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BlueLine Partner Reports Strong Support for Reform Effort

^{Published on 2010-08-11 14:40:39 - Market Wire}
 

DANVILLE, Calif.--([ BUSINESS WIRE ])--Angeion Corporation (NASDAQ:ANGN) shareholder, BlueLine Partners, today announced significant progress in rallying shareholders around BlueLinea™s efforts to reform Angeiona™s board of directors to include a new majority of directors selected directly by the companya™s shareholders.

"If we make it perfectly clear that the companya™s shareholders support BlueLinea™s effort, the board should forgo the need for a special meeting a" we can avoid all that delay and expense"

On August 10, 2010, BlueLine Partners filed a Schedule 13D with the Securities and Exchange Commission. In its filing BlueLine asked other shareholders to join with it in executing a demand for a special shareholder meeting for the purpose of removing the current board of directors and replacing it with a new board of directors that will be more responsive to the interests of Angeiona™s shareholders.

aWithin 24 hours of our filing, we had received support from more than 20% of Angeiona™s shareholders,a said Tim Bacci, a managing director at BlueLine. aClearly, Angeiona™s owners are ready for a change and want new directors that will do a better job in delivering value to the companya™s shareholders.a

Sufficient shareholder support has already been received to cause a special meeting of shareholders, but BlueLine believes it should be possible to collect signatures supporting its action from more than 50% of Angeiona™s shareholders. aIf we make it perfectly clear that the companya™s shareholders support BlueLinea™s effort, the board should forgo the need for a special meeting a" we can avoid all that delay and expense,a said Bacci. aPlease review the SEC filing and if you agree, execute the form and send it in as soon as possible.a

A PDF form of the shareholder action can be obtained by visiting BlueLinea™s website at [ www.bluelinepartners.com/demand ].

BlueLinea™s plan is to remove the current board of directors and replace it with a new board of directors nominated directly by Angeiona™s shareholders. BlueLine has asked Angieona™s shareholders to nominate individuals to the board. From these nominees, BlueLine proposes that the companya™s largest shareholders each select one of five new board members.

BlueLine recommends that the new board of directors serve without compensation until Angeion returns to profitability, and thereafter be paid predominantly via equity-based compensation in order to align director pay with the economic experience of the companya™s shareholders. BlueLine further recommends an initial $5 million stock repurchase program. aAngeiona™s business is not complex,a said Bacci, athere is no reason it cannot be operated at a profit and there is no reason for the board to allow the stock to trade just above the companya™s cash value.a Using the companya™s excess cash to support the stock price will not only immediately benefit shareholders, a higher stock price will greatly strengthen the companya™s position with respect to potential future strategic combinations.