Synchronoss Technologies, Inc. Founder and CEO Adopts 10b5-1 Trading Plan
BRIDGEWATER, N.J.--(BUSINESS WIRE)--Feb. 22, 2007--Synchronoss Technologies, Inc. (Nasdaq: SNCR), today announced that its Founder and Chief Executive Officer Stephen G. Waldis has adopted a pre-arranged stock trading plan to sell a portion of his company stock over time as part of his individual long-term strategy for asset diversification and liquidity. The stock trading plan was adopted in accordance with guidelines specified under Rule 10b5-1 of the Securities and Exchange Act of 1934 and Synchronoss' policies regarding stock transactions by insiders.
Under his Rule 10b5-1 plans, Mr. Waldis may sell up to 390,000 shares over approximately nine months, beginning in March 2007 and ending in December 2007. If Mr. Waldis completes all the planned sales of shares under his Rule 10b5-1 plans, he would continue to be one of Synchronoss' largest shareholders and beneficially own approximately 1,875,000 shares of Synchronoss' outstanding stock, based on the current number of outstanding shares.
Rule 10b5-1 allows insiders to adopt written, pre-arranged stock trading plans when they do not have material, non-public information. Using these plans, insiders can gradually diversify their investment portfolios, can spread stock trades out over an extended period of time to reduce any market impact and can avoid concerns about whether they had material, non-public information when they sold their stock. One established, the insider retains no discretion over purchases and sales under a Rule 10b5-1 plan. The pre-arranged trades may then be executed through a broker at later dates without regard to any subsequent material non-public information the insider may receive.
Some of the other executive officers of Synchronoss have also entered into Rule 10b5-1 trading plans in order to sell in the aggregate approximately 200,000 shares of Synchronoss stock from March 2007 through December 2007, if all the planned sales of shares under their Rule 10b5-1 plans are completed. The transactions under these plans will be disclosed publicly through form 144 and Form 4 filings with the Securities and Exchange Commission. The Form 4 filings will also be posted on Synchronoss' investor's relations Web site.
About Synchronoss Technologies, Inc.
Synchronoss Technologies (Nasdaq: SNCR) is the premier provider of on-demand transaction management software to Tier One communications service providers. Synchronoss enables service providers to drive growth in new and existing markets while delivering an improved customer experience at lower costs. The company's flagship ActivationNow(R) software platform automates, synchronizes and simplifies electronic service creation and management of advanced wireline, wireless and IP services across existing networks. Tier One Synchronoss clients include AT&T, Cablevision Systems Corporation, Cingular Wireless, Comcast, Level 3 Communications, Time Warner Cable, Verizon Business Solutions, and Vonage. For more information, please visit www.synchronoss.com.
CONTACT: Synchronoss Technologies, Inc.
Tim Dolan, 617-956-6727
Stacie Hiras, 908-547-1260
SOURCE: Synchronoss Technologies, Inc.