On2 Technologies, Inc. Announces CEO's Termination of 10b5-1 Plan Company
Also Says Citibank Has Sold All Registered Shares
NEW YORK, Mar 9, 2004 /PRNewswire-FirstCall via COMTEX/ -- On2 Technologies, Inc. announced that its Chairman, President and Chief Executive Officer, Douglas A. McIntyre, has terminated the 10b5-1 plan that he instituted in October 2003 for the sale of common shares in the company. The plan was scheduled to terminate in November 2004.
"I do not believe that the current share price reflects an appropriate valuation of the company," said Mr. McIntyre. "The cancellation of my plan reflects my confidence in On2's long-term prospects," he added.
On2 also announced that Citigroup Inc., the company's largest shareholder, has sold all of the stock it registered under the registration statement on Form S-3 that the company filed on behalf of Citigroup and several other shareholders in October 2003. Citigroup still beneficially owns approximately 13,069,095 On2 common share equivalents.
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