**Exhibit 99.2**

 
| Angeion Corporation

350 Oak Grove Parkway

St. Paul, MN 55127 USA

Telephone: (651) 484-4874

Facsimile: (651) 484-4826

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FOR IMMEDIATE RELEASE
| Contact: |   | Rodney A.  Young, President and CEO, (651) 484-4874 |
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|     |   | Dale H.  Johnson, CFO, (651) 484-4874               |

 

**Angeion Receives Positive Rulingin Insurance Coverage Case**

 

**SAINT PAUL, Minnesota(February 27, 2006) —**Angeion Corporation (**NASDAQ SC: ANGN**)announced today, that in an Order dated February 17, 2006, Judge David S. Dotyof the United States District Court for the District of Minnesota granted, inlarge part, Angeion’s motion for summary judgment in the pending lawsuit MedmarcCasualty Insurance Company v. Angeion Corporation, ELA Medical, Inc. and ELAMedical SA.

 

In summary, the Court ruled that :

 

•                  The June 2005 settlement between Angeion andELA Medical under which Angeion agreed to pay ELA $1.4 million to settle theclaims arising out of the recall of Angeion’s implantable cardioverterdefibrillators (“ICDs”) was reasonable, non-collusive and made in good faith;

 

•                  Medmarc has a duty to indemnify Angeion for the$1.4 million settlement, plus interest from June 30, 2005;

 

•                  The Court stated that 32 of the 160 ICDs thatwere explanted did not meet specified voltage levels to warrant recall andtherefore the “device costs” and “ELA expenses” associated with those 32 ICDswere not covered by the policy. The Court stated it could not make a specificdetermination with respect to that portion, if any, of the $1.4 millionsettlement that pertains to device costs and ELA expenses with respect to those32 ICDs. This matter, therefore, remains subject to future determination by theCourt or resolution by Angeion and Medmarc.

 

•                  Angeion is entitled to recover from Medmarccosts and fees in the amount of $49,353.10 incurred in defending ELA’s claims.

 

In August 25, 2005, the Court had found thatMedmarc had a duty to defend Angeion and had breached that duty.

 

On June 30, 2005, Angeion had entered intosettlement agreements with ELA Medical, Inc. and ELA Medical S.A.S. (together “ELA”)that ended the legal dispute and lawsuit by ELA against Angeion and resolvedall litigation and other issues between Angeion and ELA related to recall ofthe ICDs and reimbursement of expenses incurred by ELA. Under the terms of thesettlement agreement and release regarding LYRA ICDs, ELA agreed to settle its$2.0 million plus cross-claim against Angeion in return for an Offer ofJudgment on ELA’s cross-claim in

 

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favor of ELA and against Angeion in the amount of$1.4 million. The judgment was subsequently entered by the Court and has beensatisfied by Angeion.

 

“We are pleased that the Judge’s Orderaffirms our position that the settlement was reasonable, non-collusive and madein good faith,” stated Rodney A. Young, Angeion’s President and Chief ExecutiveOfficer. Mr. Young added “Although the Court’s Order has left a few mattersopen, we believe that issuance of this Order validates Angeion’s actions and wehope this matter can be resolved in the near future. In connection with thematter, Angeion also intends to ask the Court to require Medmarc to reimburseAngeion for its legal expenses incurred in connection with defending the actionbrought by Medmarc and establishing the duty to defend and the duty toindemnify.”  Mr. Young also noted thatAngeion believed its existing accounting accruals for discontinued operationsare consistent with the Court’s opinion and that no adjustments would berequired at this time.

 

Founded in 1986, Angeion Corporation acquiredMedical Graphics (www.medgraphics.com) in December 1999. Medical Graphicsdevelops, manufactures and markets non-invasive cardiorespiratory diagnosticsystems for the management and improvement of cardiorespiratory health. TheCompany has also introduced a line of health and fitness products, many ofwhich are derived from Medical Graphics’ cardiorespiratory product technologies.These products, marketed under the New Leaf Health and Fitness brand(www.newleaffitness.com), help consumers effectively manage their weight and improvetheir fitness. They are marketed to the consumer primarily through personaltraining studios, health and fitness clubs and other exercise facilities. Formore information about Angeion, visit www.angeion.com.

 

The discussion above contains forward-lookingstatements within the meaning of the Private Securities Litigation Reform Actof 1995. These statements by their nature involve substantial risks anduncertainties. Actual results may differ materially depending on a variety offactors, including (i) the Company’s ability to successfully operate itsMedical Graphics business including its ability to develop, improve and updateits cardiorespiratory diagnostic products, (ii) the Company’s ability tosuccessfully introduce its New Leaf Health & Fitness products, (iii) theCompany’s ability to successfully defend itself from product liability claimsrelated to its Medical Graphics and New Leaf products and claims associatedwith its prior cardiac stimulation products, (iv) the Company’s ability tosuccessfully resolve all issues in connection with the lawsuit regarding itsproduct liability insurance coverage; (v) the Company’s ability to protect itsintellectual property, and (vi) the Company’s dependence on third-party vendors.Additional information with respect to the risks and uncertainties faced by theCompany may be found in, and the prior discussion is qualified in its entiretyby, the other risk factors that are described from time to time in Angeion’sSecurities and Exchange Commission reports, including but not limited to theAnnual Report on Form 10-KSB for the year ended October 31, 2005, andsubsequently filed reports.

 

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