Crown Crafts CEO Adopts 10b5-1 Stock Trading Plan
November 16 2007 - 4:05PM
PR Newswire (US)
GONZALES, La., Nov. 16 /PRNewswire-FirstCall/ -- Crown Crafts, Inc.
(NASDAQ:CRWS) (the "Company") announced today that E. Randall
Chestnut, President and Chief Executive Officer, has adopted a
prearranged stock trading plan to sell up to 200,000 shares of
Crown Crafts common stock over a period of up to nine months as
part of his individual long-term strategy for asset diversification
and liquidity. Following completion of the planned sales, and
assuming that all of the shares subject to the plan are sold, Mr.
Chestnut will continue to be the Company's second largest
stockholder and beneficially own approximately 631,000 shares of
the Company's outstanding common stock. The stock trading plan was
adopted in accordance with guidelines specified under Rule 10b5-1
of the Securities Exchange Act of 1934, as well as the Company's
policies with respect to sales of shares held by officers and
directors. Transactions under the plan will be disclosed through
filings with the Securities and Exchange Commission. Rule 10b5-1
permits officers and directors of public companies to adopt
predetermined plans for selling specified amounts of stock. The
plans may be entered into only when the director or officer is not
in possession of material, non-public information and may be used
to gradually diversify investment portfolios over a period of time.
Crown Crafts, Inc. designs, markets and distributes infant and
juvenile consumer products, including bedding, blankets, bibs, bath
items and accessories. Its subsidiaries include Hamco, Inc. in
Louisiana and Crown Crafts Infant Products, Inc. in California.
Crown Crafts is America's largest producer of infant bedding, bibs
and bath items. The Company's products include licensed and branded
collections as well as exclusive private label programs for certain
of its customers. DATASOURCE: Crown Crafts, Inc. CONTACT: Olivia
Elliott, Secretary - Treasurer of Crown Crafts, Inc.,
+1-225-647-9124 Web site: http://www.crowncrafts.com/
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