Evercel, Inc. Files to Offer 3 Million Shares

Proceeds of offering to be used to equip second automated battery production line in Virginia facility.

Published: 08-Jan-2001

DANBURY, Conn., Jan. 8 /PRNewswire/ -- Evercel, Inc. (Nasdaq: EVRC) announced today that it filed a registration statement with the Securities and Exchange Commission for a proposed underwritten public offering of 3,000,000 shares of common stock.

Proceeds from the offering will be used to equip the second automated production line in Newport News, Virginia, for research and development and for working capital and general corporate purposes. The managing underwriters of the offering are Morgan Keegan & Company, Inc. and Burnham Securities Inc.

These securities may not be sold nor may offers to buy be accepted prior to the time a registration statement is declared effective by the Securities and Exchange Commission. This press release shall not constitute an offer to sell or a solicitation of an offer to buy, nor shall there be any sale of these securities in any state or jurisdiction in which such offer, solicitation, or sale would be unlawful under the securities laws of any such state or jurisdiction.

Evercel, Inc., (http://www.evercel.com) is a manufacturer of high-performance, environmentally friendly and cost-effective nickel-zinc rechargeable batteries for a wide range of applications, including scooters, trolling motors for boats, electric bicycles, electric vehicles, lawn mowers electric wheelchairs and golf carts. The Company, based in Danbury, Connecticut, operates manufacturing facilities in Newport News, Virginia, and in Xiamen, China. In China, the Company operates as Xiamen Three Circles-ERC Battery Corp., Ltd., a joint venture.

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