SIOUX FALLS, S.D. — Blue Dot Services Inc. announced that the company has completed the sale of six business locations during the third quarter of 2003 and has reduced that balance under its existing credit facility from $20 million to less than $10 million. The company also reported that it extended a forbearance agreement with its bank through Oct. 31 as it continues to work to further reduce the outstanding balance under its credit facility.
Dan Newell, president and CEO of Blue Dot, said the company’s sale of its business locations generated net proceeds enabling the company to reduce the balance on its credit facility and satisfy other obligations. Newell also said that Blue Dot is continuing to work with its majority stockholder, NorthWestern Corp., on the sale of its remaining business locations and expects proceeds to be used to further reduce its credit facility and improve Blue Dot’s liquidity.