MIAMI, Sept. 17, 2021 (GLOBE NEWSWIRE) -- Evercel, Inc. [OTC Pink: EVRC] today issued the following letter to shareholders, providing an update on the Company’s business as it approaches its Annual Meeting:
Dear Valued Shareholders:
It has been an active period at Evercel and we are very excited about our holdings, positioning and path forward. We are writing to provide some business highlights ahead of the Company’s Annual Meeting, which will be held on October 7, 2021 at 10:00am ET.
Put plainly, we have assembled a great asset base, which we believe is valuable now and will be more so in the future. Since 2012, we have grown $18 million of cash into approximately $80 million worth of assets, after fees. Importantly, we believe there is significant incremental, embedded value in these assets that is yet to be recognized by the market, as demonstrated by the mismatch between the value of Evercel’s assets and Evercel’s current market capitalization. We are disappointed that to date the Company’s stock price has not appreciated consistent with the increase in value of Evercel’s underlying investments. The Board will be taking important steps to increase communication with shareholders, as described below. Additionally, we are confident that our application to be listed on the OTCQX market and our recent additions to the Board will help us better harness that value.
Highlights from this year include:
If you haven’t already, you soon will be receiving a proxy statement from the Company regarding the Annual Meeting. In the proxy, we provide background information on our two highly qualified nominees for election to the Board, Patrick McGeehin and Richard Perkins. We believe Mr. McGeehin and Mr. Perkins warrant your support as both have been instrumental on the Board in helping define the Company’s path forward, and we are confident that, if reelected, Mr. Perkins and Mr. McGeehin will strengthen leadership’s efforts to help Evercel’s share price better reflect the Company’s true value. As noted above, Mr. McGeehin, who recently joined the Board, has valuable accounting and consulting experience, and he also has been a shareholder in Evercel for over a decade with a meaningful number of shares. Mr. Perkins brings with him decades of management and investing experience that we believe will be additive to Evercel’s efforts to drive value creation. You can find additional information about their qualifications in the proxy statement. A proxy card for you to vote your shares in support is also included with the proxy.
Finally, we also wanted to let you know that as we approach October 7th, you may be contacted by our proxy firm, Okapi Partners. We encourage you to speak with them, as they can answer any questions you may have and provide accurate information about the nominees, management and the existing Board so you can confidently vote your shares. Okapi can be reached at (212) 297-0720. You can view the webcast of the annual meeting at www.cstproxy.com/evercel/2021.
We believe the past year has been a very productive one for your company, Evercel, and one that has positioned us well for the future. We trust that you are excited about our prospects as we are, and we hope to have your support at the Annual Meeting. We plan to build on the success and continue seeking out compelling opportunities to increase the value and share price of your company.
Sincerely,
The Evercel Board of Directors
About Evercel, Inc.
Evercel, Inc. is a holding company that brings an entrepreneurial approach to acquiring and managing businesses through a hands-on, data-driven approach as it partners with strong management teams to drive long term results. Evercel’s current portfolio companies, which are sourced and managed by CoronaPark Investment Partners, include Printronix, ZAGG and Current Technologies.
Evercel is currently exempted from the SEC’s periodic reporting requirements, and voluntarily reports financial and other information from time to time. Evercel may change its reporting practices at any time, in its discretion and without notice. www.evercel.com
Cautionary Statement Regarding Forward-Looking Information
This press release includes "forward-looking statements" within the meaning the federal securities laws. All statements other than statements of historical facts contained in this press release, including statements regarding our plans to pursue trading of our common stock on the OTCQX, are forward-looking statements. Forward looking statements are generally delivered in the future tense and/or are preceded by words such as "may," "will," "should," "forecast,“ "projected," "could," "expect," "suggest," "believe," "estimate," "anticipate," "intend," "plan,“ or similar words, or the negatives of such terms or other variations on such terms or comparable terminology. These forward-looking statements are subject to a number of risks, uncertainties, and assumptions. Evercel cautions readers not to place undue reliance on forward-looking statements.
Investors:
[email protected]
or
Okapi Partners
Bruce Goldfarb/Chuck Garske/Teresa Huang
(212) 297-0720
[email protected]
Media:
Reevemark
Hugh Burns/Paul Caminiti/Jessica Engle
[email protected]
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