Phoebe's Cupcakes to Hold Grand Opening in Chicago Next Saturday After Receiving...

Phoebe's Cupcakes to Hold Grand Opening in Chicago Next Saturday After
Receiving Venture Capital Funding From Ascent Equity Capital

Two of the first 1,500 customers at the Grand Opening will win a Phoebe's Gold
Cupcake(TM), entitling the winners to one free cupcake a week for life.

CHICAGO, April 9 /PRNewswire/ -- Phoebe's Cupcakes L.L.C.(TM)
(www.phoebescupcakes.com), a Chicago-based maker and marketer of gourmet
cupcakes, pastries, Phoebe's Cupcakes Coffee(TM) and other beverages,
announced today that it will open its first location at 3327 N. Broadway in
Lakeview, after receiving venture capital funding from Ascent Equity Capital,
Inc. (http://www.ascentequitycapital.com), a Chicago-based private equity
firm. Ascent Equity Capital is committing up to $1.5 million to fund the
national rollout of Phoebe's Cupcakes, with an expected opening of locations
in 15 to 20 cities.

(Photo: http://www.newscom.com/cgi-bin/prnh/20090409/CG97043LOGO)

The Phoebe's Cupcakes' Grand Opening takes place on Saturday, April 18th from
noon to 7:00 pm. The first 1,500 customers will receive a complimentary
cupcake with the purchase of a cup of Phoebe's Cupcakes Coffee(TM) that day.
Two people among the first 1,500 customers on Saturday will win a Phoebe's
Gold Cupcake(TM), which has a real, edible, gold flake topping and entitles
the winner to one free cupcake a week for life. The first 25 people in line
will receive door prizes.

Phoebe's Cupcakes differentiates itself from other bakeries in Chicago in a
number of ways. The cupcakes have a distinctive, artistic look, with a swirl
of Italian butter cream frosting and fun, fresh garnishes on top. The cupcakes
are all hand-made in small batches throughout the day by culinary school
trained pastry chefs, using the finest possible ingredients, including
imported Belgian chocolate, whole vanilla beans, and fresh fruit. The company
rotates its menu among more than 200 premium gourmet flavors, perhaps the most
flavors of cupcakes offered by any bakery in the world. All 200 flavors are
available for events such as weddings and parties, and for wholesale to
restaurants and other businesses.

Phoebe's Cupcakes L.L.C. is headed by President and Founder Phoebe Walters, an
executive pastry chef who has been featured on The Food Network, Chicago
Tribune, and TimeOut magazine; and whose cupcakes have appeared on The Ellen
Degeneres Show's website, ABC News in Chicago, and MSN. Walters is joined in
her senior management team by Executive Pastry Chef Kate McNamara.

"We're very excited to be opening in Lakeview. As society has became more fast
paced, you see less bakeries around that hand bake all of their products fresh
throughout the day, and Phoebe's Cupcakes will be a place where customers can
stop in for a fresh, hand-made treat and a great cup of coffee," said Ms.
Walters.

Chad Mollman, General Partner of Ascent Equity Capital, said of funding to
Phoebe's Cupcakes, "Ninety percent of the reason Ascent is funding Phoebe's
Cupcakes is because of the passion and vision that founders Phoebe Walters and
Kate McNamara bring to the company. I have long felt that the success of our
investments is largely determined by the quality of our management teams."

"Ascent Equity Capital has been a godsend and has helped make our dream
possible. Ascent's network of contacts and strategic guidance have been
invaluable, and they are easy to work with," said Ms. McNamara.

Phoebe's Cupcakes has a multi-channel strategy of maximizing sales per
square-foot through storefront retail; events such as weddings and parties;
and wholesale to upscale restaurants and grocers. The company will offer
national mail-order delivery later this year through its website and toll free
number.

About Phoebe's Cupcakes
The company is a Chicago-based multi-channel manufacturer and marketer of
gourmet cupcakes, pastries, coffee and other beverages. Phoebe's Cupcakes have
a distinctive, artistic look, with a swirl of Italian butter cream frosting
and fun, fresh garnishes on top. The cupcakes are all hand-made in small
batches throughout the day by culinary school trained pastry chefs, using the
finest and freshest ingredients possible, including imported Belgian
chocolate, whole vanilla beans, and fresh fruit. The company offers more than
200 flavors of cupcakes. Phoebe's Cupcakes offers baked goods through its
retail locations; catered events such as weddings and parties.

About Ascent Equity Capital
Ascent Equity Capital is a Chicago-based private equity group that invests in
management buyouts and expansion capital investments in consumer services and
products, business-to-business services, and financial services companies.
Ascent Equity Capital's other investments to date include investments in
Tulsa-based Central Security Group, Miami-based TrialGraphix, Houston-based
Encore Legal Solutions, and Houston-based Main Street National Bank. Ascent's
gross internal rate of return on realized investments is over 60% to date.

Press Contact: Vanessa Daniele, Director of Corporate Communications, Phoebe's
Cupcakes L.L.C., (408) 821-4292 , vanessa@phoebescupcakes.com

SOURCE Phoebe's Cupcakes L.L.C.

Vanessa Daniele, Director of Corporate Communications, +1-408-821-4292,
vanessa@phoebescupcakes.com, or Phoebe Walters, President, +1-773-704-1256,
pwalters@phoebescupcakes.com, both of Phoebe's Cupcakes L.L.C.; or Chad
Mollman, General Partner of Ascent Equity Capital, +1-312-560-5225,
cmollman@ascentequitycapital.com