FIFE, WASHINGTON - June 12, 2003 - Ableauctions.com Inc. (AMEX:AAC) (the "Company") announced today that, having the combined expertise in conducting over 2,000 auctions historically, it has released the most recent version of its Live Auction technology.

In a bid to strengthen its profile in the Internet auction and technology community, the Company unveiled its latest auction technology that increases Internet performance dramatically, enables live communication between auctioneers and online bidders and vice-versa, and enables bidders to selectively view and receive notification of products they are interested in.

Some of the key features include an integration of the online auction technology to the back end accounting and point-of-sale software, optional live audio broadcast, a QuickWatch feature to monitor selected items, an Express Checkout to curb line-ups, telephone bidding, selective quantity bidding, and a proxy bidding template to export, upload and link an auction to eBay's Live Auction technology.

The technology also offers templates to handle various sectors, including industrial, collectible, real estate, automotive and livestock, each with its own customized features. Additionally, auctioneers are able to log-in remotely at any time to view and print real-time auction reports.

The Company has run the first of eight proposed pilots under real conditions and will announce the results in short order. Segments of the changes can be seen from time-to-time on www.ableauctions.com and www.icollector.com.

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. For a comprehensive Corporate Update and prior releases, visit www.ableauctions.com. For more information contact Investor Relations at 858-775-7962 or investorrelations@ableauctions.com.

About iCollector.com

iCollector.com 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, direct to the saleroom 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.