Presstek Director Estabishes SEC Rule 10b5-1 Trading Program for Sale of Securities
Press release from the issuing company
HUDSON, N.H., Sept. 20 -- Presstek, Inc., a leading provider of environmentally responsible digital imaging solutions for the graphic arts and laser imaging markets, today announced that Presstek Board of Director member, Dr. Lawrence Howard, has established a trading program under SEC Rule 10b5-1 to sell 350,000 shares of Presstek stock for liquidity management and diversification purposes.
The Securities and Exchange Commission's Rule 10b5-1 permits corporate insiders to sell securities under a contract which specifically provides the number of shares to be sold, the base price at which the shares will sell, and the specific date or time period under which the sales will occur. The trading program must be established at a time when the corporate insider is not aware of any material, non-public information, and may only be amended or modified at a time when the corporate insider is not aware of any material, non-public information, and when the trading window is open.
The 10b5-1 trading program established by Dr. Howard provides for the sale of up to 350,000 shares of Presstek stock between now and March 15, 2005. SEC Forms 144 will be filed for all such sales. The program was established to enable Dr. Howard to diversify a small portion of his substantial Presstek equity interests for liquidity management purposes. Upon completion of the program, Dr. Howard will retain an ongoing interest in Presstek of approximately 1.8 million shares beneficially owned.
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