. New Ulm Telecom would receive 100 percent of the Sleepy Eye Telephone Co. stock. After the closing of the spin-off, New Ulm would have no continuing interest in the local exchange telephone companies that were spun-off to either Arvig Enterprises Inc. or Blue Earth Valley Communications Inc.
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