Exhibit 99.1
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For immediate release
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November 16, 2007 |
Crown Crafts CEO Adopts 10b5-1 Stock Trading Plan
Gonzales, Louisiana Crown Crafts, Inc. (NASDAQ-CM: CRWS) (the Company) announced today
that E. Randall Chestnut, President and Chief Executive Officer, has adopted a prearranged stock
trading plan to sell up to 200,000 shares of Crown Crafts common stock over a period of up to nine
months as part of his individual long-term strategy for asset diversification and liquidity.
Following completion of the planned sales, and assuming that all of the shares subject to the plan
are sold, Mr. Chestnut will continue to be the Companys second largest stockholder and
beneficially own approximately 631,000 shares of the Companys outstanding common stock.
The stock trading plan was adopted in accordance with guidelines specified under Rule 10b5-1 of the
Securities Exchange Act of 1934, as well as the Companys policies with respect to sales of shares
held by officers and directors. Transactions under the plan will be disclosed through filings with
the Securities and Exchange Commission.
Rule 10b5-1 permits officers and directors of public companies to adopt predetermined plans for
selling specified amounts of stock. The plans may be entered into only when the director or
officer is not in possession of material, non-public information and may be used to gradually
diversify investment portfolios over a period of time.
Crown Crafts, Inc. designs, markets and distributes infant and juvenile consumer products,
including bedding, blankets, bibs, bath items and accessories. Its subsidiaries include Hamco,
Inc. in Louisiana and Crown Crafts Infant Products, Inc. in California. Crown Crafts is Americas
largest producer of infant bedding, bibs and bath items. The Companys products include licensed
and branded collections as well as exclusive private label programs for certain of its customers.
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Olivia Elliott
Secretary Treasurer
(225) 647-9124 |