EVRC - Evercel CEO Daniel Allen resigns

Evercel (OTCPK:EVRC) announces resignation of Daniel Allen as CEO, effective December 17.  However, Allen intends to continue to serve on the firm's board of directors. In the interim, a special committee of the board will manage EVRC's day-to-day operations. Meanwhile, Allen's affiliate Corona Park Investment Partners filed a complaint on December 17 against EVRC in a chancery court in Delaware.  Corona Park alleged that under a stock pledge agreement, it obtained a put option to have Evercel purchase all, or some, of Corona Park’s 17% stake in EVRC at fair market value. The firm claimed it validly exercised the put option and Evercel failed to honor its exercise. EVRC believes the complaint is without merit and intends to vigorously defend against it. The special committee will investigate the enforceability of the put option and other Corona Park-related party transactions.

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Evercel CEO Daniel Allen resigns