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May 22, 2008

Lincoln Telephone Co. could go private

Lincoln Telephone Co.'s board of directors recently voted to sell the publicly-owned company to its president and general manager, according to the Republican Journal in Belfast.

LTC's 200 shareholders will consider the board's recommendation on May 28. If the transaction is approved, LTC would merge with a company controlled by LTC President and General Manager Shirley Manning, the paper reported.

"With all of the changes in the telecommunications industry in recent years it will be increasingly difficult for a publicly owned company to meet our financial goals," Jethro Pease, chairman of the board, said in a statement, according to the paper.

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