FIFE, WASHINGTON - July 7, 2004 - Ableauctions.com Inc. (AMEX:AAC) (the "Company") announced today that its shareholders approved and adopted the following actions at the Company's annual general meeting on July 6, 2004.

The shareholders appointed Abdul Ladha, Barrett Sleeman, Dr. David Vogt and Michael Boyling to the Board of Directors of the Company, and ratified the selection of Cinnamon Jang Willoughby as independent auditor for the Company for the fiscal year ending December 31, 2004.

The shareholders also approved the resolution to increase the Company's authorized number of common shares from 62,500,000 to 100,000,000 and approved the Company's 2002 Consultant Stock Plan.

Approximately 50.4 million shares were represented at the meeting, either by proxy or in person.

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.