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To: Glenn Petersen who wrote (1049)	2/21/2009 12:00:52 PM
From: Glenn Petersen	Read Replies (1) \| Respond to of 3862

The management of Alsius Corporation (stock symbol: [t]ALUS[/t]), originally known as Ithaka Acquisition Corp., has announced that they have reached an agreement to sell the asset of the company to ZOLL Medical Corporation. After the company's liabilities have been paid off, the remaining proceeds will be distributed to the shareholders. Alsius Corporation Announces Agreement to Sell Assets to ZOLL Medical Corporation Friday February 20, 2009, 7:15 pm EST IRVINE, Calif., Feb. 20 /PRNewswire-FirstCall/ -. Alsius Corporation (Nasdaq: ALUS - News) announced today that it has signed an agreement with a wholly- owned subsidiary of ZOLL Medical Corporation (Nasdaq: ZOLL - News) under which Alsius will sell to ZOLL substantially all the assets constituting Alsius' intravascular temperature management device business for a purchase price of $12 million in cash. The assets to be acquired include the intellectual property relating to the business, other intangibles, inventories and fixed assets. The closing of the transaction is subject to customary closing conditions. Leerink Swann LLC acted as exclusive financial advisor and delivered an opinion to the board of Alsius as to the fairness of the transaction. William Worthen, Alsius' President and Chief Executive Officer, stated, "As we considered various options for Alsius in today's tough financing and capital spending environment, we determined that the sale to ZOLL is in the best interests of our stockholders, and a positive result for our customers and the patients who need our products. ZOLL's significant investment in and knowledge of critical care hospital products and considerable financial strength will serve to ensure that Alsius' solutions for temperature management continue to be provided and supported." The transaction has been approved by holders of a majority of Alsius' outstanding stock pursuant to a written consent in accordance with Section 228 of the Delaware General Corporation Law and Alsius' bylaws. Alsius intends to prepare an information statement that will be filed with the SEC and disseminated to all Alsius stockholders to report in detail on the terms and provisions of the transaction and the winding down of its affairs following the consummation of the transaction, including how it will use the $12 million in proceeds to repay indebtedness, transaction expenses and other costs. Following the settlement of all liabilities, Alsius will distribute its remaining cash, if any, to its stockholders. Alsius' preliminary estimate is that there will be approximately $7.6 million, or $0.34 per share of common stock, available for distribution over time to its stockholders with the final distribution amount to be determined and the final distribution made after settlement and satisfaction of liabilities. However, if liabilities are greater than estimated, or if unknown liabilities are incurred, then the amount available for distribution will be less than $0.34 (or could be greater if liabilities are less than expected). <snip> biz.yahoo.com