WASHINGTON--(BUSINESS WIRE)--Sep. 13, 2012--
Liquidity Services, Inc. (NASDAQ: LQDT), which operates leading online
marketplaces for corporate and government surplus and salvage assets,
today announced that the U.S. Defense Logistics Agency (DLA) has
exercised the second of two potential 12-month extension periods under
its Surplus Useable Property sales contract (Surplus Contract) with
Liquidity Services to sell surplus assets of the U.S. Department of
Defense (DoD).
Through a unilateral contract modification, the Surplus Contract's
performance period has been extended through February 13, 2014. During
the extended performance period, the DoD will continue to use Liquidity
Services as the primary channel for the disposition of useable surplus
property that is approved by the DoD for sale to the public.
Under the Surplus Contract, Liquidity Services manages the receipt,
storage, marketing, and disposition of all useable surplus personal
property generated by DoD installations throughout the United States.
Assets are offered for sale through Liquidity Services' online auction
marketplace, GovLiquidation.com.
"We are pleased to announce the extension of the DLA contract for the
sale of surplus assets. This builds upon our 11 years of proven
experience as an innovative and trusted solution provider in support of
a critical government mission to keep surplus and idle inventories
moving out of more than 200 DoD facilities nationwide in a secure and
efficient manner," said Bill Angrick, Chairman and CEO of Liquidity
Services. "Over the past decade-plus, Liquidity Services has sold close
to two billion pounds of scrap material and over 55 million DoD surplus
items through its marketplace www.govliquidation.com,
generating over half a billion dollars back to the U.S. Treasury and
consistently exceeding historic expectations. Our solution not only
protects national security interests through safety and compliance
measures, but also leads the way in advancing government sustainability
programs."
About Liquidity Services, Inc.
Liquidity Services, Inc. (NASDAQ: LQDT) provides leading corporations,
public sector agencies and buying customers the world's most
transparent, innovative and effective online marketplaces and integrated
services for surplus assets. On behalf of its clients, Liquidity
Services has completed the sale of over $3.1 billion of surplus,
returned and end-of-life assets, in over 500 product categories,
including consumer goods, capital assets and industrial equipment. The
company is based in Washington, D.C. and has over 1,100 employees.
Additional information can be found at: http://www.liquidityservicesinc.com.
Forward-Looking Statements
This document contains forward-looking statements regarding the contract
extension and other matters that are made pursuant to the Private
Securities Litigation Reform Act of 1995. The outcome of the events
described in these forward-looking statements is subject to known and
unknown risks, uncertainties and other factors that may cause our actual
results to differ materially from any future results expressed or
implied by these forward-looking statements. Important factors that
could cause our actual results to differ materially from those implied
by the forward-looking statements are set forth in the Company's Annual
Report on Form 10-K for the fiscal year ended September 30, 2011,
including, but not limited to, those set forth in Part I, Item IA (Risk
Factors). There may be other factors of which we are currently unaware
that may adversely affect our actual results. All forward-looking
statements apply only as of the date of this document and are expressly
qualified in their entirety by the cautionary statements included in
this document. Except as may be required by law, we undertake no
obligation to publicly update or revise any forward-looking statement
occurring after the date of this document.
Source: Liquidity Services, Inc.
Liquidity Services, Inc.
Julie Davis, 202-558-6234
julie.davis@liquidityservicesinc.com
