EMBT Ember Therapeutics Inc (CE)

LOS ANGELES, April 6 /PRNewswire/ -- Chapman Capital L.L.C., investment advisor to two investment funds that together own 9.3% of Embarcadero Technologies, Inc. (NASDAQ:EMBT); ("Embarcadero" or "the Company"), today announced its support of the Company's definitive agreement to be acquired for $7.20 per share by an affiliate of Thoma Cressey Bravo (TCB). On March 7, 2007, Chapman Capital filed a Schedule 13D with the Securities and Exchange Commission (SEC) demanding that Embarcadero resume negotiations with TCB or other bidders regarding the sale of the Company. Robert L. Chapman, Jr., Managing Member of Chapman Capital, commented, "Under private ownership, Embarcadero's relatively small size should become an asset vs. its being a liability in the public domain. Moreover, following TCB's December 16, 2006 decision to terminate its September 6, 2006 agreement to acquire Embarcadero, I am confident that Orlando Bravo recognizes the importance to TCB's reputation of consummating this revised transaction." Chapman Capital also announced that, as result the revised merger agreement, it has terminated its prospective plan to replace the majority of Embarcadero's Board of Directors (the "Board"). On March 21, 2007, Chapman Capital had announced its demand that Mr. Gary E. Haroian immediately resign from the Board due to Chapman Capital's view that Mr. Haroian's ineptitude was an impediment to the maximization of Embarcadero's shareholder value. This followed Chapman Capital's March 12, 2007 announcement that it had determined to seek nominees to replace Class I directors Timothy C.K. Chou and Frank M. Polestra, and Class II directors Michael J. Roberts (lead "independent" director) and Samuel T. Spadafora, should a sale of Embarcadero not have been announced by March 30, 2007. Chapman Capital L.L.C. is a Los Angeles, CA based investment advisor focusing on takeover and turnaround investing. The firm currently manages over $300 million as the registered investment advisor to Chap-Cap Partners II Master Fund, Ltd. and Chap-Cap Activist Partners Master Fund, Ltd., the combined owners of approximately 9.3% of Embarcadero's common shares. Over the past eleven years, Chapman Capital has agitated successfully for the restructuring or sale of over twenty publicly traded companies, including a recently closed transaction involving Glenayre Technologies, Inc. and pending transactions involving Carreker Corporation, Sunterra Corporation and Embarcadero Technologies, Inc. Mr. Chapman previously was employed by Goldman Sachs & Co., Scudder Stephens, & Clark, and NatWest Bank USA. Related news releases, as well as additional information on Chapman Capital, may be found at http://www.chapmancapital.com/. Embarcadero Technologies, Inc. delivers professional grade database tools that companies use to design, develop and manage databases and the data they contain. More than 12,000 customers worldwide and over 90 of the Fortune 100 rely on Embarcadero's cross-platform tools to reduce complexity, improve productivity and strengthen security. The company's flagship database tools include: ER/Studio, DBArtisan, Rapid SQL and Change Manager. Founded in 1993, Embarcadero Technologies is headquartered in San Francisco with offices in Melbourne, Australia, Munich, Germany and Maidenhead, United Kingdom. Related news releases, as well as additional information on Embarcadero Technologies, may be found at http://www.embarcadero.com/. DATASOURCE: Chapman Capital L.L.C. CONTACT: John K. Matthews of Chapman Capital L.L.C., +1-310-662-1900, ext. 209 Web site: http://www.chapmancapital.com/ http://www.embarcadero.com/

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