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The Press Room
Press Release

Live in a Yellow Submarine - For the Right Price

Government Liquidation, U.S. Military Surplus Liquidation, Department of Defense Surplus Scottsdale, AZ, March 19, 2002- Two 72', 48 passenger yellow submarines are being sold to the highest bidder through a special Sealed Bid Auction by Government Liquidation, LLC, ending March 27. As part of an exclusive contract with the U.S. military, Government Liquidation, LLC, a subsidiary of Liquidation.com, saves the Department of Defense over $20 million annually through the sale of a wide variety of military surplus on their website - www.govliquidation.com.

The two functional passenger submarines, Voyager I and Voyager II, previously operated tours out of ports in Hawaii. A nationwide recession and reduced air travel have especially affected tourism-dependent Hawaii over the past months, and forced the submarine sale to the public via Government Liquidation. Inspection and sea trials are available by appointment only from March 16 - 20 in Honolulu Harbor.

"These submarines have been a major draw during their time in Hawaii", said Mr. Robert Iwamoto, CEO and owner of Roberts Hawaii, "There are only five of these models worldwide and they will be a unique attraction wherever they operate."

The submarines dive to a depth of 100 meters, can run up to twelve 45-minute dives daily and have an estimated value of $3.8 million each (or cost $3.8 million each). These submersibles are ideal for tours or high-end private use around the world. Details on the U.S.-built submarines, located in Hawaii, are available on www.govliquidation.com.

"We have created a dynamic e-commerce machine powering the sales of thousands of items of U.S. military surplus each month", said Tom Burton, President of Government Liquidation, "Our network of buyers will allow the owners of this property to reach the widest audience and achieve an optimum return for their assets."

Government Liquidation's exclusive contract with the Defense Reutilization and Marketing Service (DRMS) runs through 2008, and calls for the sale of surplus property in a variety of categories with an estimated original acquisition value of $23 billion. The company holds 20 -30 Sealed Bid and Internet Auction events monthly from locations throughout the United States, Puerto Rico and Guam.

Hundreds of thousands of individual line items are made available at Government Liquidation through both Internet Auctions and Sealed Bid Sales. The Department of Defense (DoD) surplus property sold at these events includes material handling equipment, electronic test equipment, marine equipment, aircraft parts, vehicles, clothing and textiles, medical & dental equipment, machine tools, industrial equipment and much more.

B-Roll and Photos of Submarines Available By Request

About Government Liquidation, LLC
Government Liquidation, LLC, a subsidiary of Liquidation.com, is the result of a partnership with DRMS to privatize the sale of DoD surplus property. The company maintains outposts on military bases throughout the United States, Puerto Rico and Guam and serves a roster of 60,000 active buyers of military surplus. Government Liquidation, LLC is the exclusive seller of usable, non-hazardous, non-demil required DRMS military surplus property through 2008 and can be found on the Internet at http://www.govliquidation.com.

DRMS
DRMS is a Field Level Activity of the Defense Logistics Agency (DLA). The DRMS mission is to provide the Department of Defense (DoD) with services for the disposal of material no longer needed for national defense, comply with legislative and regulatory requirements, protect the public good from dangerous defense items, and to pursue maximum value for tax dollars. This mission includes responsibility for property reuse (including resale), hazardous property disposal, demilitarization, precious metals recovery and recycling program support. ¶

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