Shareholders need a Board of Directors that is willing to address the strategic issues that the company faces
NEW YORK, June 2 /PRNewswire/ -- Oliver Press Partners, LLC, the largestshareholder in Emageon (Nasdaq: EMAG) with a 16.63% ownership position,announced today that it filed its definitive Proxy Statement with the SEC andis commencing its solicitation for the election of its three nominees asdirectors of Emageon at the Shareholder Meeting to be held on June 23, 2008.OPP believes that the precipitous decline in the Company's stock pricereflects a complete breakdown in investor confidence in the incumbent Boardand the leadership of the Company. Certainly, OPP does not view the currentlow valuation as reflective of Emageon's demonstrated record of achievement inthe marketplace, the substantial established market position of its products,or the future promise that they offer.
We believe it is clear that stockholders, employees and customers have notbeen well served by the incumbent Board's stewardship and they deserve better.The current Board has announced to shareholders that after a year ofunsuccessful activity they are disbanding their strategic review committee andproposing no changes in Board composition. In our view, the failure by thecurrent management and Board to articulate any vision for the Company's futuresuggests they are either unwilling or unable to address the strategic issuesthat now demand resolution.
At the time of the Company's IPO in 2005, during a period when the stockwas trading at over $15, Board members who still serve today owned 1,187,264shares of the Company's outstanding stock constituting approximately 6% of theoutstanding shares. Today, as a result of divestures of their shares, thesedirectors own only 204,533 shares of the outstanding stock constituting noteven 1% of the outstanding shares. For most of the past year, we have beenengaged in discussions with the Board of Emageon about restoring meaningfulshareholder representation to the Board, a step which we endorsed as animportant prerequisite to restoring investor confidence. However, they havenow proposed a slate consisting solely of incumbent directors with norepresentation by any significant shareholder.
In our view, a recovery in the fortunes of this Company will require thetransition to a Board of active and engaged directors who are single-mindedlycommitted to achieving the best outcome for the Company, its customers andemployees above any other agenda. We believe that the election of our nomineesrepresents an important step toward restoring confidence in the strategicdirection of the Company.
About Oliver Press Partners, LLC
Oliver Press Partners, LLC was founded in 2005 by Augustus K. Oliver andClifford Press and manages several investment funds including, DavenportPartners, L.P., JE Partners, L.P. and Oliver Press Master Fund, L.P.
ADDITIONAL INFORMATION
Oliver Press Partners, LLC ('OPP') filed a definitive proxy statement withthe Securities and Exchange Commission (the 'SEC') on May 30, 2008. Inaddition, we may file additional other solicitation materials regarding thisproxy solicitation. EMAGEON'S SHAREHOLDERS ARE URGED TO READ THE PROXYSTATEMENT BECAUSE IT CONTAINS IMPORTANT INFORMATION. THE PROXY STATEMENT ANDOTHER SOLICITATION MATERIALS ARE AVAILABLE AT NO CHARGE ON THE SEC'S WEB SITEAT HTTP://WWW.SEC.GOV. Shareholders may also obtain free copies of the proxystatement and other documents filed by OPP in connection with the annualmeeting by directing a request to: MacKenzie Partners, Inc. by callingToll-Free (800) 322-2885 or by e-mail at emageonproxy@mackenziepartners.com.
OPP PARTICIPANT INFORMATION
INFORMATION REGARDING THE IDENTITY OF THE PERSONS WHO MAY, UNDER SECRULES, BE DEEMED TO BE PARTICIPANTS IN THE SOLICITATION OF SHAREHOLDERS ANDTHEIR INTERESTS ARE SET FORTH IN THE DEFINITIVE PROXY STATEMENT THAT WAS FILEDBY OPP WITH THE SEC.
SOURCE Oliver Press Partners, LLC
