11/06/01

GENCO, One of World`s Largest Liquidation Distributors, Makes Million-Dollar Strategic Investment in Slingshot Solutions

Kurt Peters , Executive Editor

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

Topics:

Distribution, Genco Supply Chain Solutions, Online shopping, Slingshot, Texas Genco

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