Evercel Proclaims Firm Replace



MIAMI, Feb. 03, 2023 (GLOBE NEWSWIRE) — Evercel, Inc. [OTC Pink: EVRC] (the “Firm”) broadcasts it has reached a settlement with Corona Park, efficient December 29, 2022.

As a part of the settlement, Evercel repurchased Corona Park’s complete 17% possession of Evercel’s widespread inventory. In consideration for its shares, Corona Park obtained its pro-rata portion of the Firm’s property, consisting primarily of money and illiquid models held by the Firm in LLCs by which the Firm presently owns its funding in ZAGG and beforehand owned Present Applied sciences. Corona Park’s excellent promissory observe to the Firm was settled, and the Firm obtained sure revised rights underneath the phrases of the LLC by which the ZAGG funding is held. The Firm obtained distributions from such LLCs such that the Firm presently holds roughly $46,000,000 of money available. As well as, underneath the phrases of the settlement, the litigation between Corona Park and the Firm was dismissed.

Additional, as a part of the settlement, the Firm agreed to distribute at the very least $1.25 per share to the Firm’s shareholders from its present money. The Firm intends to make the distribution underneath a Plan of Liquidation to be authorised by the shareholders. Following the distribution, sooner or later, the Firm will return all money to shareholders following any monetization of ZAGG. The Firm is not going to make any additional investments past these essential to handle the remaining money within the Firm till ZAGG is totally monetized and monies distributed to shareholders.

Following the Settlement, the Firm has roughly $46,000,000 of money available, plus an illiquid funding with a remaining foundation of roughly $29,000,000 in Zigg Holdings LLC, the automobile by which the Firm owns ZAGG. The Firm has no debt. Pursuant to the phrases of the settlement, the Firm anticipates distributing roughly $34,000,000 of the $46,000,000 of money available on or round March 31, 2023. The Firm will present further info on this distribution at a later date. Because of the settlement, the Firm’s shares of widespread inventory issued and excellent decreased from roughly 33,000,000 to roughly 27,000,000.

We need to thank Dan Allen and Corona Park for his or her onerous work and acumen in rising the Firm’s stability sheet so considerably through the years, taking an preliminary stability sheet of roughly $18M in 2012 and producing over 5 occasions that quantity in realized returns, along with the presently unrealized returns on the funding in ZAGG. We remorse the delay and expense the Firm incurred resolving its obligations underneath its contracts. The Board is grateful for Mr. Allen’s service, and appreciative of his integrity, potential, and tenacity in creating such important worth for the Firm’s shareholders.

Going ahead, Corona Park will proceed to handle ZAGG, together with the Firm’s oblique minority funding in ZAGG by Zigg Holdings LLC. We’re dedicated to supporting Mr. Allen and his staff at Corona Park in managing ZAGG primarily based on his choices and assessments, which we’re hopeful will proceed to yield spectacular earnings to all buyers.

Cautionary Assertion Concerning Ahead-Trying Info

This press launch contains “forward-looking statements” inside the which means the federal securities legal guidelines. All statements aside from statements of historic info contained on this press launch, together with statements relating to our plans to pursue buying and selling of our widespread inventory on the OTCQX, are forward-looking statements. Ahead-looking statements are usually delivered sooner or later tense and/or are preceded by phrases reminiscent of “might,” “will,” “ought to,” “forecast,” “projected,” “may,” “count on,” “counsel,” “imagine,” “estimate,” “anticipate,” “intend,” “plan,” or comparable phrases, or the negatives of such phrases or different variations on such phrases or comparable terminology. These forward-looking statements are topic to quite a few dangers, uncertainties, and assumptions. Evercel cautions readers to not place undue reliance on forward-looking statements.


Richard Janney
Chief Monetary Officer
[email protected]

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