First Private Auction of U.S. Military Surplus in Puerto Rico Held by Government Liquidation LLC

Business Wire, Nov 14, 2001

Business Editors

SCOTTSDALE, Ariz.--(BUSINESS WIRE)--Nov. 14, 2001

Everything from powerboats and military trucks to baseball bats, an upright piano and more is available starting today at the first private auction of U.S. military surplus property in the history of Puerto Rico.

Government Liquidation LLC, a subsidiary of Liquidation.com, is selling military surplus from their new warehouses at Roosevelt Roads and Ft. Buchanan in Puerto Rico, online at www.govliquidation.com from Nov. 13-16. Preview dates are from Nov. 13-14. Pictures and descriptions of available merchandise are posted on www.govliquidation.com under sale SB540.

Businesses, individuals and corporations in Puerto Rico, the United States and throughout the world will be bidding on a wide range of commodities available at a percentage of their original cost.

Commodities available in this auction include: Cars, Pick-Up Trucks, Step Vans, Flatbed Trucks, Agricultural Tractors, Boats & Boat Trailers, Hardware, Electrical Equipment, Electric Generators, Laboratory Equipment, Collapsible Aluminum Fuel Tanks, Storage Containers & Drums, Clothing and much more!

The upcoming sale from the Puerto Rico locations is the first from Government Liquidation's new warehouses outside the continental United States. The five new locations, Puerto Rico, Guam, Hawaii and Alaska (2), are part of the Commercial Venture II (CV2) Contract for the sale of military surplus property awarded to Government Liquidation LLC on June 13, 2001 by the Defense Reutilization and Marketing Service (DRMS).

The exclusive contract, which runs through 2008, calls for the sale of surplus property in a variety of categories with an estimated original acquisition value of $23 billion.

Sales of surplus military property by Government Liquidation generate revenues for the U.S. Treasury for materials that are no longer in use. Millions of dollars of U.S. military surplus have been sold since 1998 under the Commercial Venture 1 Contract issued to the company, formerly known as Levy/Latham Global and SurplusBid -- now Government Liquidation, which services a growing roster of 60,000 dedicated customers.

Hundreds of thousands of individual line items are made available at Government Liquidation through both Internet Auctions and Sealed Bid Sales.

The Department of Defense (DoD) surplus property sold at these events includes material handling equipment, electronic test equipment, marine equipment, aircraft parts, vehicles, clothing and textiles, medical & dental equipment, machine tools, industrial equipment and much more.

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.govliquidation.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.