• Company Profile
• Stock Information
• Competitive Advantage
• Company Executives
• Board of Directors
• Financial Reports
• News Releases

News Releases - 2001

Home > Investors > News Releases > 2001 >Liquidation World's Internet Alliance Partner Closes $11 Million Financing

Calgary, January 16, 2001

Liquidation World Inc. (LQW – TSE; LIQWF – NASDAQ) is pleased to announce that its internet alliance partner, iSolve Incorporated, Stamford, Connecticut, has secured a second round of financing totaling U.S. $11 million. Investors include Whitney & Co., Canaan Partners, Icon Trading Corporation and Technology Crossover Ventures. In addition, iSolve has announced that several well known companies have agreed to become corporate barter fulfillment partners, reinforcing corporate barter as iSolve’s core business strategy.

"The ability of iSolve to secure a significant financing round in the current business and investment climate speaks very well to the level of confidence that investors have in their business model," said Dale Gillespie, President and CEO of Liquidation World. "Our alliance with iSolve has provided us with greater exposure to the U.S. marketplace, and has enhanced our ability to access supply sources for U.S. origin surplus merchandise. We are delighted that iSolve has secured the funding necessary to build on the success they have already achieved in the B2B surplus marketplace."

Barter Network Expanding

iSolve reported that it has signed agreements with several major companies as corporate barter fulfillment partners including Cap Gemini, Schneider Logistics, IBM and Office Depot. These partners have all agreed to participate in the iSolve Credits program, which utilizes iSolve Credits as payment for products and/or services.

A growing number of companies use corporate barter to enhance their return on under performing assets and lower their selling, general and administrative (SG&A) expenses. iSolve is assembling a network of 30 to 50 fulfillment partners, who can offer companies valued services including telecom, media, shipping, logistics, office supplies, packaging, hotels and travel through the redemption of their iSolve Credits. Companies will be able to access iSolve's fulfillment partners through a dedicated section of the company's Web site.

"We're essentially offering companies the opportunity to increase the economic return for their surplus inventory or excess capacity challenge," said Lance Lundberg, Chairman and CEO of iSolve. "Instead, through corporate barter they can exchange excess assets for pre-paid assets from iSolve, which they can apply against recurring or episodic business expenses."

In a typical barter transaction, iSolve will exchange iSolve Credits for excess corporate assets. The excess assets are then sold on a cash basis by iSolve to other companies including Liquidation World. These types of arrangements broaden the procurement opportunities that are available to Liquidation World, and allow it to acquire inventories through iSolve that it might otherwise be unable to obtain on a direct basis with the original vendor.

About iSolve

Headquartered in Stamford, Connecticut, iSolve facilitates successful transactions for surplus inventory, idle capacity, and excess assets throughout the world by offering financial and trade solutions including corporate barter. iSolve helps customers buy, sell, and barter surplus inventory and idle assets while providing them the opportunity to leverage the company's extensive vertical and merchant expertise in creating value from unproductive goods. Through its strategic partners, including Liquidation World, it offers comprehensive services for end-to-end merchandising, settlement, logistics, and distribution management. The company guarantees that any item listed on its site will receive a barter offer for its products within 30 days. For more information about iSolve, call 1-877-476-5837, or visit its web site at www.iSolve.com .

About Liquidation World

Liquidation World is a retail liquidator of consumer merchandise through 88 outlets across North America. The Company conducts Auctions of a diverse range of merchandise and equipment in the Calgary and Edmonton, Alberta markets and through on-site auctions across North America. Liquidation World solves inventory problems, in a professional manner, for banks, receivers, insurance companies, manufacturers and other organizations and is committed to providing its customers with outstanding value over a broad range of merchandise. Liquidation World opened its first outlet in 1986 and is now the largest liquidator in Canada, with more than 1700 employees in outlets across Canada and the U.S.