This press release includes statements that may constitute "forward-looking" statements, including statements regarding the potential development of new lines of business. 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.
DGSE Companies, Inc. (NYSE American: DGSE) ("DGSE" or the "Company"), a leading wholesaler and retailer of jewelry, diamonds, fine watches and precious metal bullion and rare coin products, is expanding its consumer services in the second quarter with a new Electronics Exchange division. The Electronics Exchange will enable customers to buy, sell and trade cellular telephones, and subsequently other consumer electronics, at fair market value, with the assurance that any non-reusable items will be properly recycled. "This program will serve as a marketplace for buyers and sellers looking to get the best deal on their consumer electronics," said John Loftus, President, Chairman and Chief Executive Officer. "It's the first phase of our goal to be a one-stop shop for repairing, selling and recycling consumer electronics." The Electronics Exchange will operate initially online, and later migrate into Dallas Gold & Silver Exchange stores in North Texas and South Carolina, as well as independent retail locations. The Electronics Exchange will publish current buy and sell values for pre-owned cellular telephone models. Shipping will be free, payments will be expedited, and all personal data will be wiped from each received item. Any items that cannot be resold will be recycled in partnership with Echo Environmental, LLC, an R2-certified data security and recycling company in Carrollton, Texas. In the next phase of the initiative, DGSE will add repair services for small electronics, ranging from smartphones and game consoles to tablets and computers. Loftus said that the company's decades of success in the very competitive precious metals business, as well as its repair centers for jewelry and fine watches, have prepared it well for the new venture. The cross-marketing potential should grow the company's customer base and expose a new market segment to its stores, he said. "We see a real competitive advantage here," Loftus said. "Our goal is to be the simplest, fastest, most trusted place to sell or recycle electronics. I'm confident that we have the business and technical expertise to accomplish that."