HINGHAM, Mass., Jan. 29, 2009 (GLOBE NEWSWIRE) -- Evercel, Inc. (Pink Sheets:EVRC) today released audited financial statements for the years ended December 31, 2006 and 2007. Highlights of the periods include the merger with Sontek Industries on March 31, 2006 and an exchange offer for the company's preferred stock during 2007. A summary of the statements follows:
Balance Sheet:
12/31/2007 12/31/2006
----------- -----------
Current Assets* $ 3,311,649 $ 2,642,217
Fixed Assets (net) 226,245 145,063
Other Assets 4,755,000 4,755,000
Current Liabilites 400,744 288,063
Long Term Debt (net) 325,000 377,000
Stockholders' Equity $ 7,567,120 $ 6,877,217
Outstanding Shares:
Common 26,621,941 20,851,839
Preferred 24,686 493,865
* includes cash of $ 1,460,134 $ 796,563
Operating results:
12 months ended 12/31/07 12/31/06
---------- ----------
Revenues $7,835,989 $5,951,546
Cost of Revenues 6,102,732 4,501,539
Operating and Other Expense 1,207,014 865,142
Income before tax 406,767 121,225
Net income $ 358,755 $1,155,304
Shareholders can request a copy of the audited statements from the company or download them at http://www.evercel.com/EvercelFinancialStatement.pdf
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), Oxygen SpA (light electric vehicles), and Julia LLC (skin wrinkle reduction technology).