SCOTTSDALE, ARIZONA - May 24th, 2001- Ableauctions.com^TM, Inc. (AMEX:AAC) (the "Company"), announced today that the Managize.com bankruptcy auction, held earlier this month, grossed $280,000 in revenue.

The auction, held in San Mateo California May 3, 2001, had Internet bids on over 90% of the goods auctioned. The auction drew over 2,000 people in person and approximately 7,500 over the Internet.

As existing operations become increasingly profitable, the Company continues to expand into larger untapped markets. Ableauction's current expansion into the San Francisco Bay Area has placed it in the center of a $1.9 billion office goods market. The Company recently moved the management and operations of its Surplus Office Systems division into the San Francisco Bay Area to facilitate further expansion. "We are aggressively expanding into an area 10 times larger than any other market Ableauctions currently operates in," said Jeremy Dodd, Chief Operating Officer of Ableauctions. "The success of Ableauctions is attributed to the Company's ability to profit from cycles in all aspects of the economy. The recent dot com failures have given Ableauctions tremendous media exposure and have had a positive impact in our Bankruptcy and Insolvency division. However, it is important to note that the Company's financial performance is not solely attributed to business derived from dot com failures. Relative to the Company's other divisions, particularly the Industrial Machinery, Antiques and Collectible, Automotive, Police and Government Surplus, and Office Furniture divisions, the Bankruptcy and Insolvency division contributes only marginally to the Company's earnings and profitability. The remaining divisions provide a broader range of stability in varying economic climates."

About Ableauctions.com

Ableauctions.com is a high-tech business-to-business and consumer auctioneer that conducts auctions live and simultaneously broadcasts them over the Internet. The Company liquidates a broad range of products including computers, electronics, office equipment, furniture and industrial equipment that are acquired through bankruptcies, insolvencies and defaults. This release and prior releases are available on the Company's Internet Auction web site located at www.ableauctions.com.