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November 26, 2012
19:15 EDTATRMAetrium dissident shareholders give update on special shareholder meeting
Concerned Aetrium Shareholders, or CAS, provided the following update to the shareholders of Aetrium: "Concerned Aetrium Shareholders is a group of shareholders of Aetrium dedicated to enhancing shareholder value at ATRM. We reluctantly came to the conclusion that ATRM's Board needed to be changed for value to be maximized. Therefore, we called a Special Meeting of Shareholders to elect new directors. This meeting was held today with almost 45% of all shareholders present and voting. We received approximately 88% of the total known votes cast and the incumbent Aetrium board members only received 12%, thus we won almost 8-1. Less than 5% of all shares outstanding supported the Incumbent Directors, which is remarkable given that they own approximately 3.5% of the shares outstanding. Despite our team winning the proxy vote by a ratio of 8-1, the Incumbent Directors refused to seat us, relying on their erroneous interpretation of the company's bylaws that they claim requires an absolute majority of all issued and outstanding shares to constitute a quorum. Furthermore, by purporting to adopt a second unlawful bylaw provision on November 20 which they announced only hours before the meeting today, the Incumbent Directors refused to acknowledge our adjournment of the meeting to December 10 to permit us to obtain such an absolute majority and thus eliminate the Incumbent Directors' incorrect argument about the necessary quorum. The Incumbent Directors clearly do not respect their shareholders. We anticipate the continued meeting will be held on December 10 pursuant to our right to adjourn the meeting to that date."
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