Evercel Inc. Announces $25.4 Million Public Offering

Proceeds intended to equip second automated production line.

Published: 10-Feb-2001

DANBURY, Conn., Feb. 9 /PRNewswire/ -- Evercel, Inc. (Nasdaq: EVRC) announced the public offering of 3,000,000 shares of its common stock on February 9, 2001, at $9.00 per share for gross proceeds, after commissions, of $25.4 million.

Evercel intends to use the net proceeds to equip the second automated production line in Newport News, Virginia, for research and development and for working capital and general corporate purposes.

Morgan Keegan & Company, Inc. and Burnham Securities Inc. acted as the underwriter for the offering. Copies of the prospectus are available from the offices of Morgan Keegan & Company, Inc., 50 North Front Street, Memphis, Tennessee 38103.

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.

About Evercel

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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