InfoSonics Corporation 10b5-1 Stock Trading Plan Update.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. -- InfoSonics Corporation (NASDAQ NASDAQ in full National Association of Securities Dealers Automated Quotations U.S. market for over-the-counter securities. Established in 1971 by the National Association of Securities Dealers (NASD), NASDAQ is an automated quotation system that reports on : IFON), one of the premier providers and distributors of wireless handsets and accessories in Latin America Latin America, the Spanish-speaking, Portuguese-speaking, and French-speaking countries (except Canada) of North America, South America, Central America, and the West Indies. and the United States United States, officially United States of America, republic (2005 est. pop. 295,734,000), 3,539,227 sq mi (9,166,598 sq km), North America. The United States is the world's third largest country in population and the fourth largest country in area. , today announced that the Company's Chief Executive Officer, Joseph Ram, and Chief Financial Officer, Jeffrey Klausner, will allow their existing plans to expire as scheduled on April 30, 2007 and that they do not intend to adopt new pre-arranged 10b5-1 stock trading plans in the near future. In addition the Company announced that its Executive Vice President and Secretary, Abraham Rosler, recently adopted a pre-arranged trading Pre-arranged Trading Trading that occurs between brokers through an expressed or implied agreement or understanding. Notes: Prearranged trading is illegal under the Commodity Exchange Act and CFTC regulations because it may create an unfair market for other brokers and plan in accordance with Rule 10b5-1 of the Securities and Exchange Act of 1934, as amended, and the Company's policies and procedures Policies and Procedures are a set of documents that describe an organization's policies for operation and the procedures necessary to fulfill the policies. They are often initiated because of some external requirement, such as environmental compliance or other governmental on stock transactions by officers, directors and employees. Shares included in Mr. Rosler's plan are subject to options that Mr. Rosler has held for almost nine years which all expire by their terms in July 2008. The pre-arranged stock trading plan was adopted in order to allow Mr. Rosler to exercise and sell a portion of his stock options over time as part of his long-term strategy for asset diversification and liquidity and to prevent the potential loss of such options if they remain unexercised by their termination date termination date, n See expiration date. . Since the plan was adopted, Mr. Rosler has no discretion or control over the timing of individual stock sales or option exercises under the plan. The transactions under the plan will be disclosed publicly through filings on Form 4 with the Securities and Exchange Commission. By its terms, the plan terminates on June 2, 2008. Rule 10b5-1 permits insiders who are unaware of material, nonpublic information Nonpublic information Information about a company that is not known by the general public, which will have a definite impact on the stock price when released. See: Insider trading. to adopt pre-arranged written agreements for trading securities in a non-discretionary manner. Mr. Rosler as well as other officers and directors of the Company, may adopt similar plans in the future. About InfoSonics Corporation InfoSonics is one of the premier providers and distributors of wireless handsets and accessories serving Latin America and the United States. For the wireless telecommunications industry, InfoSonics provides flexible and cost effective solutions, including purchasing, marketing, selling, warehousing, order assembly, programming, packing, shipping, and delivery. InfoSonics supports manufacturers in moving their products to agents, resellers, distributors, independent dealers, retailers and wireless network operators in the U.S. and Latin America. For additional information, please visit www.infosonics.com. |
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