ATLANTA, GA, June 16, 2004 - Ptek Holdings, Inc. (NASDAQ: PTEK), a leading provider of innovative business, data and group communications services, today announced that Boland T. Jones, Chairman and Chief Executive Officer, and Jeffrey A. Allred, President and Chief Operating Officer, have established 10b5-1 plans to sell a portion of their holdings of Ptek common stock. Proceeds from the sales will be used to repay certain debt to the Company and to diversify personal investment portfolios.
The plans were established in accordance with Rule 10b5-1 under the Securities and Exchange Act of 1934, as amended. Rule 10b5-1 allows corporate insiders to adopt written plans to 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 nonpublic information.
Under the plans, beginning no earlier than two trading days after the Company reports results for the second quarter, Mr. Jones will sell an aggregate of up to 1.2 million shares, and Mr. Allred will sell an aggregate of up to 350,000 shares. Subject to certain price limitations, sales will be made in weekly installments over a period of six months. Following completion of the planned sales, and assuming all of the shares subject to the plans are sold, Mr. Jones will beneficially own in excess of 3.4 million shares of Ptek common stock, and Mr. Allred will beneficially own approximately 1 million shares. Appropriate securities filings reporting the sales will be made with the Securities and Exchange Commission when due.
"Jeff and I wish to reduce our debt to the Company and to gradually diversify our personal holdings," said Boland Jones. "We believe selling shares through an organized plan over an extended period of time is the most appropriate way to accomplish these objectives."
About Ptek Holdings, Inc.
Ptek Holdings, Inc. is a leading provider of innovative business, data and group communications services for global enterprises. Companies use our audio and data conferencing solutions to conduct group meetings and presentations over the phone or Web. We also enable our customers to process and deliver large quantities of individualized, business critical information, such as electronic statements and invoices, financial transaction and travel confirmations, and drug prescriptions, via our global ASP platform. Ptek serves companies in nearly every business sector, including healthcare, technology, publishing, financial services, travel and hospitality. Our services are marketed under the Premiere Conferencing and Xpedite® brand names.
Ptek Holdings' corporate headquarters is located at 3399 Peachtree Road NE, Suite 700, Atlanta, GA 30326. Additional information can be found at www.ptek.com.
Forward-looking and cautionary statements
Statements made in this press release, other than those concerning historical information, should be considered forward-looking and subject to various risks and uncertainties. Such forward-looking statements are made pursuant to the "safe harbor" provisions of the Private Securities Litigation Reform Act of 1995 and are made based on management's current expectations or beliefs as well as assumptions made by, and information currently available to, management. A variety of factors could cause actual results to differ materially from those anticipated in Ptek's forward-looking statements, including, but not limited to, the following factors: technological change; the development of alternatives to our services; our ability to manage our growth; integration of acquired companies; possible adverse effects on our financial condition if we are unable to retain IBM as a customer at the levels currently forecasted; possible adverse results of pending or future litigation or infringement claims; service interruptions; competitive pressures, including pricing pressures; general domestic and international economic, business or political conditions; legislative or regulatory changes; increased financial leverage; our dependence on our subsidiaries for cash flow; and other factors described from time to time in our press releases, reports and other filings with the SEC, including but not limited the "Risk Factors Affecting Future Pecember 31, 2003. All forward-looking statements attributable to us or a person acting on our behalf are expressly qualified in their entirety by this cautionary statement.