Aetrium Dissidents Win Proxy Vote by 8 to 1 Margin, But Incumbent Directors Refuse to Seat Them
Jeffrey E. Eberwein, Chairman and spokesman for Concerned Aetrium Shareholders, would like to provide the following update to the shareholders of Aetrium Incorporated ("Aetrium", "ATRM", or the "Company") (Nasdaq: ATRM).
Concerned Aetrium Shareholders ("CAS", "we", or "us") 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 (the "Incumbent Directors") 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