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News Releases - 2002

Home > Investors > News Releases > 2002 > Liquidation World Announces Appointments

Calgary, July 23, 2002

Liquidation World Inc. (LQW – TSX; LIQWF – Nasdaq) Dale Gillespie, C.E.O., founder and Chairman of the Board of Directors is pleased to announce the following resignations and appointments effective July 23, 2002.

• Dale Gillespie, formerly President, C.E.O., and Chairman of the Board, has resigned as President;
• Wayne Mantika has been appointed President and Chief Operating Officer of the Company;
• Andrew Searby, C.A. has been appointed Executive Vice President and Chief Financial Officer;
• Ross Roberts has been appointed Executive Vice President of Store Operations;
• Darren Gillespie has been appointed Executive Vice President of Sales & Marketing, Going Out of Business Unit and Corporate Development; and
• Jonathan Hill has been appointed Executive Vice President of Eastern Operations Development and Product Management Corporation Investment.

In addition to the above appointments, the Company announces the formation of an Management Executive Committee which will be comprised of Dale Gillespie, Wayne Mantika, Andrew Searby, Ross Roberts, Darren Gillespie, Jonathan Hill and Stuart Kessler, the President of the Clear Thinking Group Inc., a subsidiary of Liquidation World.

The Management Executive Committee has been formed to manage the day to day business and affairs of the Company on an interim basis and will report to the Board of Directors.

Mr. Gillespie states “I welcome the formalization of management responsibility in the hands of the Management Executive Committee. The success of Liquidation World over the past 16 years has been a team approach to issues. The Committee will have over 72 years of Liquidation World experience and I am confident in their skills and ability to cooperate for the benefit of the Company and its investors”.

Wayne Mantika, formerly Vice President since 1994 and prior thereto, General Manager of the Company has been with Liquidation World for 15 years;

Andrew Searby, C.A., has been the Secretary and Chief Financial Officer since 1995 and prior thereto was, Controller of the Company since 1991;

Ross Roberts, formerly Chief Operating Officer since 2000 and prior thereto, General Manager of the Company since 1994 and prior thereto Assistant to the General Manager has been with Liquidation World since 1992;

Darren Gillespie, formerly Vice President, Sales & Marketing since 1998 and prior thereto, Area Manager of the Company has been with Liquidation World since 1993; and Jonathan Hill, formerly Vice President of Eastern Operations since 1998 and prior thereto, Area Manager and buyer of the Company has been with Liquidation World since 1991.

The appointment of the Management Executive Committee is part of a gradual and considered succession plan relating to Mr. Gillespie’s involvement with the Company. The Board of Directors has commenced a search for a C.E.O. to replace Mr. Gillespie by January 31, 2003. Mr. Gillespie was the founder of Liquidation World in 1986, which has grown from its initial Calgary location to 96 outlets across North America with 62 profitable quarters.

The Company also announces that Robert A. Roberts and Wynn Stevenson have resigned as directors.

The Board of Directors of Liquidation World is made up of Dale Gillespie, Hubert Marleau, R. Gordon Marantz, Q.C. and Herb Lukofsky, C.A.

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 96 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.