Evercel Announces Fourth Quarter 1999 Results

Evercel Inc. (Danbury, CT) recently announced that fourth quarter 1999 results included the newly formed company's first sales to customers by its joint venture partner, Xiamen Three Circles-ERC Battery Corp. Ltd. (China).For the three months ended October 31, 1999, Evercel reported revenues of $196,000 and a net loss of $1,879,000, or $0.66 per basic and diluted share, compared with sales of $17,000 and a net loss of $1,002,000, or $0.24 per basic and diluted share, during the same period in 1998.For the year ended October 31, 1999, the company reported a net loss of $4,961,000, or $2.23 per basic and diluted share, compared with a net loss of $2,325,000, or $1.67 per basic and diluted share, during the same period in 1998."We are proud to report that in our first 10 months of independent operation, we continue to meet many milestones, including, in November 1999, the first high volume sales of our patented nickel-zinc battery," said Robert L. Kanode, president and CEO of Evercel. "We are looking forward to carrying this momentum into the New Year as we prepare for future demand."