Liquidity Services, Inc. Receives 12-Month Contract Extension for DoD Scrap
WASHINGTON -- November 07, 2012
Liquidity Services, Inc. (NASDAQ: LQDT) today announced that the Defense
Logistics Agency (DLA) has exercised the second of three twelve-month
extension options under its Scrap Property sales contract (Scrap Contract),
determining it to be in the best interest of the U.S. Government. Through this
unilateral election, the Scrap Contract’s performance period will be extended
through June 9, 2014. During this extended period, the DoD will continue to
use Liquidity Services as the exclusive channel for the disposition of scrap
property that is approved by the DoD for sale to the public.
Under the Scrap Contract, Liquidity Services manages the receipt, storage,
marketing and disposition of virtually all scrap property generated by DoD
installations throughout the United States, including: base materials and
scrap metals like ferrous and non-ferrous metals, nickel alloy, electronic
scrap, rubber, paper and in rare occasions, even compost and recycled asphalt.
Assets are offered for sale through Liquidity Services’ online auction
marketplace, http://www.GovLiquidation.com, to a global buyer base, generating
over $43 million per year in distributions back to the U.S. Treasury.
“Liquidity Services maintains its commitment to supporting our government
partner’s zero-waste goals and through the Scrap Contract extension we will
continue to identify, process and prepare for sale 20-30 million pounds of
scrap materials received each month. To date, over two billion pounds of DoD
scrap materials have been sold on our www.govliquidation.com marketplace,
contributing to one of the largest and most successful sustainability
initiatives in U.S. history,” said Bill Angrick, Chairman and CEO of Liquidity
Services. “As a recognized cost saver and solution provider to the DoD, our
top priority on every scrap sale continues to be maximizing efficiency and
recovery value while adhering to safety, environmental and security
The extension of the term of the Scrap Contract is described in an 8-K to be
filed today with the SEC. All other principal terms of the original contract
remain in effect.
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
$3.0 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 approximately 1,300
employees. Additional information can be found at:
Liquidity Services, Inc.
Melissa Gieringer, Public Relations
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