ST. PAUL, Minn., Sept. 26, 2012 (GLOBE NEWSWIRE) -- Aetrium Incorporated (Nasdaq:ATRM) announced today that it is calling a special meeting of its shareholders for November 26, 2012 on the demand of a shareholder group reportedly holding together approximately 17% of the company's outstanding shares. The company has determined that the shareholder group holds sufficient shares to require a special shareholders meeting to be called.
"This shareholder group proposes to remove all current members of our board and replace them with its own slate of directors," said Joseph C. Levesque, president and CEO of the company. "The nominees named by the group have no operational experience in the semiconductor industry or the semiconductor equipment industry. The group's representatives advised our board that their intent would be for the nominee directors to study the company and develop a plan within one year to improve shareholder value. One year is a very long time in our business for opportunities to arise and be lost. We do, however, welcome shareholder input, and in hopes of avoiding the expensive course of a forced mid-year shareholders meeting, we have offered the shareholder group a seat on our board to participate along with our experienced board members and management in a cooperative manner to enhance shareholder value. That offer has not been accepted.
"It is becoming clear that the semiconductor industry, instead of having an improving second half of this year as many industry forecasters earlier predicted, is probably declining in production levels in this third quarter against where it ended the second quarter," Mr. Levesque continued. "No one we are aware of is predicting a reversal of this trend in the fourth quarter, and first quarter is historically seasonally a flat to down quarter. Accordingly, even assuming a resumption of semiconductor production growth in the second quarter of next year, we believe production levels in the semiconductor industry will remain below their latest peak levels, reached in the third quarter of 2010, through the first half of next year.