Burnaby, BC: February 2, 2000, Ableauctions.com^TM Inc. (OTC BB - ABLC) (the "Company) announced today that it has begun its expansion phase into California.

The company has engaged Dan Bouchard, a 22-year auction veteran and co-founder of the original Able Auctions in 1980, to lead the Company's expansion into California. The Company has secured a prominent site strategically located between metropolitan San Francisco and the bustling Silicon Valley to conduct its auctions. The Company is also looking to acquire regional Bay Area auction companies in the expansion of its "Clicks and Mortar" strategy. Ableauctions.com's "Clicks and Mortar strategy" is to grow by acquiring sound, reputable companies that have their "bricks and mortar" in place, then augmenting their "clicks", or demand for product, using the world-wide-web

Compaq Computer (CPQ - NYSE), the Allaire Corporation (NASDAQ: ALLR) and Telus Advanced Communications (BTS - TSE, MSE) are expected to implement the second phase of the Ableauctions.com's servers farm in San Francisco. The physical site will also serve to house inventories for auctions held on eBay's (NASDAQ: EBAY) servers.

The company will conduct its first auction on February 23, 2000. Abdul Ladha, President and CEO of Ableauctions.com stated, "We are taking our sound and proven auction and distress- liquidation model, and are implementing it into a market 5 times the size of our existing base. The expansion, into San Francisco and the Bay Area as a whole, is a key step forward in positioning Ableauctions.com as a world class Internet Auction Company."

Ableauctions.com is a high tech business-to-business auctioneer that conducts its auctions live and simultaneously broadcasts them over the Internet. The Company liquidates a broad range of computers, electronics, office equipment, furniture and industrial equipment that it acquires through bankruptcies, insolvencies and defaults. The Company's Internet Auction web site can be located at www.ableauctions.com.