CT Communications Announces Adoption of 10b5-1 Plan by Chairman and Chief Executive Officer
16 May 2006 - 8:16AM
PR Newswire (US)
CONCORD, N.C., May 15 /PRNewswire-FirstCall/ -- CT Communications,
Inc. (NASDAQ:CTCI) today announced that Chairman and Chief
Executive Officer Michael R. Coltrane has adopted, in accordance
with Rule 10b5-1 of the Securities and Exchange Act of 1934, a
pre-arranged trading plan to sell shares of Company common stock.
The plan provides that no more than an aggregate of 30,119 shares
of Company common stock (representing less than 3% of the total
number of shares beneficially owned by Mr. Coltrane) may be sold in
periodic installments beginning in June 2006 and ending upon the
earlier to occur of May 31, 2007, or the disposition of the shares
covered by the plan. The plan has been established as part of Mr.
Coltrane's long-term strategy for asset diversification and
financial and tax planning activities. A 10b5-1 plan allows an
officer or director to adopt a pre-determined plan for buying or
selling stock when the officer or director is not in possession of
material, non-public information at the time of plan adoption and
when Company policy otherwise permits the adoption of the plan.
Except as required by law or as the Company may elect to disclose,
the Company does not undertake to report future 10b5-1 plans
established by officers or directors of the Company nor to report
modifications or terminations of, or transactions or other
activities under, any 10b5-1 plan. Any transactions under the plan
adopted by Mr. Coltrane will be disclosed publicly through Form 144
and Form 4 filings with the Securities and Exchange Commission.
About CT Communications, Inc. CT Communications, Inc. is
headquartered in Concord, N.C. and is a growing provider of
integrated telecommunications and related services to residential
and business customers located primarily in North Carolina. CT
Communications, Inc. offers a comprehensive package of
telecommunications and related services, including broadband
high-speed Internet services, wireless voice and data, local and
long distance telephone services. Safe Harbor Statement This press
release contains forward-looking statements within the meaning of
the federal securities laws. These forward-looking statements are
within the meaning of Section 27A of the Securities Act of 1933, as
amended, and Section 21E of the Securities and Exchange Act of
1934, as amended, including statements regarding the adoption of a
10b5-1 plan by the Company's Chairman and Chief Executive Officer.
The Company intends such forward-looking statements to be covered
by the Safe Harbor provisions for forward looking statements
contained in the Private Securities Litigation Reform Act of 1995,
and is including this statement for purposes of complying with such
Safe Harbor provisions. The forward-looking statements are subject
to risks, uncertainties and assumptions made by management about CT
Communications, Inc., and actual events or results may differ
materially from those in the forward-looking statements.
DATASOURCE: CT Communications, Inc. CONTACT: Jim Hausman,
+1-704-722-2410, or Duane Johnson, +1-704-722-3231, both of CT
Communications, Inc. Web site: http://www.ctc.net/
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