Envela Inks Deal to Buy HQ Building and Move to Las Colinas

Rhea-AI Summary

Envela Corporation (NYSE American: ELA) has announced an agreement to purchase a new office building for its corporate headquarters in Las Colinas, Irving, Texas. The facility encompasses over 72,000 square feet and sits on more than five acres. This move aims to support Envela's growth in the recommerce sector and accommodate its subsidiary, Teladvance, LLC. Management highlighted Texas's favorable economic environment and workforce as key factors for the relocation, which is expected to enhance their operational capacity.

Positive

• Acquisition of over 72,000 square feet of office space to support future expansion.
• Relocation to a prestigious business area, enhancing corporate image.
• Management emphasizes growth potential in the environmentally friendly recommerce sector.

Negative

• None.

DALLAS, TX / ACCESSWIRE / October 5, 2020 / Envela Corporation (NYSE American: ELA) ("Envela" or the "Company") announced today that it has signed an agreement to purchase an office building for its next corporate headquarters, located in the Las Colinas community of Irving, Texas. Envela plans to relocate its corporate headquarters and its Teladvance, LLC subsidiary to the new facility.

The property features over 72,000 square feet of office space on more than five acres of land. Las Colinas is a 12,000-acre master-planned business and residential community in Irving and is home to more corporate headquarters than any other Texas city.

Management Commentary

"Our growth is a testament to the high-quality workforce and unmatched economic environment that Texas offers. We need additional space to continue expanding operations and attracting top talent," said John Loftus, Envela's Chairman and CEO. "This is a tremendous property that will facilitate our bold growth ambitions in the environmentally friendly recommerce sector," added Loftus.

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 business segments. Through DGSE, LLC the Company recommercializes luxury hard assets via its Dallas Gold & Silver Exchange brand. Through ECHG, LLC, the Company operates Echo Environmental Holdings, ITAD USA Holdings, and Teladvance, which recommercialize primarily consumer electronics and IT equipment and provide end-of-life recycling services for companies across numerous industries. Envela operates at the retail and wholesale levels, through distributors, resellers, dedicated stores and online. Envela is a Nevada corporation, headquartered in Dallas, Texas.

Additional information about Envela is available at its investor-relations website, Envela.com.

Forward-Looking Statements

This press release includes statements that may constitute "forward-looking" statements, including statements regarding the Company's potential future growth, anticipated revenue, and the success of its 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:
David Vadala
Head of Investor Relations
Envela Corporation
13022 Preston Rd Dallas, TX 75240
972.587.4030

SOURCE: Envela Corporation

View source version on accesswire.com:
https://www.accesswire.com/609060/Envela-Inks-Deal-to-Buy-HQ-Building-and-Move-to-Las-Colinas

FAQ

What did Envela Corporation announce on October 5, 2020?

Envela Corporation announced it signed an agreement to purchase an office building for its new corporate headquarters in Las Colinas, Irving, Texas.

What is the size of the new office building Envela plans to purchase?

The new office building will feature over 72,000 square feet of office space.

Why is Envela relocating its headquarters?

Envela is relocating to accommodate growth in operations and to attract top talent.

How does Envela Corporation operate within the recommerce sector?

Envela engages in recommercializing luxury hard assets and consumer electronics, and offers recycling solutions.

What economic conditions did Envela mention in the press release?

Management noted that Texas provides a high-quality workforce and unmatched economic environment.