Envela Subsidiary Expands Geographically with Acquisition

Rhea-AI Summary

Envela Corporation (NYSE American: ELA) announced its subsidiary ECHG, LLC has acquired the assets of Avail Recovery Solutions, LLC, a leader in IT asset recovery. This acquisition enhances Envela's presence in the recommerce sector focused on sustainability. Avail specializes in electronics recycling and IT asset disposition, servicing Fortune 2000 companies. The acquisition is expected to boost Envela's offerings in sustainability transformations and lifecycle management.

Positive

• Acquisition of Avail Recovery Solutions enhances Envela's market presence in sustainability and recommerce.
• Avail's established relationships with Fortune 2000 companies may provide new revenue opportunities.
• Expansion of service offerings, including innovative IT asset recovery and recycling solutions.

Negative

• None.

DALLAS, TX / ACCESSWIRE / November 3, 2021 / Envela Corporation (NYSE American:ELA) ("Envela" or the "Company") announced today that its wholly owned subsidiary ECHG, LLC has completed its purchase of the assets of Avail Recovery Solutions, LLC, a leader in IT asset recovery services and part of environmentally friendly recommerce sector.

About ECHG
ECHG helps a number of the world's leading brands and retailers accelerate their sustainability transformations by extending their assets' life cycle. Its services include returns management, product refurbishment, consumer trade-ins, product de-manufacturing, end-of-life recycling, IT asset disposition, recommerce, and reverse logistics.

About Avail Recovery Solutions
Avail is a full-service electronics and materials lifecycle-management company, providing innovative recommerce solutions for IT asset disposition and electronics recycling. Avail helps its clients meet their sustainability goals, utilizing industry-leading transparency for its disposition and recycling services. Its services include asset disposition, complete digital-data destruction, and value recovery of technology assets. Avail works with Fortune 2000 companies and other organizations to recover invested capital from retired assets through resale and end-of-life recycling. For more information about Avail, visit the company's website, www.availrecovery.com.

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. Through ECHG, 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 various companies across many industries. Envela conducts its recommerce operations at retail and wholesale levels, through distributors, resellers, dedicated stores and online. Envela is a Nevada corporation, headquartered in Irving, 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 current and future equity acquisitions, business strategies, and the potential future success of the Company and its subsidiaries. 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 forward-looking 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:
John Yi
949-574-3860
Investor Relations
1901 Gateway Drive | Irving, TX 75038
investorrelations@envela.com

SOURCE: Envela Corporation

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FAQ

What is the significance of Envela's acquisition of Avail Recovery Solutions?

The acquisition enhances Envela's capabilities in sustainability and expands its market presence in IT asset recovery.

When did Envela announce the acquisition of Avail Recovery Solutions?

Envela announced the acquisition on November 3, 2021.

How will the acquisition affect Envela's business operations?

It will broaden Envela's service offerings and potentially increase revenue from new client engagements.

What services does Avail Recovery Solutions provide?

Avail offers IT asset disposition, data destruction, and electronics recycling services.

What is Envela's stock symbol?

Envela is traded on the NYSE American under the symbol ELA.