80 East Rio Salado Pkwy,
Suite 610
Tempe, AZ 85281 USA
PH: +1 480.333.3700
www.MedAire.com
ASX: MDE
Major Shareholders of MedAire, Inc. Reach
Agreement
TEMPE, Ariz (Dec 20, 2005) – Health and security
assistance company MedAire, Inc. (ASX:MDE) today announced that it
has been advised by its two largest shareholders that they have
entered into a letter agreement on December 17, 2005 outlining
mutual goals and strategies relating to the direction and control
of MedAire. One of the shareholders is Best Dynamic Services Ltd.,
a corporation organized under the laws of the British Virgin
Islands, which has advised the company it beneficially owns 22.78%
of MedAire’s outstanding voting stock and is a wholly-owned
subsidiary of International SOS Pte Ltd, a large travel assistance
company headquartered in Singapore and London. The other
shareholder is Joan Sullivan Garrett, the company’s founder,
Chairman and Chief Executive Officer, who beneficially owns
approximately 32.5% of MedAire’s outstanding voting
stock.
The letter agreement generally provides that the shareholders
will use their best efforts to:
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Effect the appointment of James Allen
Williams, a senior executive of International SOS who previously
ran International SOS operations in the U.S., to the MedAire board
of directors by December 21, 2005;
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Promptly effect a standstill with respect to
all lawsuits pending or threatened between any of the parties and
their affiliates, including the action by the company filed in the
United States District Court for the District of Arizona, Case
No. CV 05-3874, and the action filed by Best Dynamic in the
United States District Court for the District of Nevada, Case
No. 2:05-cv-01463;
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