DGSE Companies Announces Appointment of New Chief Executive Officer
December 15 2016 - 5:21PM
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 John R. Loftus has been appointed to the positions
of Chairman of the Board, President and Chief Executive Officer of
DGSE Companies, Inc., effective December 12, 2016. Mr. Loftus
replaces Matthew M. Peakes, who resigned from the Board effective
December 10, 2016 and will transition into the role of Executive
Vice President and Director of Acquisitions.
John was selected because of his experience with mergers,
acquisitions, and the precious metals industry. John served as
Elemetal, LLC’s Chief Executive Officer from 2012 to 2015 and was
responsible for its overall operations. He played a key role in the
continued development of strategic products to respond to an
increasingly demanding marketplace.
Prior to Elemetal, LLC, John founded NTR Metals, LLC, a precious
metals refiner for jewelers, pawnbrokers, and metal industries
customers worldwide. Previous to his work at NTR Metals, John was a
commodities floor trader. He holds a Master of Business
Administration from Southern Methodist University’s Cox School of
Business.
“I believe DGSE’s retail stores can regain profitability and
competitiveness, but to get there we will need to transform our
operational strategies from within, build on our core strengths,
and streamline operations. We have identified specific fronts,
including organizational and leadership changes, that we believe
will be the source of a winning strategy for our business going
forward. Our retail stores offer tremendous value to those seeking
to sell jewelry, including years of expertise in jewelry repair,
marketing, a secure sales environment, and the ability to provide
timely liquidity,” stated Loftus.
“DGSE will also focus on strategic or transformative
acquisitions of smaller competitors, subsidiaries, or other
complementary businesses. The targets may include retail or
wholesale entities, likely focusing on precious-metal related
businesses in the near term,” added Loftus.
“On behalf of the Board of Directors, I’d like to welcome John
to DGSE. This past year has been about getting back to the basics,
stabilizing the company, elevating the customer experience and
improving our retail presence. Getting our retail footprint where
we want it and having closed the transaction with Elemetal and NTR
Metals, we have an optimistic outlook for the future of DGSE.
John’s leadership and a strengthened balance sheet allow us to
embark on a dynamic campaign of acquisition and growth,” stated Mr.
Peakes.
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 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 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/20161215006487/en/
DGSE Companies, Inc.John R. Loftus, 972-587-4049investorrelations@dgse.com
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