Scottsdale, Arizona May 02, 2000 - Ableauctions.com^TM, Inc. (OTC BB: ABLC) announced today that it has completed the first phase of its European financing with US $6 million private placement comprising of 1,210,240 units of the Company at the price of US$5.00 per unit to various investors. Each unit consists of one share of common stock and one non-transferable share purchase warrant. Each warrant entitles the holder to purchase one additional share of common stock at the price of US$6.00 until May 02, 2001.

Abdul Ladha, President and Chief Executive Officer of Ableauctions.com stated, “Despite recent fluctuations in the market, we are continuing to securing financing in tranches to accelerate the Company’s growth strategy and further expand operations across North America. The Company is determined to position itself as a world class Internet Auction Company by expanding its operations regionally in North America and acquiring and consolidating reputable auction houses.”

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.