EL SEGUNDO, Calif., June 24, 2024 (GLOBE NEWSWIRE) -- A-Mark Precious Metals, Inc. (NASDAQ:AMRK) (A-Mark), a leading fully integrated precious metals platform, has acquired an additional 8% of the outstanding equity interest in Calgary-based Silver Gold Bull Inc. (SGB) for approximately $9.6 million. The investment brings A-Mark's ownership in SGB to 55.4% and continues to expand A-Mark's direct-to-consumer (DTC) footprint in the international market. A-Mark acquired its initial stake in SGB in 2014, increasing its investment to 47.4% in 2022. Founded in 2009, SGB is a leading e-commerce precious metals retailer in Canada focused on providing online innovation, high-quality products, competitive pricing, and excellent customer service. Transaction Summary A-Mark paid approximately $9.6 million for an additional 8% of the outstanding equity interest in SGB. A-Mark's previous option to increase its ownership interest in SGB has been reduced from 75% to 70%. The option, previously set to expire in September 2024, has been extended to September 2025. Employment agreements have been entered into with key SGB management, including Nikolas Morianos, Mihali Belandis and President and Co-Founder Bob Belandis. SGB financial and operational highlights for the fiscal year ended April 30, 2024, include: Net sales of $467.9 million, gross profit of $20.8 million (4.4% of net sales), and pre-tax income of $4.2 million (0.9% of net sales). Sold more than 7.85 million ounces of silver and 151,000 ounces of gold Added approximately 53,000 new customers, for a total of 520,000 customers as of April 30, 2024 Processed approximately 105,000 orders Management Commentary"Increasing our stake in SGB aligns with our strategy to expand internationally," said A-Mark CEO Greg Roberts. "Since our 2014 investment, SGB has shown consistent growth in Canada and abroad. We aim to strengthen our partnership with SGB and may further increase our ownership in the company in the future." Bob Belandis commented: ...