WASHINGTON–(BUSINESS WIRE)–Mar. 3, 2016–
Liquidity Services, Inc. (NASDAQ: LQDT), a global solution provider in
the reverse supply chain with the world’s largest marketplace for
business surplus, today announced the preliminary results of the live
auction bidding event held by the U.S. Defense Logistics Agency (DLA) on
March 2, 2016 to purchase, manage and sell scrap assets of the U.S.
Department of Defense (DoD).
Bidding Results
Liquidity Services placed the winning bid equal to 64.5% of its gross
resale proceeds that will be returned to the government. The new scrap
contract with the DLA has a base term of three years with two one-year
options to extend. The Company will provide further details following
contract award.
About Liquidity Services
Liquidity Services is a global solution provider in the reverse supply
chain with the world’s largest marketplace for business surplus. The
company partners with global Fortune 1000 corporations, middle market
companies, and government agencies to intelligently transform surplus
assets and inventory from a burden into a liquid opportunity that fuels
the achievement of strategic goals. The company’s superior service,
unmatched scale and ability to deliver results enable it to forge
trusted, long-term relationships with over 8,000 clients worldwide. With
nearly $6 billion in completed transactions, and approximately three
million buyers in almost 200 countries and territories, the company is
the proven leader in delivering smart surplus solutions. To learn more
about Liquidity Services, please visit LiquidityServices.com.
Forward-Looking Statements
This document contains forward-looking statements made pursuant to the
Private Securities Litigation Reform Act of 1995. These statements are
only predictions. 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,
levels of activity, performance or achievements to differ materially
from any future results, levels of activity, performance or achievements
expressed or implied by these forward-looking statements. These
statements include, but are not limited to, statements regarding the
Company’s business outlook, plans to increase investments in technology
infrastructure, the Company’s proprietary e-commerce marketplace
platform, product development and marketing initiatives, the LiquidityOne
Transformation program, the supply and mix of inventory under the DoD
Surplus Contracts, expected future effective tax rates, expected future
tax benefits as a result of the sales of the Jacobs Trading business,
and trends and assumptions about future periods, including the second
quarter FY-16. You can identify forward-looking statements by
terminology such as “may,” “will,” “should,” “could,” “would,”
“expects,” “intends,” “plans,” “anticipates,” “believes,” “estimates,”
“predicts,” “potential,” “continues” or the negative of these terms or
other comparable terminology. Although we believe that the expectations
reflected in the forward-looking statements are reasonable, we cannot
guarantee future results, levels of activity, performance or
achievements.
There are a number of risks and uncertainties that could cause our
actual results to differ materially from the forward-looking statements
contained in this document. Important factors that could cause our
actual results to differ materially from those expressed as
forward-looking statements are set forth in our filings with the SEC
from time to time, and include, among others, our dependence on our
contracts with the DoD for a significant portion of our revenue and
profitability; our ability to successfully expand the supply of
merchandise available for sale on our online marketplaces; our ability
to attract and retain active professional buyers to purchase this
merchandise; the timing and success of upgrades to our technology
infrastructure; our ability to successfully complete the integration of
any acquired companies into our existing operations and our ability to
realize any anticipated benefits of these or other acquisitions; the
success of our business realignment and LiquidityOne integration
and enhancement initiative. There may be other factors of which we are
currently unaware or deem immaterial that may cause our actual results
to differ materially from the forward-looking statements.
All forward-looking statements attributable to us or persons acting on
our behalf 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 to
reflect events or circumstances occurring after the date of this
document or to reflect the occurrence of unanticipated events.
View source version on businesswire.com: http://www.businesswire.com/news/home/20160303006633/en/
Source: Liquidity Services, Inc.
Liquidity Services, Inc.
Julie Davis
Senior Director,
Investor Relations
202-558-6234
[email protected]
or
Jeanette
Hanfling
Director of Public Relations
202-467-5723
[email protected]
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