FIFE, WASHINGTON - May 17, 2004 - Ableauctions.com Inc. (AMEX:AAC) (the "Company") announced today that, based on the orders it has received to date from its Unlimited Closeouts and iTrustee operations as well as the performance to date of its online auction units, it expects its financial results for the second quarter of the 2004 fiscal year to be comparable to its first quarter financial results.

The Company intends to implement aggressive marketing campaigns together with eBay Live Auctions and the National Auctioneers Association in order to further expand its auction services and increase its auction revenues during the 2004 fiscal year. In 2003 the Company's Auction Broadcast Services group facilitated approximately 200 auction sessions, either on eBay Live Auctions or through its own technology (now NAALive.com). In the first quarter of 2004, the Company has already facilitated 74 auction sessions and believes it will increase this number during the second quarter.

On July 13, 2004, the Company will have completed its latest modifications and enhancements to its technology and will deliver a live presentation on its Internet auction technology to members of the National Auctioneers Association who will be attending the Technology Summit of the 55th annual International Auctioneers Conference and Show in Madison, Wisconsin. The conference is scheduled to coincide with the Company's installation of an optimized server array in order to handle the higher than expected Internet traffic. The expansion of operations and servers reflects the Company's commitment to maintain industry leadership in its auction technology and auction services, and to satisfy growing industry demand for its services.

The Company is also continuing to implement its plan of expanding by seeking partnering relationships or acquisitions of technology-based companies that it believes could add breadth to its core competencies and enhance its business model.

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 over 3,000 auctions, the Company has developed state-of-the-art technology to broadcast Internet auctions (www.ableauctions.com/technology) and currently provides 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. It was the first company dedicated to trading antiques, fine art and premium collectibles on the Internet and today represents some of the world's leading auction houses. Since January 2001, it has broadcast hundreds of live auctions in real-time on eBay Live Auctions, directly from the salesroom as the auction happens. iCollector can help you find, buy or sell art, antiques and collectibles online.

About iTrustee and Unlimited Closeouts

iTrustee.com Technologies Ltd. and Unlimited Closeouts Inc. are wholly owned subsidiaries of Ableauctions.com Inc. iTrustee.com is a reseller platform designed to sell bank and trustee inventories, as well as distressed merchandise, exclusively to resellers, auctioneers and liquidators.