Monday, March 12, 2007

Chapman Capital Wants Immediate Sale of Embarcadero Tech (EMBT), May Seek To Replace Board

In a press release today on Embarcadero Technologies (Nasdaq: EMBT), 9.3% holder Chapman Capital reiterated its demand that the company's Board of Directors maximize shareholder value via a change-of-control transaction. Chapman's original 13D filing was released after the close on 03/07.

Chapman Capital has determined to seek nominees to replace Class I directors Timothy C.K. Chou and Frank M. Polestra, and Class II directors Michael J. Roberts and Samuel T. Spadafora, should a sale of Embarcadero not be announced by March 30, 2007.

Robert L. Chapman, said, "The Board, with no meaningful 'skin in the game, ' shall not be allowed to 'play venture capitalist' with the hard-earned money of a shareholder base held hostage by weak corporate governance."

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