DGSE Companies, Inc. Executes Definitive Agreements to Acquire All Equity Interests, & to Eliminate All Debt, Held by Stanfor...
February 05 2010 - 9:30AM
Business Wire
DGSE Companies, Inc. (NYSE Amex: DGSE), reported today that it
had executed definitive agreements with the Receiver of Stanford
International Bank, Ltd. (“SIB”) that provide for SIB to convert
all of its related debt, accrued interest and other expenses into
DGSE common stock, thereby eliminating the entire obligation, and
DGSE or its assignees to acquire all of the equity interests owned
by SIB. The agreements also terminate all existing agreements
between the Company and SIB.
The transaction is subject to the approval of the United States
District Court for the Northern District of Texas, Dallas Division,
as well as other closing conditions as set forth in a Form 8-K
which will be filed by the Company simultaneously herewith. It is
anticipated that additional Form 8-Ks will be filed upon the
occurrence of material events related to this matter
William Oyster, President of DGSE said, “We are extremely
pleased to have been able to enter into agreements that, if
approved by the Court, will eliminate all of the issues related to
SIB. Over the last year we have dealt with this institutional
uncertainty by streamlining our operations and refocusing our
efforts. At the conclusion of this process we will be leaner and
more efficient and our financial statements will be stronger and
more flexible."
DGSE Companies, Inc. wholesales, retails and auctions jewelry,
diamonds, fine watches, and precious metal bullion and rare coin
products to domestic and international customers through its Dallas
Gold and Silver Exchange, Charleston Gold and Diamond Exchange,
Superior Galleries operations as well as through the internet. DGSE
also owns Fairchild International, Inc., one of the largest vintage
watch wholesalers in the country. In addition to its retail
facilities in Dallas and Euless, Texas, Charleston, South Carolina
and Woodland Hills, California, the Company operates live Internet
auctions which can be accessed at www.dgse.com and through Superior
Galleries' website at www.sgbh.com. Real-time price quotations and
real-time order execution in precious metals are provided on
another DGSE web site at www.USBullionExchange.com. Wholesale
customers can access our full vintage watch inventory through the
restricted site at www.FairchildWatches.com. DGSE also purchases
precious metals, rare coins, watches, diamonds and jewelry through
www.Americangoldandsilverexchange.com, www.SuperiorEstateBuyers.com
and over 900 supporting websites. Through
www.SuperiorPreciousMetals.com, we provide precious metals and rare
coin investing and trading opportunities all across the United
States.
The Company is headquartered in Dallas, Texas and its common
stock trades on NYSE Amex Exchange under the symbol “DGSE.”
This press release includes statements which may constitute
“forward-looking" statements, usually containing the words
"believe," "estimate," “project," "expect" or similar expressions.
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,
uncertainty regarding approval of the Court of the transaction with
SIB, continued acceptance of the Company's products and services in
the marketplace, competitive factors, dependence upon third-party
vendors, and other risks detailed in the Company's periodic report
filings with the Securities and Exchange Commission.
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