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Home : Press Releases : CARDIMA SHAREHOLDERS APPROVE ALL PROPOSALS AT ANNUAL MEETING

CARDIMA SHAREHOLDERS APPROVE ALL PROPOSALS AT ANNUAL MEETING

FREMONT, CA. (June 28, 2007) – At the Annual Stockholders Meeting of Cardima, Inc. (OTCBB: CADM.OB) held on June 28, 2007, the Company’s stockholders elected Gabriel B. Vegh, Phillip Radlick, Ph.D., John R. Cheney, Tony K. Shum, Tina Sim, and Andrew K. Lee to the Company’s Board of Directors. In addition, the Company’s stockholders approved the following proposals:

• An increase in the number of authorized shares of common stock issuable pursuant to the Company’s 1997 Employee Stock Purchase Plan from 2,500,000 to 3,500,000 shares;
• Authorizing the Board of Directors to amend the Company’s Certificate of Incorporation to increase the number of shares of preferred stock authorized from 5,000,000 to 10,000,000 shares;
• Authorizing the Board of Directors, in its discretion, to amend the Company’s Certificate of Incorporation to effect a one-for-ten reverse stock split of the issued and outstanding shares of the Company’s common stock;
• The ratification of the selection of Marc Lumer & Company as the Company’s independent registered public accounting firm. “Our shareholders’ support for the Company’s proposals is greatly appreciated,” said Gabriel Vegh, Cardima Chief Executive Officer. “We remain committed to our priorities of pursuing a strategic transaction for our Surgical Ablation System and executing our business plan.”

About Cardima

Cardima, Inc. has developed the PATHFINDER® series of diagnostic catheters, the REVELATION® series ablation system and the Surgical Ablation System for the diagnosis and treatment of tachycardias. The REVELATION® series with the INTELLITEMP energy management system was developed for the treatment of atrial fibrillation (AF) originating in the pulmonary veins of the heart and received CE mark approval in Europe. The Surgical Ablation System (SAS) with an INTELLITEMP received a 510(K) approval in the U.S. by the FDA. The PATHFINDER and the REVELATION family of devices are intended for in use of in the Electro-physiology (EP) market and our Surgical Ablation System (SAS) for use in the surgical market. For more information please visit the Company's website at http://www.cardima.com.

Forward Looking Statements

Except for the historical information contained herein, the matters discussed in this press release are forward-looking statements that involve risks and uncertainties that could cause actual results to differ materially from those expressed in or implied by such forward-looking statements. Potential risks and uncertainties include: the uncertainties associated with the prospects for FDA approval of any new devices; the prospect for any future clinical trials or regulatory activities; the risks associated with the Apix loan facility's restrictive covenants, security interest, fee provisions and other terms and conditions; the risk that the Company will not be able to raise additional capital in the immediate term as needed to continue operations and the risk that we will be unable to secure a strategic transaction involving the Surgical Ablation System. Additional risks and uncertainties are set forth in the Company's Annual Report on Form 10-KSB for the year ended December 31, 2006, the Company's Quarterly Report on Form 10-QSB for the first quarter ended March 31, 2007, and in the Company's subsequent SEC filings. The Company undertakes no obligation to publicly release the result of any revisions to these forward-looking statements that may be made to reflect events or circumstances after the date hereof, or to reflect the occurrence of unanticipated events or changes in the Company's plans or expectations.

Contact:

Cardima, Inc.
Gabriel B. Vegh
510-354-0300
http://www.cardima.com/

Source: Cardima, Inc.