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MarketScreener Homepage  >  Equities  >  OTC Bulletin Board - Other OTC  >  Evercel, Inc.    EVRC

EVERCEL, INC.

(EVRC)
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Delayed Quote. Delayed OTC Bulletin Board - Other OTC - 05/22 03:53:37 pm
2 USD   -0.50%
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News SummaryMost relevantAll newsPress ReleasesOfficial PublicationsSector news

Evercel to Sell Thermal Division of Subsidiary

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11/09/2015 | 07:01am EDT

NEW YORK, Nov. 09, 2015 (GLOBE NEWSWIRE) -- Evercel, Inc.'s (OTC:EVRC) subsidiary Printronix announced today that it has entered into an agreement to sell its Thermal business to TSC Auto ID, while retaining its Impact printing business.

The combination should help accelerate the growth potential for Printronix’s Thermal business by leveraging TSC Auto ID’s broader range of products with Printronix’s enterprise customers and greater scale in the thermal market.  TSC Auto ID will continue to operate Printronix’s Thermal operation as a stand-alone business and execute the strategic plan Printronix developed over the past 18 months for growing its Thermal segment.

Selling its Thermal operations should enable Printronix to focus on maximizing the value from its core impact printer business, where Printronix holds the leading global position.  Printronix’s Impact printing business continues to offer significant value in terms of unmatched reliability, lowest cost of operation, robust media handling and inherent ‘green’ benefits.  Furthermore the divestment will allow Printronix to focus on leveraging its enterprise customers and intellectual property to expand its product & service offerings into adjacent printing markets and to invest over time in new emerging industrial printing opportunities.

Post-close, the Impact printer business will operate as Printronix LLC and will continue to be headquartered in Irvine, CA.   TSC Auto ID will acquire Printronix, Inc. (and its outstanding debt) and will operate the business under the name Printronix Auto ID.

“Selling the Thermal side of the business while retaining the Impact printing business, which represents the majority of Printronix’s revenue and profits, will enable Printronix as a debt free company to focus on the side of the business where the business has its greatest competitive advantage,” said Daniel Allen, CEO of Evercel. 

The transaction is expected to close at the end of January, at which time, we will make further details of the transaction available.  Due to confidentiality requirements, additional details cannot be disclosed until then.  During the time before closing, Printronix will execute a carve-out to separate the Thermal and Impact operations, which currently operate as a single business.

Further information is available on the Printronix website at www.Printronix.com.

About Evercel: New York City based Evercel is a publicly traded holding company that oversees and manages subsidiary companies.  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.

CONTACT: info@evercel.com

© GlobeNewswire 2015
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Income Statement Evolution
Managers
NameTitle
Daniel C. Allen Chief Executive Officer
James D. Gerson Chairman
Richard A. Krantz Director
Richard Perkins Director
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