Euronet Amends Trading Policy
Euronet Amends Trading Policy
December 23, 2002 at 12:00 AM EST
The SEC rule allows programs to be established that permit a corporate insider to prearrange purchases or sales of the Company's securities at a time when that individual is not aware of any material, nonpublic information. Such a program permits insiders to buy or sell shares on a regular basis over a set period of time under a written plan that is approved by the company. These preplanned trades can then be executed at a later date, as set forth in the plan, without regard to any subsequent nonpublic information the individual might have received or the price of the stock at the time of the sale. Such programs can also minimize the market effect of insider purchases or sales by spreading them over a more extended period than the traditional, limited trading "windows" following quarterly announcements of earnings.
During the Company's last open trading window, Michael J. Brown and Daniel R. Henry, the Company's CEO and President, respectively, adopted stock trading plans under this rule, which may result in sales of up to 305,000 shares of the Company in several transactions, provided the Company's stock price reaches certain target prices. The amounts of shares covered by these plans constitute less than 5 percent of Mr. Brown's beneficial ownership of Company stock and less than 17 percent of Mr. Henry's beneficial ownership of Company stock. The Company expects that other officers and directors may also establish trading plans in the future.
Mr. Brown and Mr. Henry stated that they will be using the proceeds of any sales that take place under their plans to meet certain tax obligations arising from exercise of incentive stock options as well as to diversify their portfolios.
Except as may be required by law, the Company does not undertake to report future plans by these or other officers or directors of the Company nor to report modifications, terminations, transactions or other activities under such trading plans.
About Euronet Worldwide
Euronet Worldwide is an industry leader in providing secure electronic financial transaction solutions. The company offers financial payment middleware, financial network gateways, outsourcing and consulting services to financial institutions and mobile operators. These solutions enable their customers to access personal financial information and perform secure financial transactions — any time, any place. The company has processing centers located in the United States, Europe and Asia, and owns and operates the largest independent ATM network in Europe. With corporate headquarters in Leawood, Kansas, USA, and European headquarters in Budapest, Hungary, Euronet serves more than 200 clients in 60 countries. Visit our web site at www.euronetworldwide.com
Any statements contained in this news release, which concern the Company's or management's intentions, expectations, or are predictions of future performance, are forward-looking statements. Euronet's actual results may vary materially from those anticipated in such forward-looking statements as a result of a number of factors, including: technological developments affecting the market for the Company's products and services; foreign exchange fluctuations; and changes in laws and regulations affecting the Company's business. These risks and other risks are described in the Company's periodic filings with the Securities and Exchange Commission, including but not limited to Euronet's Form 10-Q for the period ended September 30, 2002 and its Form 10-K for the year ended Dec. 31, 2001. Copies of these filings may be obtained by contacting the Company or the SEC.