EVRC - Evercel Announces $20 Million Share Repurchase Program
MIAMI, Sept. 24, 2021 (GLOBE NEWSWIRE) -- Evercel, Inc. [OTC Pink: EVRC] (the “Company”) today announced that its Board of Directors has approved a new share repurchase authorization of up to $20 million of the Company’s common stock. Under this program, the Company may repurchase outstanding shares of its common stock at times and prices considered to be in the best interest of the Company and its stockholders.
“Today’s announcement reflects our confidence in the cash flow we expect from our investments, which are valuable now and we believe will be more so in the future,” said Daniel Allen, Chief Executive Officer of Evercel. “While we will still continue to pursue value creating investments, the Board believes there is significant embedded value in our assets that is yet to be realized by the market. Therefore, returning capital to shareholders through a repurchase program of this size is an attractive use of capital at this time.”
The share repurchase authorization is effective starting October 30 th and, unless earlier terminated by our Board of Directors, is expected to be completed within two years thereafter. Repurchases will be funded by a combination of cash on hand, dividends from the Company’s investments and cash received from the sale of any investments. The share repurchase authorization does not obligate the Company to repurchase any specific number of shares, or any shares at all, and may be suspended, modified or terminated at any time. Share repurchases, which are subject to market conditions, other business considerations and applicable legal requirements, may be made in the open market, in privately negotiated transactions or block trades.
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:
info@evercel.com
or
Okapi Partners
Bruce Goldfarb/Chuck Garske/Teresa Huang
(212) 297-0720
info@okapipartners.com
Media:
Reevemark
Hugh Burns/Paul Caminiti/Jessica Engle
evercelteam@reevemark.com