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March 23, 2004
Ableauctions Completes Development of Point-of-Sale Software and Outlines Strategy FIFE, WASHINGTON - March 23, 2004 - Ableauctions.com Inc. (AMEX:AAC) (the "Company") announced today that it has completed the development of its single-user Windows based Point-of-Sale software and has commenced installation of the software into existing sites. An extended version of the software, with enhanced features and multi-user capabilities, and eBay uploads is expected to follow shortly. The Company, for the most part, realizes revenue from the following streams: Auction Broadcast Services - broadcast of live auctions over the Internet using its own technology (www.ableauctions.com/technology) or eBay's Live Auction technology, and related products, development, catalogue production and auction services (www.icollectorlive.com/services.aspx). Point-of-Sale (POS) and Hardware Services - the sale, installation and support of its Point-Of-Sale (POS) software, development, support and maintenance of auction websites, custom hardware and network configurations, services provided through its recently acquired subsidiary Rapidfusion Technologies Inc. (www.rapidfusion.com/technology). Liquidation Services - the sale of merchandise through its liquidation stores or auctions, and the fees realized from inventory brokerage services through its itrustee.com and Unlimited Closeouts operations. In 2003, the Company realized approximately 38% of its revenues from Auction Broadcast Services, 30% though POS and Hardware Services and 32% through Liquidation Services. With the primary objective of becoming the leading provider of Auction Broadcast services, management believes the success of the Company relies on its ability to deploy its technology and services to the estimated 12,000 auctioneers across North America. Management believes that the Integrating of POS technology with Internet broadcasting capabilities to develop an auction technology suite that specifically caters to auctioneers and liquidators may bring the Company one step closer to its objective. The technology suite under current development is designed to enable auctioneers and liquidators to:
The software is to manage and track inventory, assets and consigned products, for both a virtual and bricks-and-mortar stores. The Company has long believed that the option for retail stores to upload surplus inventories seamlessly to eBay or Ableauctions broadcast technology will be met with a positive reaction. About Ableauctions.com Ableauctions.com is a high-tech auctioneer that conducts auctions live and simultaneously broadcasts them over the Internet. With the experience of 3,000 auctions, the Company has developed its own technology to broadcast auctions over the Internet (www.ableauctions.com/technology) and currently provides the technology and related services to auction houses, enabling them to broadcast auctions over the Internet. For a comprehensive Corporate Update and prior releases, visit www.ableauctions.com. For more information, contact Investor Relations at investorrelations@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. |