MIAMI, Dec. 22, 2021 (GLOBE NEWSWIRE) — Evercel, Inc. (OTC Pink: EVRC) today announced that Daniel Allen has provided his resignation as the Chief Executive Officer of Evercel, effective December 17, 2021. Although Mr. Allen will no longer serve as the Chief Executive Officer of Evercel, Mr. Allen has stated his intention to continue to serve on the Company’s Board of Directors. In light of Mr. Allen’s resignation, the Board has commenced planning discussions to appoint new leadership. In the interim, a Special Committee of the Board, which was originally formed to review various Evercel matters and disclosures, will manage the day-to-day operations of Evercel.
Also on December 17, 2021, Corona Park Investment Partners, LLC (“Corona Park”), an affiliate of Mr. Allen, filed a complaint against Evercel in the Court of Chancery of the State of Delaware seeking to enforce Corona Park’s purported rights under a Stock Pledge Agreement with Evercel. Specifically, Corona Park alleges that pursuant to the Stock Pledge Agreement, it has obtained a put option to have Evercel purchase all, or some, of Corona Park’s 17% equity interest in Evercel at fair market value (the “Put Option”). Corona Park claims that it has validly exercised the Put Option and Evercel has failed to honor its exercise in breach of the Stock Pledge Agreement by repudiating the Put Option provisions of the Stock Pledge Agreement. Based on information received and investigated to date, Evercel strongly disagrees with the allegations in the foregoing complaint, believes the complaint is without merit and intends to vigorously defend against it.
The Special Committee intends to continue its investigation into the enforceability of the Put Option and other Corona Park related party transactions. Evercel will endeavor to provide additional updates on its search for new leadership and the Put Option, as such updates become available.
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 include 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
