Business Services Industry
ATG Announces Adoption by John Federman of Rule 10b5-1 Pre-Arranged Sales Plan
Business Wire, Dec 18, 2006
CAMBRIDGE, Mass. -- ATG (Art Technology Group, Inc., NASDAQ: ARTG), the leading eCommerce platform provider, today announced that John Federman, a Senior Vice President of the company, has established a pre-arranged sales plan with a broker intended to comply with Rule 10b5-1 under the Securities Exchange Act of 1934.
Under the sales plan, Federman will sell up to 180,000 shares of Art Technology Group, Inc. common stock over a period of approximately twelve months for portfolio diversification and estate planning purposes.
Federman joined ATG through its October 2006 acquisition of eStara where he was the CEO. Federman's planned sale represents approximately fifty percent of his total holdings in Art Technology Group, Inc. common stock.
Rule 10b5-1 is intended to enable persons who might otherwise be prevented from trading in a company's securities due to their access to material non-public information to sell fixed portions of their holdings over a designated period of time by establishing pre-arranged written plans at a time when they are not in possession of material, non-public information.
Sales by Federman under this plan will be disclosed publicly through Form 144 and Form 4 filings as required by Securities and Exchange Commission rules.
On December 8, 2006, ATG filed a registration statement on Form S-3 in connection with the eStara acquisition. The shares listed in the registration statement are subject to a lock-up agreement pursuant to which they will be released from the lock-up in equal monthly installments over a period of twelve months beginning in January.
About ATG
ATG (Art Technology Group, Inc., NASDAQ: ARTG) makes the software that the world's most customer-conscious companies use to create a more relevant and consistent customer experience, throughout the marketing, commerce, and customer care lifecycle, and across the Web, e-mail, chat, call center, and mobile channels. Offering an alternative to the traditional silo-based approach to customer-facing applications, the ATG Wisdom[TM] platform integrates ATG's best of breed products into a seamless, more compelling experience made relevant to each customer and segment through unique content targeting technology. ATG solutions are available through traditional licensing or delivered as a service, on-demand. ATG's solutions power over 600 major brands, including Adobe, A&E Networks, American Eagle Outfitters, B&Q, Best Buy, Cingular Wireless, Dell, DirecTV, France Telecom, Hewlett-Packard, Intuit, Johnson & Johnson, Louis Vuitton, Mercedes-Benz, Neiman Marcus, New York & Company, Nokia, Nike, OfficeMax, PayPal, Philips, Procter & Gamble, Rubbermaid, Smith & Hawken, Symantec, T-Mobile, Target, Verisign, and Walgreens. The company is headquartered in Cambridge, Massachusetts, with additional locations throughout North America, Europe and Asia. For more information about ATG, please visit www.atg.com.
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