DGSE Companies Announces Management and Board Departures
August 10 2015 - 5:01PM
Business Wire
DGSE Companies, Inc. (NYSE MKT: DGSE) (“DGSE” or “the Company”),
a leading wholesaler and retailer of jewelry, diamonds, fine
watches, and precious metal bullion and rare coin products, today
announced that James D. “Dusty” Clem has tendered his resignation
from the positions of Chairman, President and Chief Executive
Officer of DGSE Companies, Inc., to be effective September 15,
2015. Mr. Clem has held these positions since April of 2014. Mr.
Clem is leaving to pursue other opportunities, and no replacement
has been named at this time.
“DGSE would like to thank Dusty for his many contributions to
the Company, and wish him the best in his future endeavors,” stated
C. Brett Burford, Chief Financial Officer of DGSE. “We have begun
the search for a new leader that will continue DGSE’s efforts to
create profitable, long-term growth for our shareholders. During
this transitional time, we expect no impact on our ability to
service our customers at the store level and create a positive
jewelry, bullion and numismatic buying, and selling,
experience.”
Two members of DGSE’s Board of Directors, Bruce A. Quinnell and
Dennis A. McGill, have also tendered their resignations from the
board, effective August 4, 2015 and August 6, 2015, respectively.
Mr. Quinnell and Mr. McGill both leave the board due to personal
reasons, unrelated to Mr. Clem’s resignation. Neither Mr. Quinnell
nor Mr. McGill has any disagreements or disputes with the Company
or its management. Both were first elected to the board in June
2014, and were re-elected at the June 2015 Annual Meeting of
Shareholders.
The Company is currently engaged in a search to fill the Chief
Executive role, as well as the two independent director seats. Mr.
Clem will work with the Company in his remaining time to facilitate
a smooth transfer of his responsibilities.
About DGSE Companies
DGSE Companies, Inc. wholesales and retails jewelry, diamonds,
fine watches, and precious metal bullion and rare coin products
through its Charleston Gold & Diamond Exchange, Chicago Gold
& Diamond Exchange (formerly Bullion Express), and Dallas Gold
& Silver Exchange operations. DGSE also owns Fairchild
International, Inc., one of the largest vintage watch wholesalers
in the country. In addition to its retail facilities in Illinois,
South Carolina, and Texas, the Company operates websites which can
be accessed at www.dgse.com, and www.cgdeinc.com. Real-time price
quotations and real-time order execution in precious metals are
provided on another DGSE website at www.USBullionExchange.com.
Wholesale customers can access the full vintage watch inventory
through the restricted site at www.FairchildWatches.com. The
Company is headquartered in Dallas, Texas and its common stock
trades on the NYSE MKT 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,
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. 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.
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version on businesswire.com: http://www.businesswire.com/news/home/20150810006310/en/
DGSE Companies, Inc.C. Brett Burford, 972-587-4021Chief
Financial Officerinvestorrelations@dgse.com
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