Envela Expands Electronics-Trade-In Capabilities with Acquisition
06/10/2021 - 09:00 AM
DALLAS, TX / ACCESSWIRE / June 10, 2021 / Envela Corporation (NYSE American:ELA) ("Envela" or the "Company") announced today that its subsidiary CEX Holdings, LLC ("CEX") has purchased the assets of CExchange LLC, a leader in electronics-trade-in services for retailers.
Envela believes this acquisition will bring promising synergies of cost reductions and efficiencies, and contribute to revenue and earnings accretion to shareholders. It also advances the Company's ongoing strategy to expand its presence in the environmentally friendly recommerce sector.
About CExchange
CExchange provides electronics trade-in and recycling service for retailers. It offers custom solutions to meet the needs of diverse clients, including Fortune 500 companies, both online and offline. CExchange provides services that help retailers maximize the value for returned and used electronics.
About Envela
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
Forward-Looking Statements
This press release includes statements that may constitute "forward-looking" statements, including statements regarding the potential future success of the Company, its acquisitions, business lines, and strategies. 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 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:
Matt Glover and John YiELA@gatewayir.com
SOURCE: Envela Corporation
https://www.accesswire.com/651221/Envela-Expands-Electronics-Trade-In-Capabilities-with-Acquisition
ELA Rankings
#3745 Ranked by Stock Gains
ELA Stock Data
Industry
Jewelry Stores
Sector
Retail Trade
Tags
Retail Trade, Specialty Stores, Jewelry Stores
About ELA
envela corporation, together with its subsidiaries, primarily buys and sells jewelry and bullion products to individual consumers, dealers, and institutions in the united states. it offers jewelry and fine-watch products, including bridal jewelry, fashion jewelry, custom-made jewelry, diamonds, and other gemstones, as well as watches and jewelry components. the company also buys and sells various forms of gold, silver, platinum, and palladium products, including united states and other government coins, private mint medallions, art bars, and trade unit bars; numismatic items, such as rare coins, currency, medals, tokens, and other collectibles; scrap gold, as well as provides jewelry and watches repair services. in addition, it offers end-of-life electronics recycling services; it-asset disposition services; and services to companies upgrading their software, and hardware or networking capabilities; or moving to cloud services. as of june 30, 2020, envela corporation marketed its produ
