NEW YORK, Aug. 21, 2014 (GLOBE NEWSWIRE) -- On August 21, 2014, Evercel (OTC:EVRC) acquired the entity holding 19.9% of the shares of Printronix, representing all of the shares that it did not already own, for a purchase price of $4.5m financed through Printronix's lenders. Evercel now beneficially owns all of Printronix, less options and shares that may be sold or issued in the future to management. The shares in the entity purchased today are subject to a carried interest held by certain members of management and others who originally brought the investment opportunity to Evercel. After Evercel recovers 100% of its investment in Printronix, that carried interest entitles the holders to 20% of further distributions with respect to Printronix.
Evercel continues to expect to release its consolidated financial statements for the year ending March 31, 2014 by end of October 2014.
New York City based Evercel is a publicly traded holding company that oversees and manages subsidiary companies. Operations currently include a business printing equipment manufacturer. Due to Evercel's limited number of shareholders and its decision at present not to register with the SEC, Evercel is not obligated to report financial information. Evercel chooses to voluntarily report information periodically.