Aetrium Inc. announced that effective from March 13, 2013, the company and the incumbent directors of the company entered into a First Amendment to the Settlement Agreement and Mutual Release with a concerned group of 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. Under the amendment, which amended the settlement agreement and Mutual Release dated January 31, 2013, the parties agreed, among other things, to delay the 2013 Annual Meeting of shareholders from May 15, 2013 until September 16, 2013 and to reduce the number of board members of the company from eleven to six. Pursuant to and concurrent with the execution of the Amendment, five current board members resigned, resulting in a six member board consisting of Joseph C. Levesque, Darnell L. Boehm, Douglas L. Hemer, Jeffrey E. Eberwein, Richard K. Coleman, Jr., and Galen Vetter.

Pursuant to the amendment, the directors will work to pursue certain strategic alternatives for the company, including the disposition or discontinuance of one or both of the company's product lines. In addition, in the event both product lines are disposed of or discontinued, Messrs. Levesque, Boehm and Hemer have agreed that each will tender their resignation as a director effective as of the closing date of the second Strategic Sale.

In the event the Strategic Sales are not consummated before September 16, 2013, the parties have agreed that the six Directors will be nominated for election at the 2013 Annual Meeting. Pursuant to the amendment Terrence W. Glarner, Daniel A. Carr, Charles B. Westling, Alfred John Knapp, Jr., and Charles M. Gillman each resigned from the company's board of directors effective as of March 13, 2013.