Liquidity Services, Inc. Completes Acquisition of STR.WASHINGTON -- Liquidity Services, Inc. (LSI LSI: see integrated circuit. (Large Scale Integration) Between 3,000 and 100,000 transistors on a chip. See SSI, MSI, VLSI and ULSI. ), a leading online auction marketplace for wholesale, surplus and salvage assets, today announced that it has completed the acquisition of the wholesale business of STR STR abbr. synchronous transmitter receiver , Inc. (STR) for approximately $10.1 million in cash. The final purchase price is based on purchase price adjustments as outlined in the purchase agreement. STR is a California-based remarketer of reverse supply chain merchandise, including retail customer returns, overstocks, shelf pulls, and seasonal merchandise, to wholesale buyers. The closing date of the transaction is October 16, 2006. "The acquisition of STR strengthens LSI's business by adding long-standing relationships with traditional discount store chain buyers as well as Fortune 500 commercial sellers," said Bill Angrick, Chairman and CEO (1) (Chief Executive Officer) The highest individual in command of an organization. Typically the president of the company, the CEO reports to the Chairman of the Board. of LSI. "We are excited to now provide these new clients with access to our innovative online auction platform and value-added services. The addition of these buyers and sellers accelerates our self-reinforcing growth dynamic and increases the value we provide our clients through our online auction marketplace www.liquidation The collection of assets belonging to a debtor to be applied to the discharge of his or her outstanding debts. A type of proceeding pursuant to federal Bankruptcy .com." The acquisition will also expand LSI's presence on the West Coast through the addition of an approximately 117,000 square foot leased distribution center in southern California Southern California, also colloquially known as SoCal, is the southern portion of the U.S. state of California. Centered on the cities of Los Angeles and San Diego, Southern California is home to nearly 24 million people and is the nation's second most populated region, , providing efficiencies for both domestic and international buyers and sellers. About Liquidity Services, Inc. (LQDT) Liquidity Services, Inc. (NASDAQ NASDAQ in full National Association of Securities Dealers Automated Quotations U.S. market for over-the-counter securities. Established in 1971 by the National Association of Securities Dealers (NASD), NASDAQ is an automated quotation system that reports on :LQDT) and its subsidiaries enable corporations and government agencies to market and sell surplus assets and wholesale goods quickly and conveniently using online auction marketplaces and value-added services. The company is based in Washington, D.C. and has 350 employees. Additional information can be found at: www.liquidityservicesinc.com. |
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