IRVING, TX / ACCESSWIRE / March 17, 2023 / Envela Corporation (NYSE American:ELA) ("Envela" or the "Company"), the North American re-commerce leader, today announced that its Board of Directors authorized a share repurchase program for up to 1 million shares of its outstanding common stock.
"The repurchase authorization of up to 1 million shares of stock reflects the confidence that the Board and the executive management team have in Envela's ability to generate cash, while still investing in innovation and growth opportunities in the re-commerce space," said John Loftus, CEO of Envela Corp. "We are committed to strategically deploying capital to drive long-term value for stockholders. With a strong balance sheet and positive cash flow, we believe it's appropriate to have the option for opportunistic share repurchases."
Purchases under the share repurchase program may be made from time to time in the open market in accordance with applicable laws, rules, and regulations. The timing and number of share repurchases will depend upon prevailing market conditions and other factors. The share repurchase program does not commit the Company to repurchase any shares of its common stock, and it may be amended, suspended, or discontinued at any time at Envela's discretion.
Envela is the North American re-commerce leader, enabling a better world through the circular economy. It empowers buyers and sellers to extend the useful lives of specialty and durable goods; and seize retail, recycling, and reverse-logistics supply-chain opportunities. This financially benefits consumers and manufacturers alike. Envela operates primarily via two re-commerce business segments, DGSE and ECHG. DGSE (direct-to-consumer portfolio) operates retail stores and online sites offering premium brands and luxury hard assets. ECHG (commercial-services portfolio) offers custom re-commerce solutions to meet the needs of diverse clients, including Fortune 500 companies.
At Envela, we Reuse, Recycle, and Reimagine. To learn more, visit Envela.com and follow our social media channels on Twitter, Instagram, Facebook, and LinkedIn.
This press release includes statements that may constitute "forward-looking" statements, including statements regarding financial strength, liquidity, acquisitions, and the potential future 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.
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SOURCE: Envela Corporation