Benzinga | Oct 5, 2020 08:01AM EDT

Collectors Universe Announces Facility Expansion To Increase Operations Capacity

NEWPORT BEACH, Calif., Oct. 05, 2020 (GLOBE NEWSWIRE) -- Collectors Universe, Inc. (NASDAQ:CLCT) (the "Company"), a leading provider of value-added authentication and grading services to dealers and collectors of collectibles, today announced that it will be expanding its existing headquarters and operations facility by an additional 62,870 square feet adjacent to that facility, thereby doubling the space occupied to 125,625 square feet to accommodate the Company's continuing growth and future expansion plans. The Company plans to use part of the extra space for the future addition of automation solutions that would enable rapid image recognition and capture to increase the efficiency and volume of authenticating and grading trading cards and coins.



"We are extremely excited about securing this new space, as it greatly increases our operations capacity to support our growing backlog of business," said Joseph J. Orlando, President and Chief Executive Officer of Collectors Universe. "Due to the close proximity of the newly acquired location, we will not experience any material workforce disruptions or downtime that is typically associated with moving to an off-site location. The new facility has also recently been upgraded and has space for training rooms that we can utilize for quickly onboarding new people. In addition, this expansion will allow our IT, customer service and marketing personnel to return to the office, while still being able to adhere to social distancing guidelines. This new space not only gives our team the ability to grow our core authentication and grading operations, but also ample room to integrate technology solutions and support our long-term vision for the Company."

Collectors Universe secured the additional office space by amending its existing lease, which extends through September 30, 2028. The Company plans to begin occupying and using the new space in early fiscal second quarter.