Evercel Replaces Its President, CEO and Chairman of the Board

July 18, 2001 by Jeff Shepard

Evercel Inc. (Danbury, CT) announced that Garry Prime has been elected president and CEO of the company. Robert Kanode, who has been president and CEO since April 1999, has resigned effective July 18, 2001.

Prime is president of Sontek Industries Inc. (Hingham, MA). He has led several successful turn-arounds of both public and private companies over the past 25 years. Currently, he serves as a director of Arguss Communications Inc. (Rockville, MD). He is also a director of Oxygen SpA (Italy).

James Gerson was elected chairman of the board of Evercel. Gerson is a vice-president of Fahnestock and Co. Inc. (New York, NY) and is a director of American Power Conversion Corp. (West Kingston, RI), Ag Services of America Inc. (Cedar Falls, IA) and FuelCell Energy Inc. (Danbury, CT). He is also a non-executive chairman of Sontek and a director of Oxygen. Jerry Leitman has stepped down as chairman of Evercel, but will remain on the board of directors.