Covenant Transportation Group Chairman and CEO Reinstates 10b5-1 Trading Plan
10 November 2018 - 8:16AM
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.
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; 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".
Forward-Looking Statements
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 RCribbs@covenanttransport.com
For copies of Company information
contact:Theresa Ives, Administrative
AssistantTIves@covenanttransport.com
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