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Evercel, Inc. (EVRC) issued a statement addressing misstatements by former Chairman James Gerson regarding the upcoming shareholder vote. The Company refutes Gerson's claims, emphasizing his resignation was due to misconduct rather than choice and highlighting his previous management resulting in a 59.7% drop in share price.
Evercel's proactive measures include closing the ZAGG transaction, pursuing OTCQX listing, and implementing a $20 million share repurchase program to enhance shareholder value. The Company encourages shareholders to vote with the official WHITE proxy card to support its strategy and prevent Gerson's influence.
Evercel has issued a letter to shareholders urging them to vote for two qualified candidates, Richard Perkins and Patrick McGeehin, using the company’s official WHITE proxy card ahead of the Annual Meeting on October 7, 2021. The letter counters misleading claims from former Chairman Jim Gerson, who is perceived as attempting to regain influence and alter the board's direction. It highlights shareholder value increases under current leadership, including a 153% stock price rise since the appointment of the current CEO and a 46% increase following Gerson's resignation.
Evercel, Inc. (EVRC) announced a new share repurchase authorization of up to $20 million of its common stock. CEO Daniel Allen expressed confidence in the company’s cash flow from current investments, emphasizing that returning capital to shareholders is a priority. The program is set to begin on October 30 and is expected to last up to two years, funded through cash on hand and dividends. The company remains flexible in its repurchase strategy, which will be subject to market conditions.
Evercel, Inc. (OTC Pink: EVRC) provided shareholders with a business update ahead of its Annual Meeting on October 7, 2021. Since 2012, the company has grown its cash from $18 million to approximately $80 million in assets. Key highlights include the successful ZAGG acquisition, with expectations of generating over $500 million in revenue for fiscal 2022, and strong performance from Printronix, which has yielded over $50 million in cash returns. Evercel has applied for listing on the OTCQX market and has refreshed its Board with experienced directors to enhance shareholder value.
Evercel, Inc. (OTC Pink: EVRC) has announced its application to trade on the OTCQX Best Market, aiming to enhance shareholder value through improved liquidity and disclosure frequency. If approved, the company plans to increase financial reporting to quarterly updates, thereby potentially raising its profile in the investment community. The OTCQX represents a higher tier of OTC trading with strict requirements, and Evercel will receive guidance from Ellenoff, Grossman & Schole LLP to meet these standards. The company aims for this move to eventually support SEC registration.
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.
Evercel, Inc. (OTC: EVRC) has appointed Greg Falk and Ted Zagat to its Board of Directors, effective immediately. CEO Daniel Allen expressed confidence that their extensive backgrounds will enhance the board's expertise during a significant period of growth, particularly with the impending acquisition of ZAGG. Falk brings more than 25 years in M&A transaction services, while Zagat has a rich entrepreneurial background and previous leadership roles at Facebook and Zagat Survey. Together, they aim to drive value for Evercel's shareholders.
Evercel, Inc. (OTC: EVRC) has completed its acquisition of ZAGG Inc, a leading mobile accessories firm. This deal, first announced on December 11, 2020, received stockholder approval on February 18, 2021. Evercel will become the majority owner of the newly formed holding company for ZAGG. The transaction details are available in the SEC proxy statement. Evercel will discuss this acquisition and its FY21 financial results during a conference call on March 1, 2021, at 4:30 EST.