TACOMA, WASHINGTON - Aug 14, 2003 - Ableauctions.com Inc. (AMEX:AAC) (the "Company") today announced the results of operations for the quarter ended June 30, 2003, posting results better than the previous quarter, building strong cash reserves, reducing operating expenses, and reflecting management's ongoing efforts to reduce costs and focus on profitability.

For the second quarter, the Company reported net auction revenue of $163,645 and a gain in operations of $82,561 before interest, depreciation and amortization of capital assets and stock options (compared to revenue of $140,192 and a loss of $19,474 in the last quarter, and revenue of $189,229 a loss of $292,328 in the corresponding quarter last year).

After interest, depreciation, amortization and the gain on the disposition of subsidiaries, the Company posted a net gain of $32,531 for the quarter (compared to a gain of $3,971 in the last quarter and a loss of $613,523 for the corresponding quarter last year). The gross profit margin for the quarter was 76% compared to 59% in the last quarter, and 77% for the same period in 2002.

By far, the biggest developments in a string of upbeat performance indicators for the Company were the consistent efforts in reducing expenses, showing profits, eliminating long-term debt and the building cash reserves. The Company increased Shareholder's Equity, the assets minus the liabilities, to $1,969,889 (from $1,363,385 last quarter) and increased its cash reserves to $814,163 (from $21,198 last quarter), primarily as a result of stock options exercised. Despite jitters about falling consumer confidence and the economy in general, the Company believes it has a bright future. The Company entered into significant agreements with key members of its consortium, most of which went into effect in the third quarter of the year, that are expected to positively impact the remainder of the year.

During the remaining 2003 fiscal year, the Company will continue conducting its "bricks and mortar" auctions and facilitating on-line auctions through its wholly owned subsidiary iCollector.com. The Company will focus on increasing revenues quarter-to-quarter as it begins to deploy its own technology and related services to auctions houses in enabling them to broadcast auctions over the Internet. The Company continues to operate its own liquidation store and sell inventory it owns through live and simultaneously broadcast auctions over the Internet, but not to the extent it had in previous years during its restructuring phase. Consequently, revenues for the foreseeable future will depend on services and higher gross profit margins until the Company systematically increases the volume of its own auctions. Currently, the Company realizes between 2% and 5% of all revenues earned from on-line sales, plus a set-up fee for auctions we conduct for our clients. The Company has introduced a full-service package that includes advertising, staffing, hosting the auction on-line and conducting the live side of the auction. As it begins to conduct a greater number of auctions using its own inventory or by implementing its full-service package, the Company believes it can increase revenue and margins substantially.

The Company intends on aggressively marketing its on-line auction services jointly with eBay and expanding the iCollector workforce to enable it to conduct more auctions in Europe and North America. The Company also intends on identifying possible candidates for strategic relationships or a possible acquisition.

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 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. 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, directly to the salesroom 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.