DALLAS, TX / June 30, 2020 / DGSE, LLC (“DGSE”), a subsidiary of Envela Corporation (NYSE American: ELA) (“Envela” or the “Company”), announced today that it has signed an agreement for the purchase of a retail building for its next Dallas Gold & Silver Exchange store, in Grapevine, Texas.
Brick-and-mortar expansion remains a strong growth opportunity for DGSE, and the Company’s invigorated financial condition makes buying rather than leasing retail stores an attractive option. The new Grapevine location is expected to open in the fourth quarter this year.
“We’re excited to open up shop in Grapevine Texas, a great city with so much history,” said Scott Mosley, President of DGSE. “We continue to invest in DGSE-brand so can exceed our consumers’ highest expectations at each of our retail locations,” Mosley added.
During the next two years, DGSE anticipates providing omnichannel and immersive consumer experiences to its customers, and opening even more retail locations.
DGSE focuses on sustainable, authenticated recommerce of luxury brands and diamonds. Its retail strategy is anchored in being an information resource for clients, bringing transparency to purchase and sale transactions, and offering value and liquidity to those seeking to buy, sell or trade jewelry, watches, diamonds or coins.
DGSE wholesales and retails jewelry, diamonds, fine watches, and precious metal bullion and rare coin products through its Charleston Gold & Diamond Exchange (www.cdgeinc.com) and Dallas Gold & Silver Exchange (www.dgse.com) operations.
DGSE strives to deliver an unrivaled customer experience. It features a broad selection of high-quality vintage and new jewelry, precious-metal bullion, rare coins, fine timepieces and diamonds, together with value pricing and a customer-friendly sales process.
DGSE has specialized in buying and selling jewelry for over 40 years, making our expert staff among the best in the business.
Envela and its subsidiaries engage in diverse business activities within the recommerce sector. These include recommercializing luxury hard assets, consumer electronics and IT equipment; and end-of-life recycling solutions. Envela assesses its inventory of recommerce purchases for their potential to be refurbished and resold as whole goods, or to be recycled for component parts or precious-metal value. Envela also offers comprehensive recycling solutions for a variety of other companies seeking responsibly to dispose of end-of-life products. Envela operates primarily via two recommerce business segments. Through DGSE, LLC the Company recommercializes luxury hard assets via Dallas Gold and Silver Exchange, Charleston Gold & Diamond Exchange, and Bullion Express brands (collectively, “DGSE”). Through ECHG, LLC, the Company operates Echo Environmental Holdings, ITAD USA Holdings, and Teladvance (collectively, “ECHG”), which recommercialize primarily consumer electronics and IT equipment, and provide end-of-life recycling services for various companies across many industries. Envela conducts its recommerce operations at retail and wholesale levels, through distributors, resellers, dedicated stores and online. The Company also owns and operates other businesses and brands engaged in a variety of activities, as identified herein. Envela is a Nevada corporation, headquartered in Dallas, Texas.
Additional information about Envela is available at its investor-relations site, Envela.com.
This press release includes statements that may constitute “forward-looking” statements, including statements regarding potential property acquisitions, future growth, business strategies, and the future success of DGSE. These statements are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Forward-looking statements inherently involve risks and uncertainties that could cause actual results to differ materially from the forward-looking statements. Factors that would cause or contribute to such differences include, but are not limited to, market conditions and other risks detailed in the Company’s periodic report filings with the Securities and Exchange Commission. By making these forward-looking statements, the Company undertakes no obligation to update these statements for revisions or changes after the date of this release except as required by law.
Investor Relations Contact:
Head of Investor Relations
13022 Preston Rd Dallas, TX 75240
SOURCE: Envela Corporation
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