SAN DIEGO, Aug. 16 CardioDynamics InternationalCorporation (Nasdaq: CDIC), the innovator and leader of impedance cardiography(ICG) technology, today announced that the shareholder vote for the sale ofVermed is progressing well with over 50% of the necessary shareholder votes(approximately 27% of outstanding shares) already cast in favor of the Vermedsale. The ratio of votes received is running in excess of 90% for, and lessthan 10% against, the sale of Vermed. The annual shareholder meeting isscheduled for August 28, 2007, at 9:00 am, P.T., at the Company'sheadquarters. If a shareholder has not received their proxy materials orneeds a replacement, they can contact Advantage Proxy toll free at(800) 238-3410, extension 34.
Michael K. Perry, CardioDynamics' Chief Executive Officer, stated, "Inaddition to the votes already received, I have spoken with a number of largeshareholders who have indicated a yes vote, including Dr. Herbert Wertheim,who owns approximately 9% of the company's outstanding shares. I am confidentwe will get the required votes, but additional shareholder support is stillneeded."
Dr. Herbert Wertheim, CardioDynamics' largest individual shareholder,added, "After review of the proxy, further research and discussions withmanagement, I support the sale of Vermed, which will allow focus and importantinvestment into CardioDynamics core technology. ICG is a cost-effective,revolutionary technology that assists in predicting future heart failureevents and is invaluable in the treatment of cardiovascular disease, fromwhich one out of every two Americans will eventually die. CardioDynamics hasa seasoned management team dedicated to making a difference in healthcarethrough their long-term commitment and focus on evidence-based medical studiesdemonstrating ICG's clinical and cost-effectiveness benefits. Historically, Ihave invested in undervalued companies with innovative technologies and strongmanagement teams, and I believe CardioDynamics fits these criteriaexceptionally well."
Perry concluded, "The Vermed team has secured the financing for thepurchase and is awaiting our shareholder approval. Both organizations arelooking forward to completing this transaction and maintaining a long term,mutually beneficial relationship."
CardioDynamics, the ICG Company, is the innovator and leader of animportant medical technology called impedance cardiography. The Companydevelops, manufactures and markets noninvasive diagnostic and monitoringtechnologies and medical device electrodes. The Company's ICG Systems arebeing used by physicians around the world to help battle the number one killerof men and women -- cardiovascular disease. Partners include GE Healthcareand Philips Medical Systems. For additional information, please refer to thecompany's Web site at www.cdic.com.
Forward-Looking (Safe Harbor) Statement:
Except for historical and factual information contained herein, this pressrelease contains forward-looking statements, including the Company's abilityto obtain the votes necessary to complete the sale of Vermed and the expectedclosing of the transaction, the accuracy of which is necessarily subject touncertainties and risks including the Company's primary dependence on the BioZproduct line, and various uncertainties characteristic of early growthcompanies, as well as other risks detailed in the Company's filings with theSEC, including its 2006 Form 10-K and proxy statement filed with the SEC onJuly 20, 2007. The Company does not undertake to update the disclosurescontained in this press release.
SOURCE CardioDynamics International Corporation