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Home > Investors > News Releases > 2004 >Liquidation World Holds AGM, Elects New Board Members
Calgary, March 18, 2004
Liquidation World Inc. (LQW – TSX) held its Annual Shareholder Meeting in Calgary on Thursday, March 11, where four new members were elected to the Company’s Board of Directors.
New, independent Directors include Rob Bakshi of Surrey, BC; Robert Thomson, QC of Toronto, ON; and Leslie Landes of Vancouver, BC. Darren Gillespie, Senior Executive Vice President and Co-CEO was also elected and will represent the Office of the CEO. Current Directors, Dale Gillespie, Herb Lukofsky, CA, and Chad Murray were re-elected to the Board.
“We are excited about the broad range of experience the three new independent Directors bring to our organization,” said Darren Gillespie. “It’s apparent the Company will profit from a dynamic group of individuals who have both roots in the Company’s success to date, and a fresh outlook on the challenges of the future. Fiscal 2003 ended on a positive note, and we’ve already seen stronger sales and profits in the first quarter of 2004, relative to the same period last year (see news release of February 18, 2004). At this important juncture, a solid and engaged Board will be instrumental as we move forward and implement strategies that will build upon these results, and reinforce our position as one of North America’s leading liquidators.”
“We would also like to express our gratitude to Hubert Marleau and Gordon Marantz. While they did not stand for re-election as Directors, their involvement with the Board helped guide us as we grew into an organization with 99 Outlets in Canada and the US, and fiscal 2003 revenues of $173.7 million.”
Rob Bakshi, now President of Panarim Enterprises Inc., was the founder, Chair, President, and CEO of Silent Witness Ltd. until the company’s acquisition by Honeywell International Inc. in late 2003.
Robert Thomson, now President of Rovalex Investments Inc., practiced corporate law with the firm of Fraser Milner in mergers and acquisitions until his retirement in 1999.
Leslie Landes is the President of Stockgroup Information Systems, Inc., a provider of financial content and software solutions to media, corporate and financial services firms and is a director of TIR Systems Ltd.
In other corporate matters, the Company had amended its bylaws in 1997 to provide for a quorum of at least 33-1/3 percent of the Company’s Common shares in order to satisfy requirements for its Common Shares to be listed and posted on the NASDAQ National Market. As the Company de-listed its shares from NASDAQ on April 30, 2003, this requirement was no longer necessary, and a motion was made to reduce the quorum to at least 5 percent of the Common shares. This resolution did not pass, and accordingly, holders of at least 33-1/3 percent of the Company’s Common Shares must continue to be present in person or by proxy to constitute a quorum.
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 99 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.
This release includes forward-looking statements and potential future circumstances and developments. Forward-looking statements regarding future performance are subject to risks and uncertainties and actual results may differ materially.
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