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September 10, 2003
Ableauctions Identifies Acquisition Candidates TACOMA, WASHINGTON - September 10, 2003 - Ableauctions.com Inc. (AMEX:AAC) (the "Company") today announced that following an exhaustive search, it has identified four prominent auction companies and three technology based companies that it believes will add considerable breadth to its core competencies and enhance its business model. The Company has entered into negotiations with the candidates with the objective of either acquiring them or partnering with them, and will release details as negotiations progress. Management's vision and long-term goals for the Company are to further expand by way of organic growth as well as strategic alliances and acquisitions. The proposed targets are expected to leverage Ableauctions' scalable infrastructure and web based technical expertise to realize economies of scale, enabling the Company in taking a leading position in the auction and electronic commerce market. Acquisition candidates are required to be profitable, contribute to earnings and revenue in the first year, offer proprietary technology, reach a diverse customer base in an adjacent or complementary market, and enhance the Company's management team. In negotiating the terms of acquisition, the Company is promoting long-term profitability and cash flow gains rather than simply revenue growth. Payments, whether cash or stock, are proposed to be vested over several years and are released as a function of earnings or performance. 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. |