Aetrium Shareholders File Suit to Compel Vote

Aetrium Shareholders File Suit to Compel Vote

NEW YORK, Nov. 30, 2012 (GLOBE NEWSWIRE) -- 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") was forced to file suit
yesterday in Minnesota state court as a direct result of the gross violation
of shareholder rights recently committed by Aetrium's incumbent board members
(the "Incumbent Directors").

The Incumbent Directors and management at Aetrium have already destroyed
tremendous shareholder value over the last five years. As detailed in our
proxy statement filed on November 8 and recently mailed to you, over the last
five years ATRM's stock price is down almost 90%, revenues have declined 75%,
net losses have totaled $20 million, and cash reserves have declined from
$12.1 million to $3.7 million.

Adding insult to injury, ATRM's incumbent directors have now further destroyed
shareholder value and grossly violated shareholder rights by three recent
actions designed for the sole purpose of entrenching themselves: changing the
rules on how directors are elected, changing the rules on quorum, and changing
the rules on adjourning a shareholder meeting.

First, the Incumbent Directors changed how directors are elected, forcing us
to ask the shareholders to change the bylaws. This change in the bylaws
delayed the filing of our proxy statements which resulted in an extremely
short proxy solicitation period.Our proposed bylaw change was approved by
shareholders 88% to 12%.

Second, the change in the quorum rule is one that is especially troubling for
shareholder democracy.Elections in America, whether political or corporate,
have always been conducted on the basis of "most votes wins" regardless of
turnout.Indeed, this is how every election has been conducted at Aetrium in
its history.Faced with the prospect of losing the vote, however, Aetrium's
Incumbent Directors changed the rules of the game to in effect say "unless 50%
of the shareholders cast a vote, there is no election."This change in the
rules of the game violates the plain language of the Company's bylaws.Even
though we won the vote 88% to 12%, the Incumbent Directors used this unlawful
rule change as a pretext to end the shareholder meeting prematurely without
counting all the votes present claiming that quorum was not obtained.

Third, the change in the rules for adjourning a shareholder meeting, announced
just hours before the meeting was held on November 26, is illegal and
void.Previously, shareholders were allowed to adjourn the meeting to a future
date to provide additional time for votes to be cast, thus giving all
shareholders a voice.In this case, shareholders could have adjourned the
meeting for two weeks in order to collect an additional 5% more votes in order
to satisfy the new (incorrect) quorum rule announced by the Incumbent
Directors.As a result of the rule change announced only hours before the
meeting was held, the Incumbent Directors took away this right from
shareholders and bestowed it solely upon themselves.You can read for yourself
from the text of their 8-K filing made on November 26:

  Article II, Section 8 is amended and replaced in its entirety as follows:

  Section 8. Quorum and Adjournment. The holders of a majority of the voting
   power of the shares present in person or by proxy entitled to vote at a
meeting shall constitute a quorum at all meetings of the shareholders for the
  transaction of business, except as otherwise provided by statute or by the
 Articles of Incorporation. If, however, such quorum shall not be present or
represented at any meeting of the shareholders, the [shareholders entitled to
   vote thereat, present in person or represented by proxy] Chairman of the
 meeting shall have the sole power to adjourn the meeting from time to time,
without notice other than announcement at the meeting, until a quorum shall be
                           present or represented.

*The text in brackets was deleted. The text underlined was added.

This last minute bylaw change is the very definition of an entrenched
management team using every trick in the book, legal or not, to stay in
power.Shareholders cannot benefit from having a key right taken away, which
is why this move is a gross violation of shareholder rights and a gross breach
of the Incumbent Directors' fiduciary duty to shareholders.

In addition to these outrageous actions by the Incumbent Directors, we have
also been notified that Doug Hemer, Aetrium's Chief Administrative Officer,
told shareholders to not attend the November 26 meeting in person because no
meeting would be held.We also know that more than 10 shareholders were
present at the meeting in person and were not allowed to cast their vote by
Doug Hemer, which is yet another sad example of violating shareholders' most
fundamental right -- the right to vote.In addition, there was a block of
385,000 shares at the meeting present and ready to vote, which is an
additional 4% of the shares, thus at least 45% of the shares were present at
the meeting.It looks to us that this block of shares may have been
management's own block which, if true, means that the Incumbent Directors and
management didn't even vote for themselves at the meeting because they were
purposely attempting to prevent us from attaining quorum under their new
(illegal) quorum rule.Mr. Hemer started and ended the meeting in less than
two minutes claiming that a quorum was not obtained, but given that not all
the votes present at the meeting were even counted, it is possible that even
under the incumbent's new (illegal) quorum rule a quorum did exist at the
meeting.

Because of the massive destruction in shareholder value over the last five
years and the gross violation of shareholder rights, Concern Aetrium
Shareholders has filed suit against the Incumbent Directors.We seek to
confirm the original and correct quorum rule so that "most votes wins."We
also seek to confirm that the entrenched Incumbent Directors cannot prevent
the holding of the adjourned meeting on December 10 so that all the votes cast
by shareholders can be counted.We're also asking the court to restrain the
Incumbent Directors, and Doug Hemer specifically, from making further changes
to the Company's bylaws or interfering with the vote.

In addition to filing our lawsuit yesterday, we also remailed our GREEN proxy
card to all Aetrium shareholders along with a letter.We ask Aetrium
shareholders to be patient a little while longer while we fight for their
rights.We kindly ask all Aetrium shareholders, even ones voting for the
Incumbent Directors, to vote their shares if they have not already done so.It
is important that every shareholder be allowed to vote and that every vote is
counted, so please VOTE.

Additional Information

CONCERNED AETRIUM SHAREHOLDERS (CONSISTING OF JEFFREY E. EBERWEIN, ARCHER
ADVISORS, LLC, ARCHER FOCUS FUND, LLC, ARCHER EQUITY FUND, LLC, STEVEN
MARKUSEN, GLOBALTEL HOLDINGS LLC, DILIP SINGH, RICHARD K. COLEMAN, JR., GALEN
VETTER, ALFRED JOHN KNAPP, JR., ANDOVER GROUP, INC., BOSTON AVENUE CAPITAL
LLC, CHARLES M. GILLMAN, JAMES F. ADELSON AND STEPHEN J. HEYMAN) ARE OR MAY BE
DEEMED TO BE "PARTICIPANTS" UNDER THE RULES OF THE SECURITIES AND EXCHANGE
COMMISSION ("SEC") IN THE SOLICITATION OF PROXIES FOR THE ELECTION OF THEIR
SLATE OF NOMINEES TO AETRIUM INCORPORATED'S ("ATRM") BOARD OF DIRECTORS AT THE
SPECIAL MEETING OF SHAREHOLDERS TO BE HELD ON NOVEMBER 26, 2012.IN CONNECTION
WITH THE PARTICIPANTS' PROXY SOLICITATION, THEY HAVE FILED A DEFINITIVE PROXY
STATEMENT WITH THE SEC TO SOLICIT SHAREHOLDERS OF ATRM.

SHAREHOLDERS OF ATRM ARE ADVISED TO READ THE DEFINITIVE PROXY STATEMENT
BECAUSE IT CONTAINS IMPORTANT INFORMATION AND SUCH SHAREHOLDERS SHOULD RELY ON
SUCH DEFINITIVE PROXY STATEMENT AND NOT ON THIS RELEASE OR ANY PRELIMINARY
PROXY STATEMENT.THE DEFINITIVE PROXY STATEMENT AND ANY OTHER RELEVANT
DOCUMENTS RELATED TO SOLICITATION OF PROXIES WILL BE AVAILABLE WITHOUT CHARGE
ON THE SEC'S WEBSITE AT WWW.SEC.GOV.

IN ADDITION, THE PARTICIPANTS IN THE SOLICITATION WILL PROVIDE COPIES OF THE
PROXY STATEMENT AND THEIR OTHER SOLICITING MATERIALS WITHOUT CHARGE UPON
REQUEST.REQUESTS FOR COPIES SHOULD BE DIRECTED TO THE PARTICIPANT'S PROXY
SOLICITOR, INVESTORCOM, INC., TOLL FREE: (877) 972-0090 OR VIA EMAIL AT:
CAS@INVESTOR-COM.COM.

INFORMATION REGARDING THE PARTICIPANTS, INCLUDING THEIR DIRECT OR INDIRECT
INTERESTS IN THE SOLICITATION, BY SECURITY HOLDINGS OR OTHERWISE, IS CONTAINED
IN THEIR DEFINITIVE PROXY STATEMENT ON SCHEDULE 14A FILED WITH THE SEC ON
NOVEMBER 8, 2012, WHICH IS AVAILABLE WITHOUT CHARGE ON THE SEC'S WEBSITE AT
WWW.SEC.GOV.

CONTACT: Jeff Eberwein
         917-576-9420 or
         je@eberweincapital.com
 
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