Evercel to Pursue Trading on the OTCQX Best Market
NEW YORK, Aug. 20, 2021 (GLOBE NEWSWIRE) -- Evercel, Inc. [OTC Pink:EVRC], has announced it has filed an application to trade its common stock on the OTCQX® Best Market.
In an effort to further enhance shareholder value the Board of Directors of Evercel (“the Company”) has approved a plan to pursue trading its shares on the OTCQX Market. If the Company’s application with the OTCQX is approved, the Company will increase the frequency of disclosure of its financial reporting in accordance with OTCQX disclosure guidelines to provide quarterly financial updates. We also believe that the liquidity and marketability of the Company’s shares may improve as a result of our shares trading on the OTCQX. We understand the approval process for the OTCQX Market could be completed in the next few months, representing a much shorter pathway to a liquid trading market than alternative national exchanges.
An objective of trading on OTCQX is to be a steppingstone to enable the Company to implement reporting processes in an orderly fashion such that Evercel could achieve the necessary compliance standards that would support a potential future registration as a SEC Registered company.
“The Board and I believe that moving to the OTCQX Market will be an important transition for Evercel and should improve the marketability and liquidity of our common stock for both current and future shareholders who recognize the Company’s intrinsic value and growth potential,” said Dan Allen, Chief Executive Officer. “We would like to thank all of our shareholders for their ongoing support.”
The OTCQX Best Market represents the highest tier of OTC Markets, with the most stringent entry requirements, and has been selected as the US market option of choice by multinational companies including Adidas, BNP Paribas, Heineken N.V., Infineon Technologies, Roche Holdings, and Zurich Insurance Group. As a result, we hope that trading on the OTCQX Best Market could help raise the Company’s profile within the investment community and remove barriers to trading the Company’s stock.
To qualify for the OTCQX market, companies must meet high financial standards, follow best practice corporate governance, demonstrate compliance with U.S. securities laws, be current in their disclosure, and have a professional third-party sponsor introduction.
Ellenoff, Grossman & Schole LLP will serve as Evercel’s third party sponsor to provide adequate guidance as the company adopts more extensive reporting, disclosure and governance policies in accordance with OTCQX market standards. Baker Tilly will continue as Evercel’s independent audit firm, and its opinion with respect to the Company’s financial statements for the past fiscal year, scheduled for release in mid- September, is an important and integral part of the current OTCQX filing process.
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 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.
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.
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