Evercel, Inc. (EVRC) Sells Stake in Printronix for $30M

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Evercel Announces Sale of Printronix

October 11, 2021 8:00 AM EDT

MIAMI, Oct. 11, 2021 (GLOBE NEWSWIRE) -- Evercel, Inc. [OTC Pink: EVRC] (the Company) today announced the successful completion of the sale of its 80.1% stake in Printronix, a worldwide leader in multitechnology industrial printing solutions, on October 7, 2021. Evercel received approximately $30 million from the sale of its 80.1% stake. Including the proceeds from this transaction plus prior dividends, the Company has cumulatively received more than $80 million from its investment in Printronix, excluding taxes and applicable fees.

Evercel invested approximately $18 million for its 80.1% equity stake in Printronix in 2013. Evercels investment in Printronix was managed by CoronaPark and Evercels CEO, Daniel Allen.... More