Liquidation World Inc. (LQW – TSE; LIQWF – Nasdaq) announces revenue for the Second Quarter, the thirteen weeks ended April 7, 2002, totaled $42.4 million, a 6% decrease from $45.0 million during the corresponding period in 2001.

On a cumulative basis, revenue for the first two quarters of 2002 totaled $91.1 million, a 3% decrease from $93.9 million during the 26 weeks ended April 1, 2001.

Complete financial results of the second quarter of the 2001 fiscal year will be announced mid-May 2002.

About Liquidation World

Liquidation World offers a uniquely diversified menu of solutions for organizations with asset recovery issues. Services include auctions, reverse logistics and processing, store closure sales management, turnaround consulting, and retail liquidations of consumer merchandise through 94 outlets across North America. Liquidation World solves asset recovery problems, in a professional manner, for banks, trustees, insurance companies, manufacturers and other organizations. Liquidation World opened its first retail outlet in 1986 and is now the largest liquidator in Canada, with more than 1,600 employees in outlets and offices across Canada and the United States.