GREEN BAY, Wis., Nov. 13 /PRNewswire-FirstCall/ — Larry L. Weyers, the chairman, president, and chief executive officer of WPS Resources Corporation (NYSE:WPS) , established a 10b5-1 plan to sell over a period of one year, commencing on November 22, 2006, a portion of his common stock holdings in WPS Resources. A 10b5-1 plan allows directors and officers of a company to buy or sell company stock on a regular, systematic basis, without risking liability under federal insider trading laws. Transactions executed by directors and officers under this plan are not subject to normal blackout periods that would otherwise be imposed by WPS Resources.
Mr. Weyers established the plan as part of a strategy to diversify his investments over the next year. The shares being sold through the plan consist of shares directly held by Mr. Weyers and shares he has the right to acquire through the exercise of certain of his stock options.
Following the proposed sale, Mr. Weyers will continue to own a substantial number of shares of common stock of WPS Resources. Common stock holdings of officers and directors are reported each year in the proxy statement. Mr. Weyers is also required to meet Board of Directors approved stock ownership guidelines. It is expected that Mr. Weyers will continue to meet the stock ownership requirements after completion of the sales under his 10b5-1 plan.
WPS Resources Corporation, based in Green Bay, Wisconsin, is a holding company with both regulated and nonregulated energy-related subsidiaries. Its wholly owned regulated subsidiaries include Wisconsin Public Service Corporation, an electric and natural gas utility; Upper Peninsula Power Company, an electric utility; Michigan Gas Utilities Corporation, a natural gas utility; and Minnesota Energy Resources Corporation, a natural gas utility. Its wholly owned nonregulated subsidiary is WPS Energy Services, Inc.