HINGHAM, Mass., June 29, 2006 (PRIMEZONE) -- Evercel Inc. (Pink Sheets:EVRC) has granted an exclusive, worldwide license for its rechargeable nickel-zinc battery technology to CM Partner of Kyungkido, Korea. Under the terms of the 20-year license agreement, CM Partner will conduct all development, manufacturing, marketing and sales of Evercel batteries, for all potential applications and in all geographies.
The agreement calls for Evercel to receive a fixed sum for the technology rights, to be paid out of future sales, plus ongoing royalty payments for the duration of the license agreement. Financial terms were not disclosed.
"We are pleased that our rechargeable nickel-zinc batteries will continue to be developed and marketed by an experienced manufacturer that has a clear vision of the potential that Evercel technology offers," said Garry Prime, CEO of Evercel. "CM Partner is a respected company with global reach and we are confident that our batteries are in good hands."
"The recent spike in the cost of energy around the world has created new interest and opportunities for innovative alternatives," said Ben S. Lee, CEO of CM Partner. "The benefits of Evercel's nickel-zinc batteries are ideally suited to capture new markets and new applications where energy efficiency is needed and valued."
About Evercel
Hingham, Mass.-based Evercel is a multi-industry company whose operations include crab processing for both fresh and frozen markets, and sale of a disposable valve used in the treatment of critically ill patients on respirators. Evercel's investments include Zipcar Inc. (car sharing) and Oxygen SpA. (light electric vehicles).
About CM Partner Inc.
Founded in 1987, CM Partner Inc. is one of the largest contract manufacturing service providers in Korea. CM Partner provides design, development and turn-key manufacturing solutions to industry, including automotive, industrial controls, and telecommunications companies.