GENCO, One of World`s Largest Liquidation Distributors, Makes Million-Dollar Strategic Investment in Slingshot Solutions
PHILADELPHIA, Nov. 6 -- GENCO Distribution System, one of the
world`s largest retail distribution services firms, today announced that it
has made a significant investment in technology start-up Slingshot Solutions
to develop new Web-based distribution solutions.
GENCO maintains one of the world`s largest physical distribution networks,
helping major retailers and manufacturers liquidate more than five billion
dollars of inventory annually. The investment allows Slingshot to accelerate
development of its digital distribution channel technology, which leverages
online auctions and exchanges to offer retailers and manufacturers new
distribution channels that can provide higher return on liquidated
merchandise.
The investment follows the October 1 GENCO/Slingshot announcement of a
pilot program to develop digital distribution channels for GENCO. This
partnership allows GENCO to offer its customers a full complement of solutions
by adding to its suite of value added services.
"Using Slingshot as the technology backbone for our digital distribution
channels has already proven to move products with a greater return for our
customers -- in some cases, we`ve even seen higher-than-retail pricing," said
Lucy Rooth, GENCO marketing vice president. "Slingshot is a terrific
complement to our existing physical distribution infrastructure."
"When properly developed and managed, digital channels provide an ideal
balance to physical liquidation networks," said Bob Hornsby, Slingshot
Solutions president. "The value gained by increasing product exposure to
end-user consumers without requiring multiple physical movements of the
merchandise is very compelling to our customers. For minimal incremental
investment, we are seeing dramatic increases in asset recovery results using
the optimization process we have put in place."
Slingshot Solutions, which will introduce a full suite of merchandise
pricing services over the coming year, currently provides the auction
management service to retailers, asset recovery companies, and manufacturers.
About GENCO Distribution System
GENCO Distribution System is one of North America`s leading providers of
Product Life Cycle logistics services. GENCO services retailers and
manufacturers with a variety of direct and reverse logistics services. The
company`s direct logistics services include distribution center management,
warehouse management systems, co-pack and fulfillment operations and freight
forwarding. GENCO`s reverse logistics services include e-returns, return
center management, return center software, asset recovery services and
transportation management. More information can be found at http://www.genco.com or
by calling 1-866-434-3626.
About Slingshot Solutions
Slingshot Solutions provides a patent-pending inventory disposition
technology for manufacturers, large multi-channel retailers, asset recovery
specialists and online auction and exchange providers. The Slingshot system
increases liquidation opportunities by helping vendors move high volumes of
excess consumer durables inventory through online consumer auctions and B2B
exchanges. Slingshot Solutions is headquartered in Philadelphia, PA. More
information can be found at http://www.slingshotsolutions.com.
CONTACT:
Ben Samson of Slingshot Solutions
+1-215-717-0919
ben@slingshotsolutions.com
Stuart McFaul of Spiralgroup forSlingshot Solutions
+1-415-227-9747 or +1-415-227-9748
stuartm@spiralgroup.com
Tim Konrad
+1-412-820-3919
konradt@genco.com
Lucy Rooth
+1-412-820-3976
roothl@genco.com
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