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 C. Brett Burford has tendered
his resignation from the positions of Chief Financial Officer, and
Director of DGSE Companies, Inc., to be effective November 4, 2015. Mr.
Burford has accepted the position of Chief Financial Officer of Eyemart
Express, LLC, a national retailer of prescription eyewear. Mr. Burford
has been Chief Financial Officer of DGSE since August of 2012, and a
director of the Company since April 2014.
“DGSE would like to thank Brett for his many significant contributions
to the Company, during a critical time in the Company’s history. DGSE
wishes him continued success in this next stage of his career,” stated
Matthew Peakes, Chief Executive Officer and Chairman of DGSE.
The Company also announced that its Board of Directors has named Nabil
J. Lopez, currently the Company’s Senior Vice President and Controller,
to replace Mr. Burford in the position of Chief Financial Officer. Mr.
Lopez, has also been elected to replace Mr. Burford on the Company’s
Board of Directors. Mr. Lopez has been with the Company since September
of 2012, and prior to DGSE served as Director of Financial Reporting and
Internal Controls for Zale Corporation, a leading national retailer of
jewelry and watches. Mr. Lopez is a Certified Public Accountant in the
state of Texas, and also has previously worked with the Dallas-based
offices of KPMG LLP, Deloitte & Touche LLP, and Ernst & Young LLP.
“We are extremely excited to have Nabil Lopez step into the CFO role at
DGSE,” continued Mr. Peakes. “Nabil has an exceptional professional
background, and has been a critical part of the rebuilding of DGSE’s
accounting, financial reporting and internal control functions in the
wake of the Company’s 2012 restatement. Nabil brings great leadership
and technical capabilities, and will provide strong continuity within
the accounting and finance function at DGSE.”
On October 9, 2015 the Company also announced that J. Marcus Scrudder
had been elected to the Board of Directors, and on October 16, 2015 the
Company announced that Douglas J. Lattner had been elected to the Board.
Mr. Scrudder is currently the President and Owner of Heartland Cabinetry
and Furniture, Inc., and was previously Chief Executive Officer and
Chief Financial Officer of Craftmade International, a NASDAQ-traded
producer of ceiling fans, lighting and outdoor furniture. Mr. Lattner is
a retired Principal and Vice Chairman of Deloitte & Touche LLP, and
former Chairman and CEO of Deloitte Consulting LLP.
The Board has determined that both Mr. Scrudder and Mr. Lattner meet the
definition of “independent director” for the purposes of the NYSE MKT
and Securities and Exchange Commission (“SEC”) rules, and meet all other
requirements of the NYSE MKT and SEC for the purposes of serving on the
Audit Committee, the Compensation Committee, and the Compliance,
Governance and Nominating Committee.
The Company is currently engaged in a search to fill one remaining
independent director role, as well as to fill the Controller role that
Mr. Lopez will vacate as he moves into the CFO role.
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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