ATLANTA, May 17, 2005 (PRIMEZONE) -- John H. Harland Company (NYSE:JH) today announced that Timothy C. Tuff, its chairman, president and chief executive officer, and John T. Heald, Jr., president of Harland Printed Products, have each adopted pre-arranged stock trading plans to sell a portion of their company stock over time as part of their individual long-term strategies for asset diversification and liquidity. The stock trading plans were adopted in accordance with Rule 10b5-1 of the Securities Exchange Act of 1934.
Rule 10b5-1 allows corporate officers and directors 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 and can avoid concerns about whether they had material, non-public information when they sold their stock.
Under Tuff's Rule 10b5-1 Plan, up to 200,000 of his shares may be sold, subject to pricing guidelines specified in the plan. The shares to be sold will be acquired through exercises of employee stock options. Based on his current ownership, if Tuff completed all the planned option exercises and share sales under his Rule 10b5-1 Plan, he would hold 78,758 shares of Harland's Common Stock and 1,200,000 options.
Under Heald's Rule 10b5-1 Plan, up to 60,000 of his shares may be sold, subject to pricing guidelines specified in the plan. The shares to be sold under the plan will be acquired through exercises of employee stock options. Based on his current ownership, if Heald completed all the planned option exercises and share sales under his Rule 10b5-1 Plan, he would hold 56,188 shares of Common Stock and 90,000 options.
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 under the Corporate Governance tab of Harland's Web site.
About Harland
Atlanta-based John H. Harland Company (NYSE:JH) (http://www.harland.net) is a leading provider of software and printed products to the financial and educational markets. Harland Financial Solutions, Inc. (http://www.harlandfinancialsolutions.com), a wholly owned subsidiary, supplies software and services to thousands of financial institutions of all sizes, offering its solutions in both an in-house and service bureau environment. Harland Financial Solutions is a leader in core systems, item processing, payment processing, electronic document management, financial accounting systems, electronic documents, deposit and loan origination, customer relationship management, compliance training, branch automation, mortgage lending, and solution consulting. Harland's printed products offerings include checks, direct marketing and financial forms. Scantron Corporation (http://www.scantron.com), a wholly owned subsidiary, is a leading provider of both paper and electronic-based services and systems for the collection, management and interpretation of data to the financial, commercial and educational markets.