WASHINGTON–(BUSINESS WIRE)–Dec. 4, 2013–
Liquidity Services, Inc. (NASDAQ: LQDT) today announced that the Defense
Logistics Agency (DLA) has exercised the third of three twelve-month
extension options under its Scrap Property sales contract (Scrap
Contract). Through this unilateral contract amendment, the Scrap
Contract’s performance period will be extended through June 9, 2015.
During this period, the U.S. Department of Defense (DoD) will continue
to use Liquidity Services as the exclusive sales channel for the
disposition of scrap property that is approved for public sale.
Under the Scrap Contract, Liquidity Services manages the receipt,
storage, marketing and disposition of virtually all scrap property
generated by DoD installations throughout the continental United States,
Alaska, Hawaii, Puerto Rico and Guam including: base materials and scrap
metals like ferrous and non-ferrous metals, nickel alloy, electronic
scrap, rubber, paper and in rare occasions, compost, cooking grease, 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 $40 million per year in
distributions back to the U.S. Treasury.
“As a recognized cost saver and solution provider to the DoD, we are
proud to support our government partner’s sustainability goals. To date,
over 2.3 billion pounds of DoD scrap materials have been sold on our www.govliquidation.com
marketplace, contributing to one of the largest recycle, reuse and
redeployment initiatives in U.S. history,” said Bill Angrick, Chairman
and CEO of Liquidity Services. “Through the scrap contract extension we
will continue to process and prepare for sale the 20-30 million pounds
of scrap materials received each month while remaining committed to
safety, environmental and security compliance.”
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 $4.3 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: http://www.liquidityservicesinc.com.
Source: Liquidity Services, Inc.
Liquidity Services, Inc.
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