Angeion has entered into an agreement with BlueLine Partners relating to the subject of the Schedule 13D filed by BlueLine with the Securities and Exchange Commission (SEC) on 10 August 2010.
Under the agreement, BlueLine will amend its 13D filing and withdraw its request that Angeion’s shareholders call a special meeting of shareholders and within 10 business days, Angeion and BlueLine will establish a reconstituted Angeion Board consisting of seven directors.
Additionally, the reconstituted board will consist of four current Angeion directors, including BlueLine managing director, Scott Shuda and the four continuing directors will work together in selecting three additional new directors.
Angeion entered into the agreement with BlueLine believing that Angeion’s shareholders, employees and customers quickly resolve the issues raised in BlueLine’s 13D filing without the time, expense and distraction of a proxy contest or special shareholder meeting.
In December 1999, Angeion has acquired Medical Graphics a developer, manufacturer and marketer of non-invasive cardiorespiratory diagnostic systems that are sold under the MedGraphics and New Leaf brand trade names.
The cardiorespiratory diagnostic systems have a wide range of applications in healthcare as well as health and fitness.
Angion’s products are sold internationally through distributors and in the US through a direct sales force that targets heart and lung specialists located in hospitals, university-based medical centers, medical clinics and physicians’ offices, medical device manufacturers and other exercise facilities.