GovAssets4Sale's Internet Auctions a Success For Government Agencies; Company Completes Another Year of Government Surplus Auctions; Bidders Come from Around the World

Business Wire, July 2, 2004

CLEARWATER, Fla. -- Serving a wide range of government agencies at the township, city and county levels, GovAsets4Sale has completed another year assisting government agencies in disposing of surplus property and seized items to buyers located all over the world.

"Government surplus is an underutilized source of cash for many government agencies," says Len Russek, president of GovAssets4Sale. "Our service helps them get higher prices with a quick, easy to use system."

GovAssets4Sale clients include sheriff's offices, fire departments, police departments, cities and counties in Florida, as well as in Arkansas, California, Kansas, Massachusetts, Michigan, Rhode Island, South Carolina, Texas, Vermont and Virginia. Florida agencies have sold computers to Mexico, warehouse equipment to Canada, and many old police cruisers to Northeastern taxicab companies, as well as airplanes and helicopters to California buyers. Recent transactions include:

--Sale of a TH-55 helicopter (formerly used for training helicopter pilots for duty in Vietnam) to a private individual who donated it to the Classic Rotors Museum in Ramona, Calif.

--Transfer of a five year old German Shepherd K-9 to the Cedar Key (Fla.) Police Department from the Starke (Fla.) Police Department when the police officer/handler was shipped to the Middle East

--Sale of several seized Rolex Presidential watches for a Tampa Bay area sheriff's office

--Auction of helicopters by three Florida agencies that attracted bidders from 14 states, plus Australia, Brazil, Canada, Ireland, Mexico, New Zealand, United Kingdom, Venezuela and Virgin Islands

--Sale of a King Air C-90 airplane, in storage for years, with one engine missing, that attracted bidders from seven states and Venezuela

--Sale of Cessna and Piper Navajo airplanes for three Florida sheriff's offices. All were quickly sold, As Is/Where Is, at prices pleasing buyers and sellers.

--Sale and donation of fire apparatus directly to volunteer fire departments

--Auction of snow plows, while still in service, sold at the end of the season

"An Advisory Legal Opinion issued April 30 by Florida Attorney General Charlie Crist has confirmed the legal acceptability of online or Internet auction services," says Russek. "Using Internet auctions makes it much easier for government agencies to meet their legal requirements while quickly turning surplus and confiscated property into cash. When items will only decline in value waiting for the next live auction to be scheduled, it's just good government to quickly sell items online."

Based in Clearwater, Fla., GovAssets4sale, http://www.govassets4sale.com, is a unique online auction service that assists government sellers in disposing of surplus and seized property. Buyers include other government agencies, nonprofit organizations, Latin American/Caribbean government agencies, dealers, equipment resellers, exporters and the general public.