WASHINGTON, June 20 /PRNewswire/ --
Surplus Acquisition Venture, LLC (SAV) and Government Liquidation, LLC, subsidiaries of Liquidation.com, Inc., were officially awarded the Commercial Venture II (CV2) contract for the sale of an estimated $23 billion of military surplus property by the Defense Reutilization and Marketing Service (DRMS) on June 13, 2001. The DRMS is the agency responsible for the disposal of all excess property generated by the U.S. military. Government Liquidation, LLC will be responsible for resale of all usable, non-hazardous, non-demil required surplus property turned in to DRMS and generated by the U.S. military, including the Army, Navy, Air Force, Marines and the Coast Guard, within the United States, Puerto Rico and Guam through 2008.
Liquidation.com will combine its existing network of over 100,000 surplus buyers with over 60,000 active DRMS buyers to enable the DRMS to convert over $23 billion of surplus property to cash over the next seven years.
"We have created one of the largest and most active marketplaces in the world for government agencies, financial institutions and businesses to liquidate assets," stated Bill Angrick, Chairman and CEO of Liquidation.com. "Liquidation.com's position as the leading solution for government and commercial clients to convert surplus property into cash has been reinforced by the award of this contract," he continued.
The surplus Department of Defense (DoD) property identified under the CV2 contract includes aircraft parts, vehicles, clothing and textiles, medical items, furniture, commercial kitchen equipment and much more. Government Liquidation, LLC. President Tom Burton previously managed the disposition of seized assets valued at over $2.3 billion for the U.S. Department of the Treasury and has coordinated thousands of auctions over the past 12 years.
"The award of CV2, the largest sales contract in DRMS history, is an opportunity for us to demonstrate our expertise in disposing of surplus assets and the scalability of Liquidation.com's technology and services," said Tom Burton, President of Government Liquidation, LLC. "We will enable the DoD to realize increased returns and significant cost savings through this contract," he continued.
Excess DoD property is first offered for reutilization within the DoD, transfer to other federal agencies or donated to other qualified organizations before being declared surplus. All DRMS usable property that is declared surplus (within the categories covered by the CV2 contract) will be sold online and offline by Government Liquidation with the proceeds being split at a pre-determined percentage between the DRMS and Government Liquidation, LLC.
About Liquidation.com, Inc.
Liquidation.com, Inc. and its subsidiaries enable government agencies, financial institutions and businesses to convert surplus and idle assets into cash quickly and conveniently. The Company provides all of the supporting services to complete transactions around the globe including: marketing, fulfillment, payment collection and shipping. Liquidation.com conducts both online and hybrid (offline/online) sales events in several industry categories including: Aerospace and Defense, Apparel and Textiles, Construction, Consumer Goods, Electronics and Communication, Industrial Equipment, Medical and Transportation. The Company is based in Washington D.C. with offices in Paris, France and Munich, Germany.
About Government Liquidation, LLC
Government Liquidation, LLC a subsidiary of Liquidation.com, is the result of a partnership with DRMS to privatize the sale of DoD surplus property. The company will maintain outposts on military bases throughout the United States, Puerto Rico and Guam and serve a roster of 60,000 active buyers of military surplus. Government Liquidation, LLC is the exclusive seller of usable, non-hazardous, non-demil required DRMS military surplus property through 2008 and can be found on the Internet at http://www.governmentliquidation.com .
DRMS
DRMS is a Primary Level Field Activity of the Defense Logistics Agency (DLA). The DRMS mission is to provide the Department of Defense (DoD) with services for the disposal or material no longer needed for national defense, comply with legislative and regulatory requirements, protect the public good from dangerous defense items, and to pursue maximum value for tax dollars. This mission includes responsibility for property reuse (including resale), hazardous property disposal, demilitarization, precious metals recovery and recycling program support.
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