Axesstel Chairman and President Adopt 10b5-1 Trading Plans.SAN DIEGO San Diego (săn dēā`gō), city (1990 pop. 1,110,549), seat of San Diego co., S Calif., on San Diego Bay; inc. 1850. San Diego includes the unincorporated communities of La Jolla and Spring Valley. Coronado is across the bay. -- Axesstel, Inc. (AMEX AMEX See: American Stock Exchange :AFT), a leader in the design and development of fixed wireless voice and broadband data products, today announced Mike Kwon, chairman and CEO (1) (Chief Executive Officer) The highest individual in command of an organization. Typically the president of the company, the CEO reports to the Chairman of the Board. , and David Morash, president and CFO See Chief Financial Officer. , have each adopted a prearranged pre·ar·range tr.v. pre·ar·ranged, pre·ar·rang·ing, pre·ar·rang·es To arrange in advance. pre stock trading plan in accordance with Rule 10b5-1 of the U.S. Securities Exchange Act of 1934 and the company's policies with respect to insider sales. Mr. Kwon and Mr. Morash have stated that their trading plans do not reflect a lack of confidence in Axesstel or its future, but that they are designed to allow them to monetize a portion of their equity position in a systematic, nondiscretionary manner with the goal of minimal market impact and compliance with regulations adopted by the Securities and Exchange Commission. Under Mr. Kwon's 10b5-1 plan, which became effective on June 14, 2005, Mr. Kwon may sell a portion of his holdings in the company. These sales are expected to take place periodically through December 31, 2006 as predetermined pre·de·ter·mine v. pre·de·ter·mined, pre·de·ter·min·ing, pre·de·ter·mines v.tr. 1. To determine, decide, or establish in advance: target prices, which are substantially higher than current trading prices, are achieved. If the target prices are achieved and all stock eligible for sale under the plan is sold, Mr. Kwon will own no less than 9% of Axesstel's current outstanding stock. Under Mr. Morash's 10b5-1 plan, which became effective on June 15, 2005, Mr. Morash will systematically exercise employee stock options and sell the underlying shares subject to exercise. These sales are expected to take place periodically through July 31, 2006 as predetermined target prices, which are substantially higher than current trading prices, are achieved. If the target prices are achieved and all stock eligible for sale under the plan is sold, Mr. Morash's stockholdings in the company will remain substantially the same to his current holdings. ABOUT AXESSTEL Axesstel is a leader in the design and development of fixed wireless voice and broadband data products. Axesstel's product portfolio includes fixed wireless desktop phones, payphones, voice/data terminals and broadband modems for access to voice calling and high-speed data services. Axesstel delivers innovative fixed wireless solutions, currently based on 3G Code Division Multiple Access (CDMA (Code Division Multiple Access) A method for transmitting simultaneous signals over a shared portion of the spectrum. The foremost application of CDMA is the digital cellular phone technology from QUALCOMM that operates in the 800 MHz band and 1.9 GHz PCS band. ) technology, to leading telecommunications operators and distributors worldwide. Headquartered in San Diego, California “San Diego” redirects here. For other uses, see San Diego (disambiguation). San Diego is a coastal Southern California city located in the southwestern corner of the continental United States. As of 2006, the city has a population of 1,256,951. with a research and development center in Seoul, South Korea, Axesstel is listed on AMEX: AFT. For more information on Axesstel visit www.axesstel.com. (C) 2005 Axesstel, Inc. All rights reserved. The Axesstel logo is a trademark of Axesstel, Inc. "Safe Harbor Safe Harbor 1. A legal provision to reduce or eliminate liability as long as good faith is demonstrated. 2. A form of shark repellent implemented by a target company acquiring a business that is so poorly regulated that the target itself is less attractive. " Statement under the Private Securities Litigation Reform Act The Private Securities Litigation Reform Act of 1995 (PSLRA) implemented several significant substantive changes affecting certain cases brought under the federal securities laws, including changes related to pleading, discovery, liability, class representation and awards fees and of 1995: With the exception of historical information, the statements set forth above include forward-looking statements relating to Mr. Kwon's and Mr. Morash's stock holdings in Axesstel after the completion of each of their respective trading plans. Axesstel wishes to caution readers that actual results could differ materially from those suggested by the forward-looking statements due to risks and uncertainties and a number of important factors. Those factors include, but are not limited to, the risk that certain shares of stock in the company will not occur or be consummated; additional stock in the company may be issued; and other risk factors and information contained in Axesstel's filings with the Securities and Exchange Commission, such as the rapidly changing nature of technology, evolving industry standards, and frequent introductions of new products and enhancements by competitors; the competitive nature of the markets for Axesstel's products; Axesstel's need to gain market acceptance for its products; potential intellectual property-related litigation An action brought in court to enforce a particular right. The act or process of bringing a lawsuit in and of itself; a judicial contest; any dispute. When a person begins a civil lawsuit, the person enters into a process called litigation. , and Axesstel's primary dependence on one large customer. All forward-looking statements are qualified in their entirety by this cautionary statement, and Axesstel undertakes no obligation to revise or update this press release to reflect events or circumstances after this press release. |
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