SOURCE: Medmarc Casualty Insurance Company and Angeion Corporation

May 04, 2006 16:00 ET

Medmarc Casualty Insurance Company and Angeion Corporation Announce Settlement of Lawsuit

SAINT PAUL, MN -- (MARKET WIRE) -- May 4, 2006 -- Medmarc Casualty Insurance Company and Angeion Corporation (NASDAQ: ANGN) announced today that the companies resolved all outstanding policy coverage issues between them. Although the specific terms of the settlement are confidential, each party agreed as part of the settlement to dismiss with prejudice all claims against the other in the pending lawsuit between them.

Cindy Khin stated, "Medmarc is pleased that it was able to satisfactorily resolve the coverage issues in question with Angeion that were very unique to Angeion's insurance policy." Going forward, Khin stated that, "Medmarc remains committed to being the superior provider of liability insurance protection and related risk management services to the life sciences and healthcare technology industries." Dale H. Johnson, Chief Financial Officer of Angeion, noted, "Angeion is pleased to put this matter behind us. We can now devote our energies to moving forward and focusing on our Medical Graphics Cardiorespiratory and New Leaf health and fitness products."

Created by the healthcare technology industry, Medmarc's purpose is to be the superior provider of liability insurance protection and related risk management services at consistently fair prices and to support the development, testing and delivery of products that save lives and improve the quality of life. Medmarc Casualty Insurance Company is a member of the Medmarc Insurance Group, which consists of four business units -- two property and casualty insurance companies, a surplus lines insurance company and a service firm. The insurers are rated "A" (Excellent) by the A.M. Best Company.

Founded in 1986, Angeion Corporation acquired Medical Graphics (www.medgraphics.com) in December 1999. Medical Graphics develops, manufactures and markets non-invasive diagnostic systems for the management and improvement of cardiorespiratory health. The Company also sells a line of health and fitness products, many of which are derived from MedGraphics' cardiorespiratory product technologies.

Contact Information

  • Medmarc Contact:
    Cindy Khin
    AVP, Insurance Operations
    (703) 651-1319

    Angeion Contact:
    Dale H. Johnson
    CFO
    (651) 484-4874

    Angeion Corporation
    350 Oak Grove Parkway
    St. Paul, MN 55127 USA
    Telephone: (651) 484-4874
    Facsimile: (651) 484-4826