OJAI, Calif.--March 30, 2005--Ableauctions.com Inc. (AMEX:AAC) (the "Company") announced today the results of operations for the year ended December 31, 2004, reflecting growth for the eighth consecutive quarter.

FINANCIAL HIGHLIGHTS

The Company reported revenue of $4,423,171 for the year ended December 31, 2004, compared to revenue of $614,932 in 2003, an increase of 619%.

The Company's reported net income of $421,246 for the year ended December 31, 2004, compared to net income of $144,516 in 2003, an increase of 191%.

The Company posted a better picture for income from continuing operations for the year ended December 31, 2004, reporting income from continuing operations of $462,166, compared to $9,141 in 2003.

The Company Shareholders' equity, defined as the value of the Company's assets minus its liabilities, also increased for the eighth consecutive quarter to $11,505,806 at December 31, 2004 compared to $5,200,651 at December 31, 2003, an increase of 121%.

Gross profit for 2004 was $1,281,575 or 28.9% of total revenue for the year ended December 31, 2004 as compared to $439,761 or 71.5% of total revenue for the year ended December 31, 2003. The increase in revenues and the decrease in gross profit as a percentage of revenue is attributable to the Company's expansion into the business of liquidating unwanted business inventory through Unlimited Closeouts, iTrustee and Jarvis Industries, which account for most of the Company's revenue. These businesses realize lower gross profit margins than the Company's auction broadcasting services.

OUTLOOK

The Company's objective is to become a leading provider of liquidation and on-line auction broadcasting services. The Company earns revenues from the following sources:

1. Liquidation Services - The Company sells merchandise through its liquidation stores, auctions and the operations of the subsidiary Unlimited Closeouts, Inc. in California. The Company also generates revenues through its inventory brokerage services at iTrustee.com.

2. Auction Broadcast Services - The Company broadcasts business and industrial auctions over the Internet for auctioneers and members of the National Auctioneers Association (NAA). These auctions are facilitated using the Company's own proprietary technology (www.ableauctions.com/technology) through the website naalive.com. Additionally, the Company broadcasts antique and collectible auctions over the Internet for numerous galleries and auction houses throughout the world. These auctions are facilitated using eBay's live auction technology through the iCollector.com website. The Company also provides auction-related products and services for a fee (www.icollectorlive.com/services.aspx).

3. Point-of-Sale (POS) Services - The Company sells, installs and supports its proprietary point-of-sale (POS) sales processing and reporting system to retailers through its subsidiary, Rapidfusion Technologies, Inc. (www.rapidfusion.com/technology).

In 2004 the Company emerged with an impressive business model and laid a solid foundation on which to build an exciting technology company going forward. In the process, it has made significant progress towards accomplishing many of its objectives and milestones. The Company has taken a distinctive position in the liquidation and live auction marketplace and is moving forward on an aggressive initiative to increase the Company's live auction and liquidation businesses.

The Company has increased its expectation of the performance of its live auction services and continues to attract some of the world's leading auction houses and service providers to partner with it in delivering its technology and services. The Company has developed innovative technology, that it continuously refines, that enables auction houses to broadcast auctions on the Internet, and it has established an experienced management team and board of directors, all dedicated to building a significant global technology company.

The Company has reflected growth for eight consecutive quarters and has increased Shareholders' equity to over $11.5 million.

Looking forward, management has set a number of aggressive goals for 2005 as it continues to build on its strengths in the auction and liquidation industry for future growth. The Company plans further expansion by partnering with or by acquiring companies that add breadth to its core competencies and enhance its business model, and management is constantly looking for new ways to produce revenue streams that will benefit the Company in years to come.

With innovative technology, good management and the support of its shareholders, management looks forward to achieving its goals in the coming years.

About Ableauctions.com

Ableauctions.com Inc. (AMEX:AAC - News) is a high-tech liquidator and on-line auction facilitator that operates the domains iCollector.com, Naalive.com, Unlimited Closeouts.com and iTrustee.com.

As an on-line auction facilitator, the Company, with the experience of over 3,000 auctions, has developed state-of-the-art technology to broadcast auction over the Internet (www.ableauctions.com/technology) and currently provides technology and related services to auction houses, enabling them to broadcast auctions over the Internet. The Company broadcasts business and industrial auctions over the Internet for auctioneers and members of the National Auctioneers Association (NAA) and art, antique and collectible auctions for numerous galleries and auction houses around the world through eBay Live Auctions.

As a liquidator, the Company, through Unlimited Closeouts and iTrustee, purchases overstocks, order cancellations and discontinued products from major manufacturers and importers, then sells the merchandise to major retail chains, other resellers or the public.

For a comprehensive Corporate Update and prior releases, visit www.ableauctions.com. For more information, contact Investor Relations at investorrelations@ableauctions.com.