News Releases - 2003


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Calgary, June 5, 2003

Appointments and New Board member

Liquidation World Inc. (LQW - TSX) announces effective today, Dale Gillespie, C.E.O. and Chairman of the Board of Liquidation World will step down from his position of C.E.O. Dale will remain as Chairman of the Board.

The Board of Directors is pleased to announce the creation of “The Office of The Chief Executive Officer”, which will consist of Wayne Mantika (Calgary), as President and Co-C.E.O.; Jonathan Hill (Toronto) as Senior Executive Vice President and Co-C.E.O.; and Darren Gillespie (Vancouver) as Senior Executive Vice President and Co- C.E.O. Each of the three executives have clearly defined specific responsibilities. Wayne will be responsible for day-to-day operations; Jonathan will be responsible for corporate planning and development; and Darren will be responsible for corporate communications and development. Collectively the team will be responsible to formulate the Company’s vision, long-term strategic plans and corporate budgets. The executives have a combined 39 years of experience with Liquidation World and are geographically located in three of the Company’s largest markets, which provides further strategic advantage.

“We are honored by this opportunity and thank everyone for their support. In particular we would like to acknowledge the tremendous accomplishments of Dale in his distinguished career. We look forward to implementing our new plans, which will focus on revenue generation and operational excellence in addition to a return to a focus on basics and the entrepreneurial spirit that is key to the culture and success of the business. We have a detailed action plan for our first 100 days and look forward to building on the solid foundations of the business and taking the Company into the future. We have the vision and the ability to build value for the shareholders and stakeholders”, said Darren Gillespie, speaking on behalf of the group.

Dale started Liquidation World in 1986 in Calgary, Alberta, and during his tenure guided the company through a remarkable period of growth. One of the many notable accomplishments was leading the company to 62 consecutive profitable quarters. Dale has also been awarded the prestigious Ernst & Young Entrepreneur of the Year award for the prairie region in 1995, and continues his involvement with this program. Most recently, he has received the Pinnacle Award recognizing his entrepreneurial achievements in 2001. Amongst Dale’s greatest accomplishment is the opportunities he has made available to thousands of associates throughout Liquidation World. Dale has worked closely throughout the company and spent much of his time at the outlets coaching the sales associates.

Under Dale’s direction, Dale and the existing senior management team which include the new Co-C.E.O.’s as well as Andrew Searby, C.A. Executive VP & C.F.O.; Derrick Gillespie, VP Corporate Purchasing; Darrell Fladager, VP U.S. Operations and Larry Scheffee, VP U.S. Logistics (collectively having 83 years of experience with Liquidation World) built Liquidation World into Canada’s leading Liquidator that offers clients a wide range of services through its five interrelated businesses which include: 96 Liquidation World outlets across North America, auction services, strategic store closings and going out of business sales management, reverse logistics through Product Management Corporation and management consulting services through Clear Thinking Group.

“The company continues to have a strong balance sheet and is well positioned to take advantage of opportunities that arise from distressed situations virtually anywhere in the world”, stated Dale. “I’m extremely pleased with the go forward opportunities of the company under this new leadership structure,” he added. “The time is right for the new leadership together with the 1,800 committed associates to take the company to the next level of success. I couldn’t be happier with the way the succession planning strategy has concluded,” he commented.

Liquidation World is pleased to announce the nomination of Charles M. (Chad) Murray to its Board of Directors. Chad brings to the Board over 40 years of background in retailing and manufacturing of consumer goods. He has served in many capacities including President & C.E.O. at Erie Industries from 1987 – 1993. “I have a long history and solid understanding of retailing. I appreciate the pressures and needs of retailers in this country. With my background in manufacturing, mergers, acquisitions, and marketing that I can make a significant contribution to the continued success of Liquidation World. As a long time shareholder of Liquidation World, I look forward to representing the best interests of all shareholders and assisting in the continued growth of this fine company”, stated Mr. Murray.

Chad has held many positions including President of the Canadian Hardware and Housewares Manufactures Association (CHHMA). Chad has also been the President of the St.Thomas and District Chamber of Commerce and the past Chairman of the St. Thomas and District United Way.

ABOUT LIQUIDATION WORLD INC.
Liquidation World Inc. 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 the financial services industry, 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.

ABOUT PRODUCT MANAGEMENT CORPORATION
Product Management Corporation is a Canadian Company founded in 1997 that specializes in providing reverse supply chain services to manufacturers, distributors and retailers across North America. Product Management services include secure product destruction, returns processing, damaged product assessments and reverse supply chain software development.

ABOUT CLEAR THINKING GROUP
Clear Thinking Group is a national consulting organization that provides trustworthy advice and actionable solutions to its clients. Their wide range of services helps clients achieve their objectives with innovative operating and financial strategies. This side-by-side approach not only drives companies toward growth; it helps accelerate the turnaround process for Clear Thinking Group clients. Clear Thinking Group is based in Hillsborough, New Jersey with offices in Atlanta, Georgia and Sarasota, Florida.

For more information, please contact:
Mr. Darren Gillespie, Senior Executive Vice President & Co-C.E.O.
E-mail: darreng@liquidationworld.com
Website: www.liquidationworld.com
Telephone (604) 589-7111, ext. 223
Fax: (604) 583-2255
Mr. Andrew Searby, C.A. Chief Financial Officer
E-mail: investorinfo@liquidationworld.com
Website: www.liquidationworld.com
Telephone (403) 250-1222
Fax: (403) 291-1306

 

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