Dear Valued Shareholders:
We are writing in advance of the upcoming Annual Meeting to encourage you to vote your shares using the official WHITE
Evercel’s former chairman,
THE FACTS BEHIND MR. GERSON’S CAMPAIGN OF LIES
Sadly,
- Mr. Gerson’s complaints about TRANSPARENCY are the height of hypocrisy: Mr. Gerson’s own unethical behavior caused a delay to the Company’s 2021 audited financials. In
April 2021 ,Mr. Gerson made statements to Evercel’s independent auditor thatBaker Tilly determined were “were inadequate and misleading.” Baker Tilly’s office of general counsel then took the extraordinary extra step of advising the Board thatBaker Tilly would “no longer be able to rely on any of [Mr. Gerson’s] representations going forward or [to] engage with [Mr. Gerson ] on the audit committee.”Mr. Gerson eventually agreed to resign from the Board as a result. His attempt to blame current leadership for the delay created in part by his own conduct should disqualify him from further involvement in the Company’s governance. In the words of Baker Tilly’s letter to the Board: “We rely on honesty, transparency, and forthrightness of our clients in conducting our work and believeMr. Gerson fell below that professional standard.” - Mr. Gerson’s complaints about PERFORMANCE are misguided: Evercel’s performance was at its worst when
Mr. Gerson controlled the Board.Mr. Gerson had complete control of theBoard for 11 years before the current CEO joined in 2012, and he and his 40+ year friendMr. Krantz continued to dominate theBoard for the last nine years until his resignation. Here are the FACTS about his record:- While
Mr. Gerson served as Chairman from 2001 to 2012, prior to the current CEO, Evercel’s share price DECREASED 59.7%. - Before the current CEO was brought in,
Mr. Gerson presided over a failed business. Under Mr. Gerson’s leadership,Evercel became a delisted former battery company with only approximately$18 million in assets after multiple failed investments. - However, during the current CEO’s tenure, Evercel’s asset base has grown from approximately
$18 million in cash to more than$80 million of assets today after fees. - Under the current CEO’s leadership, the value of Evercel’s stock has increased 153%.
- Since the announcement of Mr. Gerson’s resignation, with the current new board of professionals in place, Evercel’s share price has increased approximately 46% as of this writing, in less than 60 days.
- While
- Mr. Gerson’s complaints about LIQUIDITY and TRANSPARENCY are disingenuous given his own poor track record on those issues: following his resignation, the Board has taken actions to improve both liquidity and transparency. The Company has applied for a listing on the OTCQX market as a steppingstone to a potential future listing on a national exchange. The Company also has committed to quarterly reporting and authorized a
$20 million share repurchase program.Mr. Gerson did not push these efforts while on the Board.Mr. Gerson had nearly the past decade when he controlled the Board to make changes on changes on liquidity and transparency. Instead,Mr. Gerson set a clearly stated strategy focused only on growing the underlying assets and ignoring Evercel’s stock price. Not once during his control of the Board from 2012 through early 2021 didMr. Gerson ever propose any changes to increase liquidity or transparency. We believe Mr. Gerson’s recent claims are simply an attempt to rewrite his legacy and seize control of the Board once again after being forced to resign. The bottom line is that shareholders would benefit from less of Mr. Gerson’s influence, not more.
The current Board is dedicated to shareholder interests, not their own. If
YOU HAVE A CLEAR CHOICE:
MOVE FORWARD ON A PATH OF VALUE CREATION AND SHARE PRICE INCREASES WITH CURRENT LEADERSHIP BY USING THE ENCLOSED OFFICIAL WHITE PROXY CARD TO VOTE FOR THE BOARD’S UNOPPOSED NOMINEES!
SUPPORT CONTINUED PROGRESS AT
DISCARD the Gerson BLUE proxy card so
We appreciate you taking the time to vote your shares, and hope you will vote in favor of the Board’s director nominees using the Company’s official WHITE proxy card. The Board, other than Mr. Gerson’s 40+ year friend
About
Cautionary Statement Regarding Forward-Looking Information
This press release includes "forward-looking statements" within the meaning the federal securities laws. All statements other than statements of historical facts contained in this press release, including statements regarding our plans to pursue trading of our common stock on the OTCQX, are forward-looking statements. Forward looking statements are generally delivered in the future tense and/or are preceded by words such as "may," "will," "should," "forecast,“ "projected," "could," "expect," "suggest," "believe," "estimate," "anticipate," "intend," "plan,“ or similar words, or the negatives of such terms or other variations on such terms or comparable terminology. These forward-looking statements are subject to a number of risks, uncertainties, and assumptions.
Investors:
info@evercel.com
or
(212) 297-0720
info@okapipartners.com
Media:
Reevemark
evercelteam@reevemark.com
Source:
2021 GlobeNewswire, Inc., source