MANITOWOC, Wis., Feb. 13, 2009 (GLOBE NEWSWIRE) -- Orion Energy Systems Inc. (Nasdaq:OESX) announced that, on February 12, 2009, Michael Potts, its executive vice president and a director, effected a net exercise of certain of his stock options for a total of 573,651 shares of the company's common stock, which were otherwise due to expire in 2011. In order to pay the aggregate option exercise price and his mandatory income tax withholding amount resulting from such option exercises, Mr. Potts surrendered 286,502 shares otherwise receivable from his option exercise at yesterday's closing sale price. In order to pay his estimated excess income tax liability over his tax-withholding amount resulting from his option exercise, Mr. Potts sold 30,767 shares otherwise receivable from his option exercise to the company at yesterday's closing sale price. Mr. Potts intends to retain the balance of his 256,382 shares obtained upon his option exercise for investment and to evidence his commitment to, and confidence in, the company. As a result of this net option exercise and excess income tax liability related option share sale, Mr. Potts' direct stock ownership in the company increased by almost 200 percent to 392,352 from his prior direct ownership of 135,970 outstanding shares.
Orion Energy Systems Inc. (Nasdaq:OESX) is a leading power technology enterprise that designs, manufactures and implements energy management systems, consisting primarily of high-performance, energy-efficient lighting systems, controls and related services for commercial and industrial customers without compromising their quantity or quality of light. For more information, visit www.oesx.com.
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