Covenant Transportation Group Chairman and CEO Reinstates 10b5-1 Trading Plan
CHATTANOOGA, Tenn., Nov. 09, 2018 (GLOBE NEWSWIRE) -- Covenant Transportation Group, Inc. (NASDAQ/GS: CVTI) ("CTG") announced today that David R. Parker, CTG's Chairman and Chief Executive Officer, and his wife, Jacqueline Parker, have reinstated a written sales plan in accordance with Rule 10b5-1 of the Securities and Exchange Act of 1934, as amended, and CTG's policies regarding stock transactions (the "10b5-1 Trading Plan") for the sale of up to 234,347 shares of CTG Class A common stock.
Sales under the 10b5-1 Trading Plan are subject to certain market conditions. Sales may commence on November 15, 2018 and would be completed by November 15, 2019.
The Parkers' 10b5-1 Trading Plan is intended to permit the orderly disposition of a portion of their holdings as part of their personal long-term financial plan for asset diversification and liquidity. When aggregated with disposals since October 25, 2017, including under the prior trading plan, this represents an aggregate of 1.0 million shares disposed of as part of their diversification plan. Currently, Mr. and Mrs. Parker own approximately 16.3% of the outstanding CTG Class A common stock and 100% of the outstanding CTG Class B common stock. If all sales under the 10b5-1 Trading Plan are transacted, Mr. and Mrs. Parker are expected to own approximately 2,374,706 shares of Class A common stock and 2,350,000 shares of Class B common stock, representing approximately 14.8% of the outstanding CTG Class A common stock, 100% of the outstanding CTG Class B common stock, and 25.8% of all outstanding CTG common stock.
Any transactions made under the 10b5-1 Trading Plan will be reported to the Securities and Exchange Commission in accordance with applicable securities laws, rules, and regulations. Except as may be so required, neither CTG nor the Parkers undertake any obligation to update or report any modification, termination, or other activity under the 10b5-1 Trading Plan or any other plan that may be adopted by other officers or directors of CTG.
Covenant Transportation Group, Inc. is the holding company for several transportation providers that offer premium transportation services for customers throughout the United States. The consolidated group includes operations from Covenant Transport and Covenant Transport Solutions of Chattanooga, Tennessee; Southern Refrigerated Transport of Texarkana, Arkansas; Landair Transport and Landair Logistics of Greeneville, Tennessee; and Star Transportation of Nashville, Tennessee. In addition, Transport Enterprise Leasing, of Chattanooga, Tennessee is an integral affiliated company providing revenue equipment sales and leasing services to the trucking industry. The Company's Class A common stock is traded on the NASDAQ Global Select market under the symbol, "CVTI".
This press release contains certain statements that may be considered forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, and such statements are subject to the safe harbor created by those sections and the Private Securities Litigation Reform Act of 1995, as amended. Such statements may be identified by their use of terms or phrases such as "expects," "estimates," "projects," "believes," "anticipates," "plans," "intends," “outlook,” and similar terms and phrases. Forward-looking statements are based upon the current beliefs and expectations of our management and are inherently subject to risks and uncertainties, some of which cannot be predicted or quantified, which could cause future events and actual results to differ materially from those set forth in, contemplated by, or underlying the forward-looking statements. In this press release, the statements relating to sales under the 10b5-1 Trading Plan and Mr. and Mrs. Parker's ownership of CTG stock are forward-looking statements. The following factors, among others, could cause actual results to differ materially from those in the forward-looking statements: the risks related to the market for CTG Class A Common Stock. Readers should review and consider these factors along with the various disclosures by the Company in its press releases, stockholder reports, and filings with the Securities and Exchange Commission. We disclaim any obligation to update or revise any forward-looking statements to reflect actual results or changes in the factors affecting the forward-looking information.
For further information contact:
Richard B. Cribbs, Executive Vice President and Chief Financial Officer
For copies of Company information contact:
Theresa Ives, Administrative Assistant