MONROVIA, Calif.--(BUSINESS WIRE)--Oct. 7, 2009--
AeroVironment,
Inc. (AV) (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 Rule 10b5-1 of the Securities and
Exchange Act of 1934 and AeroVironment’s policies with respect to
employee stock transactions.
Rule 10b5-1 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 Rule 10b5-1 Plan, the Trust may sell up to 280,000 shares over
a period of approximately nine months. If the Trust completes all the
planned sales under its Rule 10b5-1 Plan, Mr. Conver would beneficially
own approximately 4,189,141 shares of AeroVironment common stock
(including all options currently exercisable by Mr. Conver), or
approximately 19.35% of the company’s current outstanding shares. The
transactions under this plan will commence no earlier than January 2010
and will be disclosed publicly through Form 144 and Form 4 filings with
the Securities and Exchange Commission. The Form 4 filings will also be
posted on AeroVironment’s website.
About AeroVironment, Inc. (AV)
Building on a history of technological innovation, AV designs, develops,
produces, and supports an advanced portfolio of Unmanned Aircraft
Systems (UAS) and efficient electric energy systems. Agencies of the
U.S. Department of Defense and allied military services use the
company’s hand-launched
UAS to provide situational awareness to tactical operating units
through real-time, airborne reconnaissance, surveillance, and target
acquisition. Commercial and government entities use AV’s clean
transportation solutions such as electric
vehicle test systems and electric
vehicle fast charge systems. More information about AV is available
at www.avinc.com.
Safe Harbor Statement
Certain statements in this press release may constitute "forward-looking
statements" as that term is defined in the Private Securities Litigation
Reform Act of 1995. These statements are made on the basis of 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
those expressed or implied. Factors that could cause actual results to
differ materially from the forward-looking statements include, but are
not limited to, our ability to perform under existing contracts and
obtain additional contracts; changes in the regulatory environment; the
activities of competitors; failure of the markets in which we operate to
grow; failure to expand into new markets; failure to develop new
products or integrate new technology with current products; 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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Source: AeroVironment, Inc.
AeroVironment, Inc.
Steven Gitlin
+1 (626) 357-9983
ir@avinc.com
