Lakes Entertainment, Inc. President and CFO Tim Cope Exercising Options Through 10b5-1 Plan
Lakes Entertainment, Inc. (NASDAQ: LACO) announced today that its President and Chief Financial Officer Tim Cope is currently exercising options and selling shares in compliance with a 10b5-1 plan executed in June of this year, adopted under rule 10b5-1 of the Securities Exchange Act of 1934 and Lakes' Insider Trading Policy.
The purpose of this plan is to allow Mr. Cope to exercise the remainder of a 1999 option grant before it expires on January 4, 2009. At the end of the plan, Mr. Cope plans to have exercised options and sold a total of 360,000 shares. Mr. Cope and the Company believe the use of a 10b5-1 plan provides a prudent and orderly method in which to sell these shares before expiration given the limited window of opportunity between now and January 4, 2009.
'This plan was undertaken for personal financial planning purposes and in no manner reflects my opinion on the future prospects of the company,' said Mr. Cope.
All exercises of options and sales of stock are in accordance with all applicable laws. Lakes does not undertake to report any future 10b5-1 plans that may be adopted by Lakes' directors or officers in the future.
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