PEQUOT LAKES - The checks are in the mail - about 50,000 of them.
Residential and business members of Crow Wing Power will be sharing in the proceeds from the 2006 sale of Hunt Technologies, the electronic technologies company in Pequot Lakes, as $12 million is distributed.
In late August, Crow Wing Power members who purchased electricity from 2001 through 2005 will receive the checks. The 2001-2005 time period matches the time Crow Wing Power had a majority stock ownership in Hunt Technologies.
Crow Wing Power is a not-for-profit cooperative, meaning proceeds beyond those needed to operate the cooperative are returned to members.
"The $12 million in checks to be sent in August is the largest single distribution this cooperative has made to members during the 70 years we've been in business," Bruce Kraemer, chief executive officer, told members in a company newsletter.
Crow Wing Power reported the remaining proceeds will be used for future rate stabilization by adding an alternate wholesale power provider, increased right-of-way clearing and plant improvements.
"Our involvement with Hunt Technologies over the five-year period consisted of management and investment as a majority stock holder," Kraemer said. "And while it involved extensive time and effort, the end result proved to be lucrative for Crow Wing Power."
In June of 2000 Hunt Technologies was in difficulty with critical cash flow problems and significant job cuts. Hunt executives announced they were looking for outside help.
Crow Wing Power, located just north of Brainerd, signed a resolution to assume a majority interest in Hunt and signed a management agreement.
By 2001, Hunt Technologies was rebounding. In 2006, Hunt Technologies signed an agreement to sell the business to Bayard Group, an Australia-based global investor specializing in energy measurement and efficiency technologies.
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