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Form 8-K LIQUIDITY SERVICES INC For: Dec 06

December 8, 2016 4:34 PM EST

 

 

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

 

FORM 8-K

 

Current Report

Pursuant to Section 13 or 15(d) of

The Securities Exchange Act of 1934

 

Date of Report (Date of earliest event reported) December 6, 2016

 

LIQUIDITY SERVICES, INC.

(Exact name of registrant as specified in its charter)

 

Delaware

 

0-51813

 

52-2209244

(State or other jurisdiction

 

(Commission

 

(IRS Employer

of incorporation)

 

File Number)

 

Identification No.)

 

1920 L Street, N.W., 6th Floor, Washington, D.C.

 

20036

(Address of principal executive offices)

 

(Zip Code)

 

Registrant’s telephone number, including area code (202) 467-6868

 

N/A

(Former name or former address, if changed since last report)

 

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

 

o            Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

 

o            Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

 

o            Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

 

o            Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

 

 

 



 

Item 1.01.  Entry into a Material Definitive Agreement.

 

On December 6, 2016, the Defense Logistics Agency Disposition Services (“DLA”) notified Liquidity Services, Inc. (the “Company”) that it issued a modification (the “Modification”) to the Company’s current Surplus Usable Property Sales Contract (Sales Contract Number 14-0091-0002) (the “Surplus Contract”), between the Company and the Defense Logistics Agency Disposition Services of the U.S. Department of Defense to exercise the first of four one-year extension options.  The current Surplus Contract’s performance period now extends through December 14, 2017.

 

A copy of the associated press release is attached hereto as Exhibit 99.1 and is incorporated herein by reference.

 

Item 9.01.  Financial Statements and Exhibits.

 

(d)  Exhibits

 

The following exhibits are filed as part of this report:

 

10.1                                                      Supplemental Agreement No. 1, dated December 6, 2016.

 

99.1                                                      Press Release, dated December 8, 2016.

 

2



 

SIGNATURES

 

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

 

 

LIQUIDITY SERVICES, INC.

 

(Registrant)

 

 

 

Date: December 8, 2016

By:

/s/ Mark Shaffer

 

Name:

Mark Shaffer

 

Title:

Vice President, General Counsel and Corporate Secretary

 

3



 

Exhibit Index

 

Exhibit No.

 

Description

 

 

 

10.1

 

Supplemental Agreement No. 1, dated December 6, 2016.

 

 

 

99.1

 

Press Release, dated December 8, 2016.

 

4


Exhibit 10.1

SALE OF GOVERNMENT PROPERTY AMENDMENT OF INVITATION FOR BIDS/MODIFICATION OF CONTRACT 6.THIS BLOCK APPLIES ONLY TO AMENDMENTS OF INVITATIONS FOR BIDS The above numbered invitation for bids is amended as set forth in Item 9. Bidders must acknowledge receipt of this amendment unless indicated otherwise in Item 11 prior to fhe hour and date specified In the Invitation for bids, or as amended, by one of the fof!owing methods: · (a) By signing and returning copies of this amendment; (b) By acknowledging receipt of this amendment on each copy of the bid submitted; or (c) By separate letter or telegram which includes a reference to the invitation for bfds and.amendment number. FAILURE OF YOUR ACKNOWLEDGMENT TO BE RECEIVED AT THE ISSUING OFFICE PRIOR TO THE HOUR AND DATE SPECIFJED MAY RESULT IN REJECTION OF YOUR BID. If by virtue of this amendment you desire to change a bid already submitled, such change may be made by telegram or letter, proVided such telegram or Jetter makes reference to the Invitation for bids and this amendment, and is received prior to the opening hour and date specified. 7. ACCOUNTING AND APPROPRIATION DATA (Jf required) 8.THIS APPLIES ONLY TO MODIFICATION OF CONTRACTS This Supplemental Agreement is entered lnlo pursuant !u authorl!y of MutualAgreementfor Contract 14"0091-0002 9.DESCRIPTION OF AMENDMENT/MODIFICATION (Except as provided below nH terms and condfrlons of!M document refererlced in f!em 5 remain in ftlll fotce and effecQ Whereas Contract 14-0001"0002 was entered into on July 25, 2014 by and between the United States of America, hereinafter referred to as the GOVERNMENT, and Liquidity Services, Incorporated, hereinaffer referred to as the CONTRACTOR, and whereas the contract involved property as described in Invitation For Bid (IFB) 14-0001-0002: 0 IS NOT EXTENDED, D IS EXTENDED UNTIL THE HOUR AND DATE FOR RECEIPT OF BIDS O'CLOCK M (LOCAL TIME) DATE I ---16.UNIT 'I AUTHORIZED FOR LOCAL REPRODUCTION Pnwlous edi!\on is usable STANDARD FORM 1140 (REV.1-94) Prescribed by GSAFPMR (41 CPR) 101-45.3, I 10, BIDDER/PURCHASE NAME AND ADDRESS (lnofude ZIP Code) Liquidity Services, Incorporated 1920l Street, NW, 6th Floor Washington, DC 20036 11.0 BIDDER IS NOT REQL'JRED TO SIGN THIS DOCUMENT j)g PURCHASER IS REQlJJRED TO SIGN THIS DOCUMENT AND RETURN ORIGINAL AND0COPIES TO THE ISSUING OFACE 12 BY SIGNAYUJ<el'OR· 7 /'4 BY_) (Signaluro L Jffi(Jnature ofpetson autholized to sign) 13.NAME AND TITLE OF SIGNER (Type orptinf) . l'HQMAS E!VFffilN JJ'""-JJ. D CLI Executive Vice President 14.DATE SIGNED 12/06/2016 16.NAME OF CONTRACTJNG.OFFJGER (Type or print) REBECCA BELLINGER 17.DATE SIGNED 12/06/2016 1. AMENDMENT TO INVITATION FOR BIDS NO.: 2. EFFECTIVE DATE 12/06/2016 PAGE iOF2 PAGES SUPPLEMENTAL AGREEMENT NO.: 3.JSSUEDBY DLA Disposition Services National Sales Office 74 North Washington Street Battle Creek, Ml 49017-3092 1 4.NAME AND ADDRESS WHERE BIDS ARE RECEIVED 5. 0 AMENDMENT OF INVITATION FOR BIDS No. {See Item 8) DATED MODIFICATION OF CONTRACT NO.{See Item 8) DATED 07/25/2014

GRAPHIC

 


CONTRACT NUMBER 14-0001-0002 Supplemental Agreement 1 Page2 WHEREAS, certain DLA Disposition Services assets that have been dete mined no longer needed by the Government may1·esult in a sales transaction that is conducted by the DLA Disposition Services Sales Office. WHEREAS, ARTICLE FOUR: Contract Performance, Section 1-Peliormancc Period states: Subject to the early cancellation option provisions and tile Tem1ination for Convenience of the Government provisions, the Government shall provide property for a twenty-four (24) month period :fi·om the date of the initial delivery order to Contractor. DLA DISPOSITION SERVICES may exercise four one-year options to extend the performance period for up to an additional forty-eight (48) months based on Govemment requirements. The Govenunent may extend tile term ofthis contract by providing written notice to tile Contractor within 120 calendar days of contract end. The prel:i:m:inary notice does not commit the Government to an extension. If tile Government exercises fuis option, the extended contract shall be considered to include fuis option clause. NOW THEREFORE, it is mutually agreed between tile Government and the Contractor hereto tilat the following changes are in effect: ARTICLE FOUR: Contract Performance, Section 1-Performance Period states: Subject to the early cancellation option provisions and tile Termination for Convenience of tile Govemment provisions, the Government shall provide property for a twenty-four (24) month period :from tile date of tile initial delivery order to Contractor. DLA DISPOSITION SERVICES may exercise four one-year options to extend the pe1fo1mance period for up to an additional forty-eight (48) months based on Govemment requirements. The Government may extend tile te1m of this contract by providing written notice to the Contractor wifuin 120 calendar days of contract end. The preliminary notice does not commit the Govemment to an extension. If the Government exercises this option, the extended contract shall be considered to include this option clause. Based on Government requirements, DLA Disposition Services has determined it is in the best interest of tile Govemmentto exercise tile first one-year option for this contract extending perfmmance to December 14, 2017. I I I I l/1/lllllllllllfl/lllff!f///l!f//I/!NOTIDNG FOLLOWS/1///////////////////////////////////// I It I I I• il I I. I II i! I! I

GRAPHIC

 

Exhibit 99.1

 

Liquidity Services Receives One Year Contract Extension

for U.S. Department of Defense Surplus Property Sales

 

WASHINGTON — December 8, 2016 — Liquidity Services (NASDAQ: LQDT), a global solution provider in the reverse supply chain with the world’s largest marketplace for business surplus, today announced that the U.S. Defense Logistics Agency (DLA) has exercised the first of four one-year extension options under its Surplus sales contract (Surplus Contract) for the disposition of usable surplus property from the U.S. Department of Defense. The current Surplus Contract’s performance period now extends through December 14, 2017.

 

Under the terms of the Surplus Contract extension, Liquidity Services manages the receipt, storage, marketing, and disposition of all usable surplus personal property generated by DoD installations other than rolling stock throughout the United States and its territories. All other terms, including pricing, remain consistent with the Surplus Contract. Assets are offered for sale through Liquidity Services’ online auction marketplace, www.GovLiquidation.com, to a global buyer base.

 

About Liquidity Services

 

Liquidity Services (NASDAQ: LQDT) employs innovative e-commerce marketplace solutions to manage, value and sell inventory and equipment for business and government clients. The company operates a network of leading e-commerce marketplaces that enable buyers and sellers to transact in an efficient, automated environment offering over 500 product categories. Our superior service, unmatched scale and ability to deliver results enable us to forge trusted, long-term relationships with over 8,000 clients worldwide. With nearly $6 billion in completed transactions, and approximately 3 million buyers in almost 200 countries and territories, we are the proven leader in delivering smart commerce solutions. Visit us at LiquidityServices.com.

 

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Investor Contact

Julie Davis

Senior Director, Investor Relations

202.558.6234

[email protected]

 




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