Evercel, Inc. Announces Submission of OTCIQ Order Form; Changes to the Composition of its Board of Directors; and Update on its Investment Financing of ZAGG, Inc.
Rhea-AI Summary
Evercel, Inc. (OTC: EVRC) has submitted its OTCIQ Order Form to ensure compliance with the amended Rule 15c2-11, necessary for continued stock quotation publication. This must be completed by September 28, 2021, to prevent trading disruptions. Additionally, James Gerson has resigned as director and chairman, with Patrick McGeehin appointed to the board. The company also completed negotiations on $75 million of junior debt related to the acquisition of ZAGG, which is performing above projections. An update on ZAGG's performance will be provided with the upcoming financial statements due by September 15, 2021.
Positive
- Patrick McGeehin's appointment is expected to bring fresh perspectives and drive shareholder value.
- ZAGG's performance has outpaced initial projections, indicating strong operational performance.
Negative
- James Gerson's resignation may raise concerns about continuity in leadership.
- The requirement for OTC compliance may indicate regulatory pressures on trading.
News Market Reaction – EVRC
On the day this news was published, EVRC gained 14.71%, reflecting a significant positive market reaction.
Data tracked by StockTitan Argus on the day of publication.
MIAMI, Fla. , Aug. 02, 2021 (GLOBE NEWSWIRE) --
- Evercel, Inc. (OTC: EVRC) announced today that is has submitted its OTCIQ Order Form to the OTC Markets Group. This submission is required by the OTC Markets Group for compliance with the amendments to Rule 15c2-11 promulgated under the Securities Exchange Act of 1934, as amended, for continued publication of stock quotations. The process will need to be completed on or prior to September 28, 2021 to ensure that there is no disruption in trading of Evercel’s common stock on the OTC marketplace.
- Evercel also announced today that James Gerson has resigned from his position as a director and chairman of the Board of Directors of Evercel. Evercel also announced that Patrick McGeehin has been appointed as a director to the Evercel Board of Directors.
“We are excited to welcome Pat, a long-time major shareholder of Evercel and successful business executive, to the Board as we continue to grow Evercel and position the company for long term success,” said Dan Allen, Evercel CEO. “We thank Jim for his 23 years of service on the Board of Evercel and his unparalleled dedication.”
“I am pleased to have been invited to join the Board of Evercel and as a long time shareholder, I look forward to helping leadership continue its efforts in building value for the shareholders,” said Patrick McGeehin.
- Finally, Evercel also announces today that it has completed negotiations with regard to its re-financing of
$75m of junior debt associated with the purchase of its interest in ZAGG, in February 2021. Relatedly, ZAGG’s performance to date since the acquisition has been ahead of management’s projections and budget, as the Company continues to work with ZAGG’s executives and management to make improvements to the business. The Company will more formally update its results relating to ZAGG and its other portfolio investments as part of its financial statements for the prior fiscal year, currently scheduled to be completed by September 15, 2021 by the international audit and business advisory firm of Baker Tilly.
About Patrick McGeehin
Pat is a certified public accountant and is a Senior Managing Director with the international consulting firm of FTI Consulting, Inc. He has an accounting degree, summa cum laude, from the University of Scranton and an MBA from George Washington University. He resides on Hypoluxo Island in Florida, and also spends time during the year in Bethany Beach, Delaware, Asheville, NC, and New York City, NY.
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 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 common stock continuing to trade on the Pink Open Market, our growth strategy, ZAGG’s performance and the timing of the dissemination of our financial statements, 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. The information in this announcement does not purport to be a complete disclosure of the matters addressed, and you should not rely on it as being complete.
Contact:
info@evercel.com
FAQ
What is the recent management change at Evercel, Inc. (EVRC)?
What is the significance of the OTCIQ Order Form submission for Evercel (EVRC)?
How is ZAGG performing after Evercel's acquisition?
When will Evercel release its financial statements?
