EVERCEL Announces Clarification of its February 20, 2024 Press Release
Evercel announced a clarification regarding its February 20, 2024, press release about its Plan of Liquidation and Dissolution.
The company emphasized that the decision to place its assets into a liquidating trust does not affect ZAGG or its operations, as Evercel is a passive and minority investor in ZAGG.
ZAGG is managed by CoronaPark, which took ZAGG private in 2021. This move aligns with Evercel's plan to return cash from its legacy investments to its shareholders.
- Evercel's plan to liquidate its assets aims to return cash to shareholders.
- The liquidation of assets does not impact ZAGG's operations.
- ZAGG continues operations under CoronaPark's management since 2021.
- The liquidation plan may indicate a lack of future business operations for Evercel.
- Investors might perceive the liquidation as a sign of instability or lack of growth prospects.
- Potential uncertainty about the value and timing of returns to shareholders.
NEW YORK, May 16, 2024 (GLOBE NEWSWIRE) -- Evercel, Inc. [OTC EXPERT MARKET: EVRC]
Evercel, Inc. wishes to clarify its prior press release of February 20, 2024 regarding its Plan of Liquidation and Dissolution. Evercel’s decision to place Evercel’s assets into a liquidating trust has no impact on ZAGG or its operations. Evercel is a passive and minority investor in ZAGG. ZAGG is solely managed by CoronaPark, and has been since CoronaPark took ZAGG private in 2021. The decision of Evercel to place its assets in a liquidating trust, including its minority interest in ZAGG, is solely an action that is consistent with Evercel's previously disclosed intentions to return any cash it receives from its legacy investments to Evercel shareholders. This action has nothing to do with ZAGG or its business.
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 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. The Company cautions readers not to place undue reliance on forward-looking statements.
Contact: Richard Janney, Chief Financial Officer, rjanney@evercel.com
FAQ
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