HINGHAM, Mass., April 29, 2009 (GLOBE NEWSWIRE) -- Evercel, Inc. (Pink Sheets:EVRC) today announced the purchase of the assets of Stretch and Cover, Inc. ("S&C").
S&C (http://www.stretchandcover.com/) is a five year old furniture slipcover company that has grown revenue to approximately $1.5 million in 2008 and was profitable. S&C has developed a number of special slipcover features which solve the inherent-fit and stay-in-place problems of ready made covers. S&C markets exclusively through the Internet. Terms included cash and short term payments totaling approximately $650,000 and a royalty on certain sales totaling up to $700,000 over five years.
Bert Shlensky, who will become president of S&C, offers the expertise to take the company to a new level. He was formerly president of Sure Fit Inc, a slipcover manufacturing company, and grew it from $50 million to $150 million including a $60 million internet business. Since then he has consulted on startups of three different direct marketing companies for slipcovers, slipcovered furniture, and slipcovered headboards.
Garry Prime, CEO stated: "We are very pleased to welcome Bert to Evercel. We believe that this business has significant upside potential and that Bert has the expertise to add fashion, improved marketing and excitement to the category and to substantially increase sales."
Corporate Solutions Group, LLC acted as exclusive financial advisor to Evercel in this transaction.
Hingham, MA, based Evercel is a multi-industry company whose operations include crab processing for both fresh and frozen markets, sales of Swivel Y-valves used in the treatment of patients on respirators and investments in Zipcar Inc. (car sharing), Oxygen SpA (light electric vehicles), and Julia LLC (skin wrinkle reduction technology).