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June 17, 2011
By email
Mr. C. Hayden McKenzie
Chairman, Board of Directors
North State Telecommunications Corporation
111 North Main Street
High Point, North Carolina 27260
Dear Mr. McKenzie:
As you probably know, an article was published earlier this week by
The High Point Enterprise reporting statements of a senior
North State executive that suggested he did not consider the
expressed interests of your company’s shareholders to be relevant.
This report was especially disappointing in the context of evident
concerns of your investors, as well as your community, about your
plans for North State’s transformation from a telephone service
utility to a technology innovator.
Please let me know if you wish to clarify the position of North
State’s management, and particularly its board of directors,
concerning your responsibilities to understand and respond to
investor interests. I will appreciate your reply by the end of next
week, even if it is only with advice that you need more time.
Please also tell me by the end of next week if you intend to respond
to the Forum’s April 4, 2011 request that you address shareholder
questions
and to our May 3, 2011 request that you address alternatives to
limit investor risk.
The Forum will of course distribute any statements you want to
provide for your shareholders.
Sincerely,
The Shareholder Forum
/s
Gary Lutin, Chairman
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