AeroVironment Announces Establishment of 10b5-1 Trading Plan by Chief
MONROVIA, Calif. -- July 18, 2014
AeroVironment,Inc. (NASDAQ: AVAV) today announced that its chief executive
officer and chairman of the board, Timothy E. Conver, as Trustee of The Conver
Family Trust, has established a pre-arranged stock trading plan to sell a
portion of company stock held by the Trust over a specific period of time. The
stock trading plan is part of a long-term strategy for asset diversification
and liquidity and was adopted in accordance with guidelines specified under
Rule10b5-1 of the Securities Exchange Act of 1934 and AeroVironment’s
policies with respect to employee stock transactions.
Rule10b5-1 allows corporate officers and directors to adopt written,
pre-arranged stock trading plans when they do not have material, non-public
information. Using these plans, insiders can diversify their investment
portfolios, can spread stock trades out over an extended period of time to
reduce market impact and can avoid concerns about whether they had material,
non-public information when they sold their stock.
Under its Rule10b5-1 Plan, the Trust may sell up to 320,000 shares over a
period of approximately nine months. If the Trust completes all the planned
sales under its Rule10b5-1 Plan, Mr.Conver would beneficially own
approximately 2,573,660 shares of AeroVironment common stock (including all
options currently exercisable by Mr.Conver), or approximately 11.04% of the
company’s current outstanding shares. The transactions under this plan will
commence no earlier than September2014 and will be disclosed publicly through
Form144 and Form4 filings with the Securities and Exchange Commission. The
Form4 filings will also be posted on AeroVironment’s website.
AeroVironment is a technology solutions provider that designs, develops,
produces, supports and operates an advanced portfolio of Unmanned Aircraft
Systems (UAS) and electric transportation solutions. The company’s
electric-powered, hand-launched unmanned aircraft systems provide powerful
actionable information to military, public safety and commercial personnel
around the world through real-time, airborne imaging, sensing and
communication. AeroVironment’s electric transportation solutions include a
comprehensive suite of electric vehicle (EV) charging systems, installation
and network services for consumers, automakers, utilities and government
agencies, power cycling and test systems for EV developers and industrial
electric vehicle charging systems for commercial fleets. More information
about AeroVironment is available at www.avinc.com.
This press release contains “forward-looking statements” as that term is
defined in the Private Securities Litigation Reform Act of 1995.
Forward-looking statements include, without limitation, any statement that may
predict, forecast, indicate or imply future results, performance or
achievements, and may contain words such as “believe,” “anticipate,” “expect,”
“estimate,” “intend,” “project,” “plan,” or words or phrases with similar
meaning. Forward-looking statements are based on current expectations,
forecasts and assumptions that involve risks and uncertainties, including, but
not limited to, economic, competitive, governmental and technological factors
outside of our control, that may cause our business, strategy or actual
results to differ materially from the forward-looking statements. Factors that
could cause actual results to differ materially from the forward-looking
statements include, but are not limited to, reliance on sales to the U.S.
government; changes in the timing and/or amount of government spending;
changes in the supply and/or demand and/or prices for our products and
services; the activities of competitors; failure of the markets in which we
operate to grow; failure to expand into new markets; changes in significant
operating expenses, including components and raw materials; failure to develop
new products; changes in the regulatory environment; and general economic and
business conditions in the United States and elsewhere in the world. For a
further list and description of such risks and uncertainties, see the reports
we file with the Securities and Exchange Commission. We do not intend, and
undertake no obligation, to update any forward-looking statements, whether as
a result of new information, future events or otherwise.
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Steven Gitlin, +1 (626) 357-9983
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