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August 26, 2003
Confidence In Auction Technology Builds Strong Following For Users - Accounting For 22% Of Auction Revenues FIFE, WASHINGTON - August 26, 2003 - Ableauctions.com Inc. (AMEX:AAC) (the "Company") announced today that the confidence in the performance of its technology has recently delivered some of the best results in history for auction houses using the technology, with some reporting on-line Internet sales consistently accounting for as much as 22% of auction revenues, and the percentage of bidders subscribing to the technology continuing to grow. This trend, according to management, is expected to continue and is the result of a very simple deployment program by auction houses in which they broadcast auctions consistently, thoroughly illustrating products, and providing first class customer service. The unreserved auction conducted August 14, 2003, consisting of 1559 lots and using Ableauctions live auction technology, grossed in excess of $150,000 in revenue, with 90% of all lots sold having Internet bids on them. Approximately 500 bidders registered in person and 350 on-line. A total of 2,507 absentee bids were placed on the website prior to the auction starting, and approximately 22% of the total revenue stemmed from the Internet. The Total Internet Influence, calculated by adding the total dollar value of the items sold on the Internet plus the highest Internet bid on those items not sold on the Internet, as percentage of the total auction revenue, was an impressive 47%. All figures are approximate and subject to adjustments in commissions, buyers premiums, unclaimed lots, currency conversions and various other factors. 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. |