NEW LONDON, CONN., April 15, 2011 (GLOBE NEWSWIRE) -- Evercel Inc. today announced the sale of 261,937 shares of Zipcar Inc.("Zipcar") in the initial public offering of Zipcar shares. Proceeds are expected to be $4,384,825 before expenses. In addition, the underwriters of the offering have the right to purchase up to an additional 88,063 shares from Evercel at a price of $18.00 per share (before commissions and expenses) within the next 30 days.
After the sale and assuming the underwriters option is exercised in full, Evercel will own 1,078,571 shares of Zipcar.
The ticker symbol for Zipcar is NASDAQ: ZIP. Further information about Zipcar can be found at .
New London, Conn., based Evercel is a multi-industry company whose operations include crab processing for both fresh and frozen markets, sales of Swivel Y-valves used in the treatment of patients on respirators, and Stretch and Cover, Inc., an on-line retailer of slipcovers for household furniture. Evercel also has investments in Zipcar Inc. (car sharing), and Julia LLC (skin wrinkle reduction technology).