Waller Capital Announces MidContinent Acquisition of US Cable Assets

Sioux Falls SD

JOINT PRESS RELEASE – MIDCONTINENT COMMUNICATIONS AND US CABLE

Midcontinent Communications Purchases Systems from US Cable

Sioux Falls SD, June 7, 2011— Midcontinent Communications and US Cable are pleased to announce that both parties have entered into an agreement providing for Midcontinent to purchase the Minnesota and Wisconsin cable systems of US Cable. The systems pass approximately 86,000 homes and serve approximately 33,000 customers. Ninety percent of the US Cable customers are served by a state-of-art fiber network fed from a single cable head-end.

“We’re excited about the opportunity to serve our new customers and become part of these communities,” said Pat McAdaragh, Midcontinent’s President and CEO. “We believe that these systems are a nice fit for us. The US Cable fiber network is within 100 miles of our fiber network and we plan to connect the two networks, thereby expanding our reach eastward and getting us into the main network operator interconnect location in Minneapolis.” McAdaragh added, “The US Cable team has done an excellent job managing these systems and bringing the latest technology to smaller, rural communities”.

Jim Pearson, President and CEO of US Cable Corporation said, “It is with mixed emotions that we announce this agreement. We have enjoyed operating in Minnesota and Wisconsin over the past 12 years, and are proud of the accomplishments of all of our team members. Midcontinent is a wonderful company and I know they will deliver their brand of excellence to our customers.”

US Cable and Midcontinent Communications teams will be working together on a smooth transition for customers with an expected closing date around September 30th, 2011, pending regulatory approval. For this transaction, Waller Capital Partners, LLC acted as exclusive financial advisor to US Cable Corporation and RBC Daniels acted as exclusive financial advisor to Midcontinent Media, Inc.

Media Contacts: Midcontinent Communications US Cable Corporation W. Tom Simmons, SR VP of Public Policy James Pearson, President and CEO (605) 357-5491 201-930-9000 ext 200 1-800-888-1300 ext. 5491

Midcontinent Communications is the Upper Midwest’s leading provider of cable television, telephone, broadband Internet and cable advertising services for approximately 250,000 residential and business customers throughout the Dakotas and Minnesota.

US Cable is a privately held MSO (Multiple Systems Operator) that ranks among the top 35 largest cable television companies in the United States, serving nearly 90,000 customers in 6 different states. The company offers a host of video entertainment and communications products ranging from digital video to advanced state-of-the-art broadband Internet access and digital phone services.