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Angeion Corporation Reports Strong Initial Activity Under its Stock Repurchase Program

^{Published on 2010-09-23 10:36:42 - Market Wire}
 

ST. PAUL, Minn.--([ BUSINESS WIRE ])--Angeion Corporation (NASDAQ: ANGN) today announced that it has successfully commenced repurchases under its recently modified stock repurchase program. On September 22, 2010, the Company executed a single block purchase of approximately 100,000 shares at a repurchase price of $4.25 per share.

"We are pleased with the initial progress under the repurchase program. These recent purchases demonstrate our commitment to take actions to capitalize on the current market pricing that we believe will benefit the Company and our shareholders."

As announced earlier this month, Angeion is currently authorized to purchase up to $2 million worth of its outstanding shares of common stock in the open market or in privately negotiated transactions. The September 22, 2010 transaction represents more than 20% of the current authorized repurchase amount. The repurchase program is set to run until April 30, 2011.

Rodney A. Young, Angeiona™s President and Chief Executive Officer, stated, aWe are pleased with the initial progress under the repurchase program. These recent purchases demonstrate our commitment to take actions to capitalize on the current market pricing that we believe will benefit the Company and our shareholders.a

Angeion intends to continue to make public purchases in compliance with SEC Rule 10b-18. Under that rule, Angeion may purchase shares in the open market or in privately negotiated transactions. Open market purchases are limited, in any single day, to 25% of the average daily trading volume for the prior four calendar weeks. Repurchases through privately negotiated transactions are not subject to these restrictions.

Through September 22, 2010, and including the shares repurchased on that day, Angeion has bought back a total of 164,149 shares at a cost of $4.34 per share. The total amount remaining authorized for purchase under the current program is approximately $1.3 million.

The timing and actual number of shares purchased will depend upon a variety of factors, such as price, corporate and regulatory requirements, alternative investment opportunities, and other market and economic conditions. Angeion will fund repurchases from its available working capital. This program may be started, suspended or terminated at any time, or from time to time at managementa™s discretion without prior notice.

About Angeion Corporation

Founded in 1986, Angeion Corporation acquired Medical Graphics Corporation in December 1999. Medical Graphics develops, manufactures and markets non-invasive cardiorespiratory diagnostic systems that are sold under the MedGraphics ([ www.medgraphics.com ]) and New Leaf ([ www.newleaffitness.com ]) brand and trade names. These cardiorespiratory diagnostic systems have a wide range of applications in healthcare as well as health and fitness. The Companya™s products are sold internationally through distributors and in the United States through a direct sales force that targets heart and lung specialists located in hospitals, university-based medical centers, medical clinics and physiciansa™ offices, pharmaceutical companies, medical device manufacturers, clinical research organizations, health and fitness clubs, personal training studios, and other exercise facilities. For more information about Angeion, visit [ www.angeion.com ].