FIFE, WASHINGTON - July 16, 2003 - 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 15, 2003:

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, 2003.

The shareholders also approved the resolution to authorize and empower its Board of Directors, at their discretion, to effect a reverse split the Company's stock if necessary. However, as previously announced, 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 interest of the Company and its shareholders, and will not happen.

The shareholders also approved an increase in the number of shares of common stock in the Ableauctions.com, Inc. 1999 Stock Option Plan. Approximately 21 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 3,000 auctions, the Company has developed its own technology to broadcast auctions over the internet (www.ableauctions.com/technology) and currently provides the technology and related services to auctions houses. 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.