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Evercel announced a clarification regarding its February 20, 2024, press release about its Plan of Liquidation and Dissolution.
The company emphasized that the decision to place its assets into a liquidating trust does not affect ZAGG or its operations, as Evercel is a passive and minority investor in ZAGG.
ZAGG is managed by CoronaPark, which took ZAGG private in 2021. This move aligns with Evercel's plan to return cash from its legacy investments to its shareholders.
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Evercel, Inc. (OTC EXPERT MARKET: EVRC) held its annual stockholders' meetings on March 30, 2023, where Richard Krantz and Greg Falk were elected as Class II directors, while Alan Mitrani and Al Behar were elected as Class III directors. All proposals received over 70% approval, including a Plan of Dissolution and amendments to the Company's Bylaws. Following this, on March 31, the Company notified FINRA of an initial liquidating distribution of approximately $34 million (about $1.25 per share), with a record date set for April 10, 2023, and a payment date expected on April 17, 2023, pending FINRA approval.
Evercel, Inc. (OTC Pink: EVRC) announced a settlement with Corona Park effective December 29, 2022. The settlement involved Evercel repurchasing Corona Park's 17% stake in the company, resulting in approximately $46 million in cash on hand. A distribution of at least $1.25 per share to shareholders is planned under a Liquidation Plan, with an estimated $34 million to be distributed around March 31, 2023. Following the buyback, shares outstanding decreased from 33 million to 27 million. Evercel has no debt and aims to return cash after monetizing its investment in ZAGG.
Evercel, Inc. (OTC Pink: EVRC) announced the resignation of CEO Daniel Allen, effective December 17, 2021. Although no longer CEO, Allen intends to remain on the Board of Directors. The Board is initiating discussions to appoint new leadership. Concurrently, Corona Park Investment Partners, an affiliate of Allen, filed a lawsuit against Evercel to enforce a Put Option under a Stock Pledge Agreement, claiming Evercel has failed to comply. Evercel disputes these claims and aims to defend itself rigorously. The Special Committee will also investigate the Put Option and related transactions.
Evercel, Inc. (OTC Pink: EVRC) announced the results of its 2021 Annual Meeting of Shareholders, held on October 7, 2021. Shareholders re-elected Richard Perkins and Patrick McGeehin to the Board of Directors for three-year terms. They approved a proposal to expand the Board to nine members, electing Daniel Lewis, Richard Lewisohn III, and Alan Mitrani to serve various terms. Additionally, Baker Tilly US, LLP was appointed as the independent registered public accounting firm for the fiscal year ending March 31, 2021.
Evercel, Inc. (OTC Pink: EVRC) reported the outcomes of its 2021 Annual Meeting of Shareholders held on October 7, 2021. Shareholders re-elected Richard Perkins and Patrick McGeehin to the Board of Directors for three years. They also approved a proposal to expand the Board to nine directors, electing Daniel Lewis, Richard Lewisohn III, and Alan Mitrani to fill the new positions. Additionally, Baker Tilly US, LLP was confirmed as the independent public accounting firm for the fiscal year ending March 31, 2021.
Evercel, Inc. has successfully completed the sale of its 80.1% stake in Printronix for approximately $30 million, bringing its total proceeds from the investment to over $80 million. Evercel invested $18 million in Printronix in 2013, and the return showcases strong performance during the holding period. Following the sale, Evercel holds around $48 million in cash and notes. CEO Daniel Allen expressed satisfaction with the return to shareholders, highlighting the operational improvements achieved at Printronix over the last eight years.
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