TSC Auto ID Technology America Inc. reached an agreement to acquire of Printronix Inc. from Evercel, Inc. (OTCPK:EVRC) for $28.1 million in stock on November 9, 2015. TSC Auto ID Technology Co. Ltd will issue 3 million shares as consideration. On completion, Printronix Inc. will operate as Printronix Auto-ID Inc. The transaction is scheduled to be completed by January 2016. Matt Young and Brad of CriticalPoint Partners and Euan Rellie, Justine Mannering, Simon Kavanagh, Kent Ng, Jordan Selleck and David Kim of BDA Partners acted as financial advisors for Printronix.

TSC Auto ID Technology America Inc. completed the acquisition of Printronix Inc. from Evercel, Inc. (OTCPK:EVRC) for $46 million on February 1, 2016. As per the terms, Evercel will receive approximately $15 million of net cash proceeds upfront from the sale with an additional amount payable at various stages over the next 2 years if TSC achieves certain sales milestones. If all such amounts are received, it is expected that the total proceeds to Evercel will be at least equal to the $18 million. In connection with the transaction, TSC retired all $28 million of Printronix bank debt. Printronix line matrix printer business and all other business operations not directly related to the thermal printer business were spun off into a new subsidiary of Evercel, Printronix, LLC. 30 employees were transitioned with the sale.