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Iowa Telecommunications Services, Inc. (Iowa Telecom) is a provider of wireline local exchange telecommunications services to residential and business customers in rural Iowa. The Company operates 288 telephone exchanges, serving 417 communities as the incumbent local exchange carrier (ILEC), and provides services in approximately 68% of these communities. Iowa Telecom provides local exchange carrier (CLEC) services through its wholly owned subsidiaries, Iowa Telecom Communications, Inc. and IT Communications, LLC. As of December 31, 2007, these subsidiaries served approximately 12,000 business and 14,400 residential access lines and accounts for 11% of Iowa Telecom’s total access lines. The Company provides services to approximately 240,700 access lines in Iowa. In July 2008, Iowa Telecom completed its acquisition of all of the outstanding stock of Bishop Communications Corporation and Communications Sales and Leasing, Inc. (collectively, Bishop Communications).