NORTHWESTERN News Release
CORPORATION NYSE:NOR
Contacts:
Investors/Media:
Roger Schrum
605-978-2848
roger.schrum@northwestern.com
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NORTHWESTERN CORPORATION COMPLETES REORGANIZATION
OF MONTANA UTILITY OPERATIONS
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SIOUX FALLS, S.D. - Nov. 20, 2002 - NorthWestern Corporation (NYSE:NOR) today
announced that it has completed its previously announced plan to restructure its
Montana utility operations as a division of NorthWestern Corporation. The
restructuring involved the intra-company transfer of substantially all of the
assets and liabilities of NorthWestern Energy, L.L.C. to NorthWestern
Corporation. NorthWestern Energy, L.L.C. had substantially been comprised of the
former Montana Power Company transmission and distribution business acquired by
NorthWestern in February 2002.
"This action completes our previously announced plan to hold our regulated
utility operations at the parent level as operating divisions of NorthWestern
Corporation in what is known as a 'flat structure'," said Eric Jacobsen,
NorthWestern senior vice president and general counsel. "Our Montana utility
operations will be conducted by the NorthWestern Energy division of NorthWestern
Corporation and its operations and customers will not be affected by the
structural change."
About NorthWestern
NorthWestern Corporation, a FORTUNE 500 company, is a leading provider of
services and solutions to more than 2 million customers across America in the
energy and communications sectors. NorthWestern's partner businesses include
NorthWestern Energy, a provider of electricity, natural gas and related services
to customers in Montana, Nebraska and South Dakota; Expanets, the largest
mid-market provider of networked communications solutions and services in the
United States; and Blue Dot, a leading provider of air conditioning, heating,
plumbing and related services.
Forward-Looking Statements
STATEMENT UNDER THE PRIVATE SECURITIES LITIGATION REFORM ACT OF 1995: All
statements contained herein, as well as statements made in press releases and
oral statements that may be made by us or by officers, directors or employees
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NorthWestern Corporation Completes Reorganization of Montana Utility Operations
Nov. 20, 2002
Page 2
acting on our behalf, that are not statements of historical fact constitute
"forward-looking statements" within the meaning of the Private Securities
Litigation Reform Act of 1995. Such forward-looking statements involve known and
unknown risks, uncertainties and other factors that could cause our actual
results to be materially different from historical results or from any future
results expressed or implied by such forward-looking statements. Among the
factors that could cause our actual results or outcomes to differ materially
are: the adverse impact of weather conditions and seasonal fluctuations;
unscheduled generation outages, maintenance or repairs; unanticipated changes to
fossil fuel or gas supply costs or availability due to higher demand, shortages,
transportation problems or other developments; developments in the federal and
state regulatory environment and the terms associated with obtaining regulatory
approval and rate orders; costs associated with environmental liabilities and
compliance with environmental laws; the rate of growth and economic conditions
in our service territories and those of our subsidiaries; the speed and degree
to which competition enters the industries and markets in which our businesses
operate; the timing and extent of changes in interest rates and fluctuations in
energy-related commodity prices; risks associated with acquisitions, transition
and integration of acquired companies, including NorthWestern Energy, L.L.C. and
the Growing and Emerging Markets Division of Lucent Technologies, Inc., and the
implementation of information systems and realization of efficiencies in excess
of any related restructuring charges; a lack of minority interest basis, which
requires us to recognize an increased share of operating losses at certain of
our subsidiaries; our ability to recover transition costs; disallowance by the
Montana Public Service Commission of the recovery of the costs incurred in
entering into our default supply portfolio contracts while we are required to
act as the "default supplier"; disruptions and adverse effects in the capital
market due to the changing economic environment; our credit ratings with
Moody's, Standard & Poor's and Fitch; potential delays in financings or
Securities and Exchange Commission filings because we changed auditors; our
substantial indebtedness, which could limit our operating flexibility and
ability to borrow additional funds; our ability to obtain additional capital to
refinance our indebtedness that is scheduled to mature and for working capital
purposes; changes in customer usage patterns and preferences; possible future
actions and developments of CornerStone Propane Partners L.P.; and changing
conditions in the economy and capital markets and other factors identified from
time to time in our filings with the SEC.
NorthWestern Corporation Completes Reorganization of Montana Utility Operations
Nov. 20, 2002
Page 3
This news release should be read in conjunction with our Annual Report on Form
10-K for 2001, as amended, and any subsequent quarterly reports on Form 10-Q and
current reports on Form 8-K, which can be located at www.sec.gov or requested
from the Company.
Any forward-looking statement speaks only as of the date on which such
statement is made, and, except as required by law, we undertake no obligation to
update any forward-looking statement to reflect events or circumstances after
the date on which such statement is made or to reflect the occurrence of
unanticipated events. New factors emerge from time to time, and it is not
possible for management to predict all such factors.
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