BURNABY, B.C., March 17, 2000 - Ableauctions.com, Inc. (OTC BB: ABLC) (the "Company") announced today that it has signed a letter of intent to acquire Seattle based Ehli's Auctions Inc.

Ehli's Auctions is a Seattle based liquidator of automobiles and industrial equipment with annual revenues of approximately US$7 million. Ableauctions.com will acquire the business assets that include material contracts, office equipment, furniture and fixtures, computer hardware and software, goodwill and other intangible assets and all intellectual property associated with their web site.

The purchase price of the Ehli's Auctions assets will be the sum of US$1,100,000, payable as US$600,000 in cash and the balance US$500,000 by the issuance to Ehli's Auctions of 63,163 shares of the Company's common stock at a deemed price of US$7.916 per share. The acquisition is subject to, among other things, satisfactory due diligence, the Company obtaining an independent valuation of Ehli's Auctions assets indicating a value of not less than US$1,100,000, and the signing of a formal asset purchase agreement.

Closing is scheduled to take place on or before April 30, 2000. On closing, the Company will enter into a five-year employment agreement with Randy Ehli, Ehli Auctions' President. The Company will also grant to Mr. Ehli a stock option to purchase 40,000 shares of common stock at the market price per share at the time of closing, subject to performance based vesting criteria.

About Ableauctions.com

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.