FIFE, WASHINGTON - July 3, 2003 - Ableauctions.com Inc. (AMEX:AAC) (the "Company") clarified today that it does not intend to reverse split its stock.

Pursuant to its annual report (Form 14a), the Company, while restructuring and trading at $.05, had requested its shareholders not to reverse split the stock, but to authorize and empower its Board of Directors, at their discretion, to effect such a reverse split if absolutely required to maintain its listing on the AMEX or facilitate a merger. However, under the current conditions, with the success of the Company's restructuring plan, its technology and the performance of its stock, such action is determined not to be in the best interests of the Company and its stockholders, and will not happen.

The Company's financial position is strong with almost $1 million in cash, shareholders equity exceeding $2 million, no long-term debt, and over $20 million of its market capitalization held by non-insiders. Additionally, the Company believes it will deliver a profitable year with its financial picture looking even stronger before year-end.

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.