OJ,
TPCS unlocks over 46 million shares 5/23
I found this in a news release.
Triton PCS Announces Formation of Executive Diversification Programs
/FROM PR NEWSWIRE NEW YORK 800-776-8090/
TO BUSINESS AND TECHNOLOGY EDITORS:
Triton PCS Announces Formation of Executive Diversification Programs
BERWYN, Pa., May 18 /PRNewswire/ -- Certain executives of
Triton PCS Holdings Inc. (Nasdaq: TPCS), today announced their intent to form
a diversification program by selling a limited portion of their Triton PCS
stock holdings. The program adopted under the new SEC rule 10b5-1 is designed
to avoid any real or perceived conflicts of interest that might arise from
their involvement with the company, while enabling executive management to
diversify their respective investment portfolios. It is anticipated that the
activity under the programs will involve less than 1.5% of the Triton PCS
common shares outstanding.
Participating company executives are Chairman and Chief Executive Officer
Michael E. Kalogris, President and Chief Operating Officer Steven R. Skinner
and Executive Vice President and Chief Financial Officer David D. Clark.
To facilitate the program, an independent third party will operate under
specified guidelines to sell a portion of the executive holdings in each of
the next four quarters. Provisions in the program prevent the flow of
information to the independent party from the selling shareholders prior to
and throughout the period of the sales. Additionally, the date of the sales
will be independently determined by the third party, which will not have
access to any inside information or direction from the Triton PCS executives.
"These sales represent a straightforward diversification step and are
anticipated to be the sole source of liquidity of executive management's
current holdings in the company", said Michael Kalogris, Triton PCS's chairman
and chief executive officer. "The value of our retained Triton PCS shares
will continue to represent substantially all of our personal net worth,
reflecting our continued confidence in the success of and prospects for our
company."
Triton PCS, based in Berwyn, Pennsylvania, is a leading provider of
digital wireless phone service in the Southeast licensed to operate in a
contiguous area covering more than 13 million people in Virginia, North
Carolina, South Carolina, northern Georgia, northeastern Tennessee and
southeastern Kentucky. The company markets its services under the brand
SunCom, a member of the AT&T Wireless Network.
For more information on Triton PCS and its products and services, visit
the company's websites at: tritonpcs.com, and
suncom.com.
"Safe Harbor" statement under the Private Securities Litigation Reform Act
of 1995: Except for historical information, the matters discussed in this news
release that may be considered forward-looking statements could be subject to
certain risks and uncertainties that could cause the actual results to differ
materially from those projected. These include uncertainties in the market,
competition, legal and other risks detailed from time to time in the company's
SEC reports. The company assumes no obligation to update information in this
release.
tbutton.prnewswire.com
SOURCE Triton PCS
Organized selling? What will they think of next?
Fred |
