Heritage Global Valuations Strengthens Growth Strategy with the Appointment of Ray Chen to Lead Midwest Business Development Initiatives

Business Wire 27-Feb-2025 2:00 PM

Heritage Global Valuations ("HGV"), a division of Heritage Global Inc. (NASDAQ:HGBL), a leading appraisal and liquidation firm, is pleased to announce the appointment of Ray Chen to lead business development initiatives in the Midwest region. This strategic appointment reflects Heritage Global Inc.'s broader commitment to expanding its footprint in key markets, enhancing client engagement, and driving long-term growth in line with its corporate objectives.

In his expanded role, Chen will be primarily responsible for driving new business development efforts in the Midwest while continuing to support the team with his role as an inventory appraiser for HGV. His expertise will further enhance HGV's commitment to delivering value-driven corporate and financial asset solutions for its clients.

"I'm excited to take on this expanded role and focus on strengthening relationships with financial institutions, corporations, and industry partners throughout the Midwest," said Ray Chen. "HGV has a strong reputation for delivering best-in-class asset solutions, and I look forward to growing our presence in the region and providing our clients with strategic valuation and monetization expertise."

Chen joined Heritage Global Valuations in 2022 and has nearly a decade of experience in the asset valuation and advisory services sector. Prior to HGV, he worked at a nationally recognized appraisal and asset liquidation firm, where he gained extensive experience in industrial asset valuation. He also held roles as Finance Manager and Financial Analyst, where he developed deep financial expertise and honed his skills in corporate finance, strategic analysis, and valuation methodologies.

Chen holds a Bachelor of Science in Finance and Economics from DePaul University. His strong foundation in financial analysis, inventory appraisal, and data-driven strategies has enabled him to deliver insightful, accurate valuations and innovative solutions to clients across a wide range of industries, from industrial manufacturers and food processors to e-commerce retailers.

"Ray's exceptional analytical skills and commitment to delivering high-quality valuation services make him an invaluable asset to our team," said Michael Aho, Executive Vice President of Heritage Global Valuations. "His leadership will not only drive HGV's growth in the Midwest but also support Heritage Global Inc.'s broader mission of providing top-tier asset solutions to our clients nationwide."

Mike Goldstein, Executive Managing Director of Heritage Global Valuations, added, "Ray's client-first approach and commitment to building strong relationships make him an invaluable asset to HGV. He understands the unique challenges our clients face and is dedicated to delivering solutions that drive real value. His leadership in the Midwest will be instrumental in expanding our reach and reinforcing HGV's reputation for exceptional service."

Heritage Global Valuations ("HGV") is a division of Heritage Global Inc. (NASDAQ:HGBL). HGV operates under the Industrial Assets business unit and specializes in the valuation of commercial & industrial assets including inventories and machinery & equipment ("M&E"). Valuations are developed based on a number of factors, including an extensive proprietary database containing information about past transactions, firsthand knowledge of the market, extensive analyses, and relationships with original equipment manufacturers ("OEMs") and dealers of industrial assets. Taking into account the economic and competitive environment of the industry in which the business operates, assuring an accurate and reliable appraisal which enables clients to make timely strategic decisions.

Heritage Global Inc. ("HG") values and monetizes industrial & financial assets by providing acquisition, disposition, valuation, and lending services for surplus and distressed assets. This aids in facilitating the circular economy by diverting useful industrial assets from landfills and operating an ethical supply chain by overseeing post-sale account activity of financial assets. Specialties consist of acting as an adviser, in addition to acquiring or brokering turnkey manufacturing facilities, surplus industrial machinery and equipment, industrial inventories, real estate, and charged-off account receivable portfolios through its two business units: Industrial Assets and Financial Assets.

Forward-Looking Statements

This communication includes forward-looking statements based on our current expectations and projections about future events. For these statements, the Company claims the protection of the safe harbor for forward-looking statements contained in the Private Securities Litigation Reform Act of 1995. The forward-looking statements contained in this communication are based on knowledge of the environment in which the Company currently operates and are subject to change based on various important factors, including variability in magnitude and timing of asset liquidation transactions, the impact of changes in the U.S. national and global economies, interest rate and foreign exchange rate sensitivity, as well as other factors beyond the Company's control. Unless required by law, we undertake no obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise. In light of these risks, uncertainties and assumptions, you should not place undue reliance on these forward-looking statements, which speak only as of the date of this release. For more details on factors that could affect these expectations, please see our filings with the Securities and Exchange Commission.

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Mike Goldstein Executive Managing Director Heritage Global Valuations 561/208.1536 mGoldstein@hginc.com

Investor Relations: John Nesbett/Jennifer Belodeau IMS Investor Relations 203/972.9200 InvestorRelations@hginc.com