NEW LONDON, Conn., Sept. 6, 2012 (GLOBE NEWSWIRE) -- Evercel Inc., (Pink Sheets: EVRC) sold its Stretch and Cover operations to the current operating management of Stretch and Cover. The sale was effective as of August 31, 2012 Stretch and Cover is a web-based marketer of furniture slip covers and musical instrument accessories. The sale price is approximately book value.
"Stretch and Cover has not been profitable for more than three years and we have become unwilling to invest further resources given the uncertainty of our being able to affect a turnaround," said Garry Prime CEO of Evercel Inc.
New London, Conn., 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. Evercel also has investments in Zipcar Inc. (car sharing), and Julia LLC (skin wrinkle reduction technology).