Evercel Announces Sale of Printronix
Company has received more than $80 million in cumulative proceeds from its $18 million Printronix investment
MIAMI, Oct. 11, 2021 (GLOBE NEWSWIRE) -- Evercel, Inc. [OTC Pink: EVRC] (the “Company”) today announced the successful completion of the sale of its 80.1% stake in Printronix, a worldwide leader in multi‐technology industrial printing solutions, on October 7, 2021. Evercel received approximately $30 million from the sale of its 80.1% stake. Including the proceeds from this transaction plus prior dividends, the Company has cumulatively received more than $80 million from its investment in Printronix, excluding taxes and applicable fees.
Evercel invested approximately $18 million for its 80.1% equity stake in Printronix in 2013. Evercel’s investment in Printronix was managed by CoronaPark and Evercel’s CEO, Daniel Allen. Proceeds from the investment have been reinvested into other transactions completed by the Company, including its investment in ZAGG earlier this year.
“We want to thank Evercel and CoronaPark for their support and tremendous hard work helping drive Printronix’s success over the past eight years,” said Werner Heid, CEO of Printronix. “CoronaPark’s hands-on and entrepreneurial approach was instrumental in helping the Printronix management team identify ways to dramatically improve our business. The CoronaPark team was a great partner to work with.”
“The Board and I are pleased to be delivering a strong return to shareholders through the sale of our stake in Printronix. It has been a true pleasure working alongside Werner and the rest of the Printronix management over the past eight years as we took many complex steps to increase the operational efficiency of the global business,” said Daniel Allen, CEO of Evercel.
At the time of Evercel’s investment in Printronix, Evercel’s only material asset was the $18 million it invested in the CoronaPark-led acquisition of Printronix. Today, following the sale of Printronix, Evercel has approximately $48 million in cash and note. Evercel also continues to hold its position in Current Technologies, which it purchased for $3 million, and its investment in ZAGG, which it purchased for approximately $36 million.
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 managed by CoronaPark, are 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.
About Printronix Inc.
Printronix is a global leader in industrial printing solutions, offering the most-trusted selection of ultra-reliable printers, supplies, service and parts for environments demanding high reliability and low-cost printing. The company offers two of the most-trusted brands in industrial printing, Printronix and TallyGenicom, known throughout manufacturing, distribution, retail, banking, healthcare, government and other enterprises across the globe. The combined portfolios include the highest quality line matrix, thermal and RFID printers. Printronix was founded in 1974 and is headquartered in Irvine, Calif. For additional information, visit Printronix.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.
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