MIAMI, Feb. 3, 2023 (GLOBE NEWSWIRE) — Evercel, Inc. EVRC (the company”) announces that an agreement has been reached with Corona Park effective December 29, 2022.

As part of the settlement, Evercel repurchased Corona Park’s entire 17 percent interest in Evercel’s common stock. In exchange for its shares, Corona Park received its pro-rata share of the Company’s assets, consisting primarily of cash and illiquid entities held by the Company in LLCs through which the Company currently holds its investment in ZAGG, and previously owned by Current Technologies . Corona Park’s outstanding promissory note to the Company has been settled and the Company has been granted certain revised rights under the terms of the LLC through which the ZAGG investment is held. The Company received distributions from such LLCs and the Company currently holds approximately $46,000,000 in cash. In addition, pursuant to the terms of the Settlement, the litigation between Corona Park and the Company has been dismissed.

In addition, as part of the settlement, the company agreed to pay out a minimum of $1.25 per share to the company’s shareholders from its current cash position. The Company intends to make the distribution under a liquidation plan to be approved by shareholders. After the distribution, going forward, the Company will return all cash to shareholders upon monetization of ZAGG. The Company will not make any further investments beyond those required to manage the Company’s remaining cash until ZAGG is fully monetized and the funds are distributed to shareholders.

After the settlement, the Company has cash of approximately $46,000,000 plus an illiquid investment with a remaining base of approximately $29,000,000 in Zigg Holdings LLC, the vehicle through which the Company owns ZAGG. The company has no debt. Under the terms of the settlement, the Company expects to distribute approximately $34,000,000 of the $46,000,000 in cash on or about March 31, 2023. The…