SCOTTSDALE, ARIZONA - August 29, 2000 - Ableauctions.com^TM, Inc. (AMEX:AAC), announced today that it has signed two agreements to acquire Jarvis Auctions Ltd. and Warex Supply Ltd.

Jarvis Auctions is a British Columbia based commercial auctioneer specializing in bankruptcies and insolvencies. The purchase price of Jarvis Auctions will be comprised of $214,000 cash; the purchase of the remaining inventory of at the lower of cost or fair market value; and the purchase of outstanding accounts receivable at market value.

The Company has signed a separate agreement to acquire Warex Supply Ltd.. Warex is in the business of buying, selling, and renting new and used warehouse racking systems, forklifts, warehouse supplies and surplus material handling equipment. The purchase price of the Warex shares will be comprised of $118,000 cash and $55,200 in stock by the issuance 6,900 shares of Ableauctions.com at $8.00 per share.

The acquisitions will close effective July 31, 2000. The businesses of the two companies are currently being run for the benefit of the Company.

About Ableauctions.com

Ableauctions.com is a high tech business-to-business and consumer auctioneer that conducts its auctions live and simultaneously broadcasts them over the Internet. The Company liquidates a broad range of computers, electronics, office equipment, furniture and industrial equipment that it acquires through bankruptcies, insolvencies and defaults. This release and prior releases are available on the Company's Internet Auction web site located at www.ableauctions.com.