IRVINE, Calif., Feb. 2 /PRNewswire-FirstCall/ -- Gateway, Inc. (NYSE: GTW)
announced today that its Chairman, Ted Waitt, has adopted a pre-arranged stock
trading plan to sell a portion of his company stock over time as part of his
individual long-term strategy for asset diversification.
(Logo: http://www.newscom.com/cgi-bin/prnh/20020930/LAM050LOGO )
The stock trading plan was adopted in accordance with guidelines specified
under Rule 10b5-1 of the Securities and Exchange Act of 1934 and Gateway
Inc.'s policies regarding stock transactions.
Once established, the insider retains no discretion over purchases and
sales under a Rule 10b5-1 plan. The pre-arranged trades may then be executed
through a broker at later dates without regard to any subsequent material
non-public information that the insider may receive.
"While I still believe that stock ownership is an important way to
maintain a personal stake in the company, this is a personal financial matter
that allows me to diversify some of my financial interests after a long time
out of the marketplace," said Mr. Waitt.
By using these plans, insiders can gradually diversify their investment
portfolios, spread stock trades out over an extended period of time to reduce
market impact and avoid concerns about potentially having material, non-public
information when they sold their stock.
The transactions under these plans will be subject to Rule 144 volume
limitations and be disclosed publicly through filings with the Securities and
Exchange Commission. Under his Rule 10b5-1 plan, Mr. Waitt may sell up to
approximately 21 million shares over a period of approximately one year.
If Mr. Waitt completes all the planned sales of shares under his Rule
10b5-1 Plan, he will continue to be Gateway's largest shareholder and own
approximately 82 million shares representing, based on the current number of
outstanding shares, approximately 22 percent of Gateway, Inc.'s outstanding
stock.
About Gateway
Since its founding in 1985, Irvine, Calif.-based Gateway (NYSE: GTW) has
been a technology pioneer, offering award-winning PCs and related products to
consumers, businesses, government agencies and schools. After acquiring
eMachines in early 2004, Gateway is now the third largest PC company in the
U.S. and among the top ten worldwide. The company's value-based eMachines
brand is sold exclusively by leading retailers worldwide, while the premium
Gateway line is available at major retailers, over the web and phone, and
through its direct and indirect sales force. See http://www.gateway.com for
more information.
SOURCE Gateway, Inc.
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Related links:
http://www.gateway.com
Photo Notes:
NewsCom:
http://www.newscom.com/cgi-bin/prnh/20020930/LAM050LOGO
AP Archive: http://photoarchive.ap.org
PRN Photo Desk, photodesk@prnewswire.com
CONTACT:
Media, David Hallisey, +1-949-471-7703,
david.hallisey@gateway.com, or Investors, Marlys Johnson,
+1-605-232-2709, marlys.johnson@gateway.com, both of Gateway,
Inc.
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