FIFE, WASHINGTON - February 25, 2004 - Ableauctions.com Inc. (AMEX:AAC) (the "Company") announced today that following several months of development and consultation with trustees, liquidators and auctioneers, it has launched iTrustee.com, a reseller platform to expose bank and trustee inventories, as well as distressed merchandise, exclusively to resellers, auctioneers and liquidators.

Simultaneously, in an effort to fuel transactions and introduce asset lending services, the Company has incorporated a California based entity called Unlimited Closeouts Inc. and has engaged a prominent liquidator in the area to direct its operations. Endeavoring to increase exposure to the new platform, the Company has entered into a marketing agreement with the National Auctioneers Association (NAA) to be prominently featured on the back cover of the association's publications and directory, which reach approximately 6,500 auctioneers and liquidators. Within 30 days, the Company also expects to complete the integration process of the products listed on its platform with eBay and eBay Business Marketplace.

With the implementation of the new platform (Tier 2), the Company expects to more than double its revenues and significantly increases its gross profits. The Company expects to earn commissions ranging from 10% to 25% of the entire inventory sold through the platform, compared to 2.5% to 5% of only the product that sells on-line from its iCollector.com (Tier 1) operations.

Products on iTrustee.com are available to the general public for limited viewing, however, at the discretion of the trustee, bidding on certain products will be restricted to pre-qualified auctioneers and resellers.

Beyond presenting an innovative value proposition for this market, Ableauctions is addressing unfulfilled needs of industry players. For trustees, this platform provides a forum to reach auctioneers and resellers beyond their traditional geographic areas. For auctioneers, the company has created a level playing field to present their services to trustees. For resellers, iTrustee.com is a venue to access a new channel of liquidation merchandise. For the Company, the addition of this tier (trustee to auctioneers transactions) is a natural progression form its first tier services (auctioneer to retail transactions) through iCollector.com.

The platform currently lists a wide range of deals from foreclosed properties, real estate and industrial goods to clothing and electronics. For a more detailed listing, visit www.itrustee.com

About Ableauctions.com

About iCollector.com

iCollector.com is a wholly owned subsidiary of Ableauctions and is the independent connection to the world's auction houses. Founded in 1994, it was the first company dedicated to trading antiques, fine art and premium collectibles on the Internet. Today iCollector.com represents some of the world's leading auction houses. Since January 2001, its alliance with eBay Live Auctions has resulted in hundreds of Live Auctions being broadcast in real-time, directly to the salesroom as the auction happens, selling tens of thousands of lots to many thousands of users online. With its unparalleled understanding and expertise in this sector, iCollector can help you to maximize your opportunities to find, buy or sell art, antiques and collectibles online.