HINGHAM, Mass., Sept. 28, 2006 (PRIMEZONE) -- Evercel, Inc. (Pink Sheets:EVRC) today announced that it has made an investment in Julia Therapeutics, LLC ("Julia"). Julia is an early-stage company engaged in the development of a patented, ultrasound-based system that non-invasively reduces skin wrinkles. Julia's technology is expected to help restore aging skin without the use of chemicals, lasers or abrasion. It is expected that treatments with the Julia system will cause new connective tissue to replace older, damaged tissue in the dermis layer of the skin by exposing the damaged skin to acoustic pulses.
Garry Prime, Evercel's CEO, said, "We are very excited about this new direction for Evercel which will enable us to participate in the very large and rapidly growing anti-aging market with a proprietary, non-invasive new product."
Evercel's initial investment is $250,000 for which it will receive approximately 15% of Julia. In the event that Julia achieves certain milestones, Evercel has the right to invest an additional $150,000. In the event Evercel fails to make these future investments, its holdings may decrease to 9.4% of Julia. In addition, Evercel may have certain rights to acquire the balance of Julia in the future.
Peter Klopotek, PhD, the inventor of Julia's technology, said, "We are pleased to have Evercel as a partner. We look forward to proving what our early tests and research have shown with a view to rapidly bringing this exciting technology to the market."
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).