Covenant Transportation Group Chairman and CEO Adopts 10b5-1 Trading Plan
28 October 2017 - 7:02AM
Covenant Transportation Group, Inc. (NASDAQ:CVTI) ("CTG") announced
today that David R. Parker, CTG'S Chairman and Chief Executive
Officer, and his wife, Jacqueline Parker, have sold 250,000 shares
of CTG Class A common stock in a series of open market transactions
between October 25, 2017 and October 27, 2017 and adopted 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 an additional 750,000 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 1,
2017 and would be completed by November 1, 2018.
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. Currently, Mr. and Mrs. Parker own
approximately 19.6% 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 2,372,602 shares of Class A
common stock and 2,350,000 shares of Class B common stock,
representing approximately 14.9% 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.
About CTGCovenant
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; 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”.
Forward-Looking StatementsThis
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
Richard.Cribbs@ctgcompanies.com
For copies of Company information
contact: Kim Perry, Administrative
Assistant Kimberly.Perry@ctgcompanies.com
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