Shareholders need a Board of Directors that is willing to address the strategic issues that the company faces NEW YORK, June 2
NEW YORK, June 2 /PRNewswire/ -- Oliver Press Partners, LLC, the largest
shareholder in Emageon (Nasdaq: EMAG) with a 16.63% ownership position,
announced today that it filed its definitive Proxy Statement with the SEC and
is commencing its solicitation for the election of its three nominees as
directors of Emageon at the Shareholder Meeting to be held on June 23, 2008.
OPP believes that the precipitous decline in the Company's stock price
reflects a complete breakdown in investor confidence in the incumbent Board
and the leadership of the Company. Certainly, OPP does not view the current
low valuation as reflective of Emageon's demonstrated record of achievement in
the 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 not
been well served by the incumbent Board's stewardship and they deserve better.
The current Board has announced to shareholders that after a year of
unsuccessful activity they are disbanding their strategic review committee and
proposing no changes in Board composition. In our view, the failure by the
current management and Board to articulate any vision for the Company's future
suggests they are either unwilling or unable to address the strategic issues
that now demand resolution.
At the time of the Company's IPO in 2005, during a period when the stock
was trading at over $15, Board members who still serve today owned 1,187,264
shares of the Company's outstanding stock constituting approximately 6% of the
outstanding shares. Today, as a result of divestures of their shares, these
directors own only 204,533 shares of the outstanding stock constituting not
even 1% of the outstanding shares. For most of the past year, we have been
engaged in discussions with the Board of Emageon about restoring meaningful
shareholder representation to the Board, a step which we endorsed as an
important prerequisite to restoring investor confidence. However, they have
now proposed a slate consisting solely of incumbent directors with no
representation by any significant shareholder.
In our view, a recovery in the fortunes of this Company will require the
transition to a Board of active and engaged directors who are single-mindedly
committed to achieving the best outcome for the Company, its customers and
employees above any other agenda. We believe that the election of our nominees
represents an important step toward restoring confidence in the strategic
direction of the Company.
About Oliver Press Partners, LLC
Oliver Press Partners, LLC was founded in 2005 by Augustus K. Oliver and
Clifford Press and manages several investment funds including, Davenport
Partners, 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 with
the Securities and Exchange Commission (the "SEC") on May 30, 2008. In
addition, we may file additional other solicitation materials regarding this
proxy solicitation. EMAGEON'S SHAREHOLDERS ARE URGED TO READ THE PROXY
STATEMENT BECAUSE IT CONTAINS IMPORTANT INFORMATION. THE PROXY STATEMENT AND
OTHER SOLICITATION MATERIALS ARE AVAILABLE AT NO CHARGE ON THE SEC'S WEB SITE
AT HTTP://WWW.SEC.GOV. Shareholders may also obtain free copies of the proxy
statement and other documents filed by OPP in connection with the annual
meeting by directing a request to: MacKenzie Partners, Inc. by calling
Toll-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 SEC
RULES, BE DEEMED TO BE PARTICIPANTS IN THE SOLICITATION OF SHAREHOLDERS AND
THEIR INTERESTS ARE SET FORTH IN THE DEFINITIVE PROXY STATEMENT THAT WAS FILED
BY OPP WITH THE SEC.
SOURCE Oliver Press Partners, LLC
