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Ernst & Young LLP Resigns From Audit of Vascular Solutions, Inc. Due to Ernst & Young’s General ‘Lack Of Resources’

Ernst & Young LLP Resigns From Audit of Vascular Solutions, Inc. Due to Ernst & Young’s General ‘Lack Of Resources’

by Rick Turoczy on October 1, 2004

Vascular Solutions, Inc. (Nasdaq: VASC) today announced that Ernst & Young LLP has resigned as independent auditor of Vascular Solutions, Inc. due solely to Ernst & Young’s stated lack of available personnel to complete audit and Sarbanes-Oxley work for all of its clients. No disagreements or issues with Vascular Solutions’ management controls or financial statements have been raised by Ernst & Young.

Howard Root, Chief Executive Officer of Vascular Solutions, Inc., made the following statement: “Even though Ernst & Young has been the independent auditor to Vascular Solutions since our inception in 1997, they have decided to abruptly resign without notice or transition in the middle of our work on Sarbanes-Oxley management controls and while we are preparing for our 2004 year-end audit. It is ironic that a firm which sees itself as a supporter of entrepreneurial companies would simply abandon a long-term client in the middle of this process. While we are extremely disappointed with both Ernst & Young’s decision and the unprofessional manner it was implemented, we believe that Vascular Solutions will be able to retain new independent auditors and complete our 2004 audit and Sarbanes-Oxley work within the required time frame. We intend to discuss with Ernst & Young the added expenses we expect to incur as a result of their decision.”

Ernst & Young LLP Resigns From Audit of Vascular Solutions, Inc. Due to Ernst & Young’s General ‘Lack Of Resources’

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