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August 25, 2003
Ableauctions A Conduit For $2 Million Of Internet Auction Sales In 2nd Quarter Of 2003 TACOMA, WASHINGTON - Aug 25, 2003 - Ableauctions.com Inc. (AMEX:AAC) (the "Company") today announced that during the 2nd quarter ending June 30, 2003, the Company catalogued approximately $10 million of inventory through its systems on behalf of its auction clients, of which approximately $2 million sold on the Internet and resulted in $163,645 in net auction revenue to the Company, and a net profit of $32,531. The Company ran approximately 57 auction sessions in the second quarter and believes that its scalable systems, technology and infrastructure can handle four times the current volume without impacting expenses significantly. Management's execution and ability to scale its operations as the company rapidly completes its migration away from its existing operations to a pure-play Internet technology services company is impressive. In the Company's view, Ableauctions' technology and services represent the leading opportunity for auction houses to participate in the ongoing shift in inventory purchases from the auction floor to online over the next five years. The Company is also working aggressively to increase both gross and net auction revenues, expecting to announce additional consortium members as well as joint-venture agreements currently under negotiation. The Company's year to date success will allow for the option of stronger pricing on future auctions, enabling it to command higher fixed rates as it demonstrates the soundness of it business and technology model. Able Auctions is strongly positioned to enter the next phase of the Company's evolvement, which calls for continued profitability for the remainder of 2003, and a dramatic increase in gross and net auction sales throughout 2004. 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. |