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Home > Investors > News Releases > 2004 >Liquidation World Announces the sale of the business operations of Clear Thinking Group
Calgary, August 27, 2004
Liquidation World Inc. (LQW – TSX) today announced it has completed the sale of the business operations of Clear Thinking Group, Inc. (“CTG”). As reported on August 23, 2004, the Company had entered into discussions to divest of CTG, a consulting firm that management felt was not instrumental to the success of its ongoing strategic plans.
The business operations have been acquired by a new limited liability corporation formed by the CTG management which will assume the name Clear Thinking Group.
Third quarter results of Liquidation World were released August 23rd and indicated a loss on the disposal of CTG of $466,000 including the write off of associated goodwill. In connection with the sale, Liquidation World acquired for cancellation 12,474 shares of Liquidation World common shares from former management of the divested business.
About Liquidation World
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, consulting, and retail liquidations of consumer merchandise through 100 outlets across Canada and the United States. 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.
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., Executive Vice President and CFO
E-mail: investorinfo@liquidationworld.com
Website: www.liquidationworld.com
Telephone (403) 250-1222
Fax: (403) 291-1306