DALLAS, TX / ACCESSWIRE / August 17, 2021 / Envela Corporation (NYSE American: ELA) (“Envela” or the “Company”) announced today that its wholly owned subsidiary ECHG, LLC has entered into a definitive agreement to acquire Avail Recovery Solutions, LLC in a cash-only transaction.
The transaction is subject to customary closing conditions and is expected to close early in the fourth quarter of 2021.
Avail Recovery Solutions (“Avail”) is headquartered in Chandler, Arizona and focuses on IT Asset Disposition (ITAD) services – the safe and responsible management of retired electronic devices. They make it easier to reuse retired IT assets and devices by refurbishing them and then redeploying or reselling them. Avail also recycles discarded electronics and turns obsolete devices into raw materials. This diverts material from landfills and provides raw materials for the manufacture of new products.
Envela’s ongoing business strategy includes acquisitions with promising synergies, creating value for their shareholders and enhancing their brand through additional product offerings. The acquisition of Avail will drive this strategy and expand the company’s presence in the green recommerce sector.
“Sustainability is at the heart of everything we do, and Avail has an impressive track record of delivering creative, sustainable IT solutions through its team of innovative professionals,” said Tommy McGuire, President of ECHG. “This is a great opportunity to expand our companies’ recommerce offerings and create additional value for our shareholders,” added McGuire.
“We are very excited to be joining ECHG and the Envela family of re-commerce companies and all of the new opportunities this combination brings to Avail customers, employees and business partners,” said Justin Tinkle, President of Avail Recovery Solutions . ‘I believe that by working with ECHG, whose relentless commitment to quality and innovation is clear, we will significantly improve our offerings and offer our customers significant added value. We can’t wait to start this exciting new chapter together, ”added Tinkle.
About ECHG
ECHG helps a number of the world’s leading brands and retailers accelerate their sustainability transformations by extending the life cycle of their assets. Services include returns management, product refurbishment, trade-in for consumers, product take-back, recycling at the end of life, disposal of IT assets, resale and reverse logistics.
About Avail Recovery Solutions
Avail is a full-service electronics and materials lifecycle management company offering innovative recommerce solutions for IT asset disposal and electronics recycling. Avail helps its customers achieve their sustainability goals by leveraging industry-leading visibility into its disposal and recycling services. Services include asset disposal, complete destruction of digital data, and recovery of the value of technology resources. Avail works with Fortune 2000 companies and other organizations to recover invested capital from decommissioned assets through end-of-life resale and recycling. For more information about Avail, please visit the company’s website, www.availrecovery.com.
About Envela
Envela and its subsidiaries operate a wide range of business activities in the re-commerce sector. This includes the remarketing of luxury goods, consumer electronics and IT equipment; and recycling solutions at the end of life. Envela evaluates its inventory of re-commerce purchases for their potential to be refurbished and resold as a whole or recycled for components or precious metal value. Envela also offers comprehensive recycling solutions for a variety of other companies that want to dispose of their end-of-life products responsibly. Envela operates primarily through two recommerce business segments. Through DGSE, LLC, the company markets luxury goods through the Dallas Gold and Silver Exchange, Charleston Gold & Diamond Exchange, and Bullion Express brands. Through ECHG, the company operates Echo Environmental Holdings, ITAD USA Holdings and Teladvance, which primarily re-market consumer electronics and IT equipment and provide recycling services to various companies in many industries. Envela conducts its recommerce activities at the retail and wholesale levels, through distributors, resellers, specialty stores and online. Envela is a Nevada company with headquarters in Irving, Texas.
More information about Envela is available on the investor relations site Envela.com.
Forward-Looking Statements
This press release contains statements that may constitute “forward-looking” statements, including statements regarding current and future stock acquisitions, business strategies, and the potential future success of the company and its subsidiaries. These statements are made in accordance with the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. By their very nature, forward-looking statements 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 market conditions and other risks, which are discussed in the company’s periodic reports with the Securities and Exchange Commission. With these forward-looking statements, the company assumes no obligation to update these statements for revisions or changes after the date of this publication, except as required by law.
Investor Relations Contact:
Matt Glover and John Yi
Gateway Investor Relations
1-949-574-3860
ELA@gatewayir.com
SOURCE: Envela Corporation
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https://www.accesswire.com/660027/Envela-Subsidiary-to-Acquire-Avail-Recovery-Solutions
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