HINGHAM, Mass., Aug. 13, 2007 (PRIME NEWSWIRE) -- Evercel, Inc. (Pink Sheets:EVRC) today announced that shareholders have tendered more than 95 percent of the outstanding Series A and Series B Preferred shares for exchange to common shares. Accordingly, all preferred shares that have been tendered will be accepted and retired. Common shares in a ratio of 12 common shares for each preferred share will be issued to tendering shareholders as soon as practical. Further, the Company announced that it will close the exchange offer to any further tenders on August 21, 2007.
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).