MONROVIA, Calif.--(BUSINESS WIRE)--
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 300,000 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 3,905,087 shares of AeroVironment common stock
(including all options currently exercisable by Mr. Conver), or
approximately 18.45% of the company's current outstanding shares. The
transactions under this plan will commence no earlier than March 15,
2011, 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)
AeroVironment is a technology solutions provider that designs, develops,
produces and supports an advanced portfolio of Unmanned
Aircraft Systems (UAS) and electric transportation solutions.
Agencies of the U.S. Department of Defense and allied military services
use the company's battery-powered, hand-launched
unmanned aircraft systems extensively to provide situational
awareness to tactical operating units through real-time, airborne
reconnaissance, surveillance and communication. AV's electric
transportation solutions include a comprehensive suite of electric
vehicle (EV) charging systems and installation 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 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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AeroVironment, Inc.
Steven Gitlin
+1 (626) 357-9983
ir@avinc.com
Source: AeroVironment, Inc.
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