PEC Solutions' Officer/Director Adopts 10b5-1 Trading Plan
For Immediate Release: 22 March 2002
Fairfax, Va. (March 22, 2002) - PEC Solutions, Inc. (NASDAQ NM: PECS) today announced that Alan Harbitter, a member of the company's board of directors and its Chief Technology Officer, has initiated two structured trading plans to sell shares of PEC's common stock covering Mr. Harbitter and his family trust.
The plans, adopted under the new SEC Rule 10b5-1, are designed to avoid any real or perceived conflicts of interest that might arise from his involvement with the company. Purchases under the first plan may total up to 40,000 shares and may take place from time to time, subject to certain market conditions over the next year. Sales under the second plan may total up to 36,000 shares and may take place from time to time, subject to certain market conditions over the next year.
Rule 10b5-1 allows corporate insiders to establish prearranged written plans to buy or sell a specified number of shares of company stock over a predetermined period of time. Insiders may adopt such plans when they are not in possession of material inside information in order to gradually change their investment portfolio to minimize market effect of stock sales or purchases by spreading them out over an extended period of time and to avoid concerns about initiating stock transactions while in possession of material nonpublic information.
About PEC SolutionsPEC Solutions is a professional services firm that helps government clients harness the power of the Internet and other advanced technologies to improve mission performance. The company specializes in Web-Enabling Government® by providing secure, interoperable technology solutions for clients in law enforcement, intelligence, defense, and civilian agencies within the Federal Government and at State and local levels. PEC Solutions is based in Fairfax County, Virginia, with offices around the United States. Visit the company on the Web at www.pec.com.
For more information, contact John McNeilly, PEC Solutions Manager of Corporate Communications and Investor Relations, at 703-679-4900.
This press release may contain forward-looking information within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934, and is subject to the safe harbor created by those sections. PEC Solutions assumes no obligation to update the information contained in this press release. PEC Solutions' future results may be affected by its ability to continue to implement its eGovernment solutions, its dependence on the federal government and other federal government contractors as its major customers, its dependence on procuring, pricing and performing short-term government contracts, its dependence on hiring and retaining qualified professionals, potential fluctuations in its quarterly operating results, its dependence on certain key employees and its ability to timely and effectively integrate the businesses it may acquire.