Press Releases
Aug 09

District Wins National Procurement Award for Excellence Using Liquidity Services, Inc.

WASHINGTON–(BUSINESS WIRE)–Nov. 27, 2007–The District of
Columbia’s Office of Contracting and Procurement has been awarded the
2007 National Association of State Procurement Officials (NASPO)
George Cronin Silver Award for Procurement Excellence. The award was
given to the District for its innovative online auction process to
dispose of surplus government property through Liquidity Services,
Inc. (LSI), a leading online auction marketplace for wholesale,
surplus and salvage assets.

The online auction for the disposal of the District’s government
surplus property began in 2005 when LSI was awarded the competitive
bid contract. Through the contract, LSI provides a comprehensive
solution to manage and sell government surplus property through the
online auction site www.liquidation.com. The cash flow from the sale
of the District’s surplus assets is deposited directly back into the
treasury and re-allocated to agencies and programs within the
government.

LSI works closely with the District of Columbia to address the
state’s needs and provide customized solutions for the inspection,
valuation and reporting of surplus property. Additionally, LSI
leverages its extensive database of over 650,000 professional buyers
and strategic marketing campaigns to ensure a deep and competitive
marketplace for all asset categories.

“This award is a great honor and further recognizes the
efficiency, cost savings and increased net recovery provided by our
online auction platform and value-added services for the sale of
government surplus property,” said Bill Angrick, Chairman and CEO of
Liquidity Services Inc. “Our program with the district has
demonstrated that government agencies can leverage private sector best
practices to improve business performance, improve security and reduce
costs.”

In granting the award, NASPO stated, “As a result of the
District’s contract with LSI, it has generated real value in the form
of greater revenue from the sale of surplus property; experienced
substantial reductions in the cost of storing and selling surplus
property; and renewed trust in the value of its property disposal
program. This innovative and replicable solution has brought great
credit to the contracting office in the District government.”

The Cronin Award honors outstanding public procurement initiatives
and promotes the adoption of these ideas and practices throughout the
Country. Since 1985, the Cronin Awards have recognized innovative
state procurement programs and promoted the sharing of ideas between
states. NASPO was formally established on January 29, 1947, in
Chicago, Illinois. For more information about the District’s
procurement process, please visit our website, www.ocp.dc.gov or call
202-727-0252. For more information about NASPO, please visit
http://www.naspo.org.

About Liquidity Services, Inc. (LQDT)

Liquidity Services, Inc. (NASDAQ:LQDT) and its subsidiaries enable
corporations and government agencies to market and sell surplus assets
and wholesale goods quickly and conveniently using online auction
marketplaces and value-added services. The company is based in
Washington, D.C. and has over 550 employees. Additional information
can be found at: www.liquidityservicesinc.com.

CONTACT: Liquidity Services, Inc.
Julie Davis, 202-467-6868 ext. 234
julie.davis@liquidityservicesinc.com

SOURCE: Liquidity Services, Inc.