EM Capital Launches New Delhi India Office. EM Capital India Opportunity Fund Planned for Q1 2005

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EM Capital, Inc., the international financial and restructuring advisor and turnaround manager today announced the opening of its India office in New Delhi. Led by former IMF Deputy Treasurer, Dhruba Gupta, the New Delhi office will serve U.S. financial investors and US corporations seeking to enter the Indian market.

EM Capital, Inc., the international financial and restructuring advisor and turnaround manager today announced the opening of its India office. Speaking at the Terrapin Funds World India conference in Mumbai, Seth Freeman, CEO stated, "Our new office in New Delhi will serve U.S. multinationals, funds, private investors and their attorneys in navigating the complex Indian business and finance environment. We are here to assist in new investments as well as solve problems that occur in cross-border transactions and negotiations." With the growth in interest in outsourcing to India for both services and manufacturing, particularly in the automotive sector, EM Capital will assist US firms in establishing and monitoring outsource partners. EM Capital will provide turnaround management services for underperforming or crisis situations on behalf of foreign clients and investors.

EM Capital India will also serve non-performing loan and distressed investors and hedge funds in areas of origination, due diligence and asset management.

EM Capital India is led by Dhruba Gupta, the former Deputy Treasurer of the International Monetary Fund (IMF), a unit of the World Bank based in Washington, D.C. Gupta recently played a key role in the restructuring of IFCI, the Indian state-owned economic development bank. Mr. Gupta is a Chartered Accountant and holds a Masters Degree from the London School of Economics. He is supported by a select team of Indian investment and finance professionals including a Chartered Financial Analyst(CFA)and experienced bankers, senior corporate managers, attorneys and chartered accounts based in New Delhi. The New Delhi office provides EM Capital's international clients with vital in-country, local business practice expertise and the capacity to mobilize and initiate services within 24-hours.

The India office will also serve as a platform for the EM Capital India Opportunity Fund that will launch in March, 2005. The $100 million India-related fund will target promising Indian mid-cap firms that can benefit from a combination of additional capital and EM Capital's financial and operations improvement expertise. Fund investors will be US institutions and off-shore investors.

About EM Capital, Inc.

EM Capital, Inc., is a leading independent, emerging markets focused financial advisor, restructuring and turnaround manager and fund manager with offices in major emerging markets countries. With headquarters in San Francisco, the firm has offices in CT, London, Mexico City, Athens, Shanghai, New Delhi and Moscow and an alliance with Banco Bisa in Bolivia. Led by Seth R. Freeman, a Certified Insolvency and Restructuring Advisor and past Chairman of the Journal of Corporate Recovery, and his team of seasoned international finance and restructuring professionals, EM Capital serves institutions, funds, investors, creditors, banks, boards and shareholders.

http://www.emcapital.com

For further information, contact Seth R. Freeman, CEO. srfreeman@emcapital.com

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Seth R. Freeman, CIRA, CEO