DALLAS, TX / ACCESSWIRE / March 9, 2020 / Envela Corporation (NYSE American:ELA) ("Envela" or the "Company") announced today that Texas Bank & Trust Company has increased its credit facility to $3.5 million and extended its maturity date two years. The untapped financing will be used to support Envela's continued growth and expansion.
"We are pleased that Texas Bank & Trust has chosen to support our ability to expand. This non-dilutive financing vehicle, which we believe reflects the increasing strength of the Company's financial position, will augment our balance-sheet flexibility and reduce costs," said Bret Pedersen, Envela's Chief Financial Officer.
Envela and its subsidiaries engage in diverse business activities within the recommerce sector. These include one of the nation's premier authenticated recommerce retailers of luxury hard assets; end-of-life asset recycling; data destruction and IT asset management; and providers of products, services and solutions to industrial and commercial companies.
Envela operates primarily via two business segments. Through DGSE, LLC, the Company will operate its Dallas Gold and Silver Exchange, Charleston Gold & Diamond Exchange, and Bullion Express brands. Under ECHG, LLC, it will operate Echo Environmental, ITAD USA and Teladvance. 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 the Company's potential future growth, expansion, strengthened financial position, and success of 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:
Head of Investor Relations
13022 Preston Rd Dallas, TX 75240
SOURCE: Envela Corporation