MINNEAPOLIS, Oct. 27 /PRNewswire-FirstCall/ -- ATS Medical, Inc. today announced that it has appointed Steven M. Anderson to the Audit Committee of the Company's Board of Directors. Mr. Anderson replaces John D. Buck on the Committee. As previously announced, Mr. Buck chose not to stand for re-election to the Board of Directors of the Company at the Company's Annual Meeting of Shareholders held on September 25, 2006. On October 26, 2006, the Company received a letter from The Nasdaq Stock Market notifying the Company that, due to Mr. Buck's decision not to stand for re-election, it failed to comply with the audit committee requirements for continued listing set forth in Marketplace Rule 4350(d)(2), which requires the Company's audit committee to consist of three independent directors.
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The Nasdaq letter also notes that, based on the appointment of Mr. Anderson, the Company has regained compliance with Rule 4350(d)(2), and that, subject to the Company issuing this press release, this matter is closed.
About ATS Medical
ATS Medical, Inc. provides innovative products and services focused on cardiac surgery. The company, global in scope, has been headquartered in Minneapolis, Minnesota since its founding in 1991. More than 130,000 ATS Open Pivot(R) Heart Valves, which utilize a unique pivot design resulting in exceptional performance and low risk profile, have been implanted in patients worldwide. The ATS 3f(R) brand encompasses multiple tissue heart valve product offerings at varying steps from market introductions to clinical trials to development projects that incorporate less invasive valve replacement technology. ATS Medical's focus on serving the cardiac surgery community is further strengthened by offerings that include ATS Simulus(TM) annuloplasty products for heart valve repair, SurgiFrost(R) and FrostByte(TM) products for surgical cryoablation of cardiac arrhythmias, RTI-Cardiovascular for allograft tissue services, and the development of PARSUS blood filtration technology. The ATS Medical web site is http://www.atsmedical.com/ .
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