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October 5, 2005
iCollector Partners with One of the World's Largest Online Gallery Networks to Broaden eBay Live Auction Services OJAI, CALIFORNIA – October 5, 2005 – Ableauctions.com Inc. (AMEX:AAC) (the“Company”) announced today that its wholly owned subsidiary iCollector has entered into an agreement with Artnet AG, one of the world’s largest Gallery Networks consisting of over 1,000 galleries in 250 international cities, and more than 100,000 works by over 25,000 artists from around the globe, to promote the Company’s eBay Live Auction services. The agreement enables iCollector to tap into a wealth of resources relating to fine arts and a broad base of customers dominated by major auction houses, art dealers, museums, and insurance companies. Artnet’s Gallery Network provides art dealers and buyers a survey of the market and its pricing trends. Artnet’s Price Database is the most comprehensive color illustrated archive of fine art auction results worldwide, representing auction results from over 500 international auction houses since 1985. The Price Database covers more than 2.9 million artworks by over 180,000 artists, ranging from Old Masters to Contemporary Art. Under the terms of the agreement, iCollector will receive the exclusive advertising rights in select areas of artnet.com to display and promote upcoming auctions on eBay Live Auctions. ICollector clients benefit by having upcoming auctions included in the comprehensive market alert system that is linked to over 2.5 million visitors per month. The lots from these auctions will also be accessible to all Artnet subscribers as part of a vast price database that lists artist, artwork and the auction house which achieved the particular price along with other important information. With institutional subscribers like MOMA, Guggenheim Museum, Wall Street Journal and many more, it forms one of the most valuable and comprehensive search platforms for fine art around the globe listing and tracking more than 2.9 million artworks. Ableauctions believes that this partnership will help increase the breadth of its services to the auction marketplace and pave the way for future growth specifically in the fine arts segment. About iCollector.com iCollector.com is the pre-eminent supplier of live online auction technology and services to some of the world’s most prestigious galleries and industrial auction houses and operates one of the largest eBay Live Auction sales and support centers in the world. It is the only auction technology company to be endorsed by the National Auctioneers Association (NAA) and has partnered with eBay Live Auctions in streamlining the process of broadcasting auctions real-time on the Internet. iCollector’s technology enables auction houses to open their establishments to the world by allowing online bidders to participate in real-time on the auction floor. Visit www.icollector.com or (www.icollector.com/ourTechnology.aspx) About Ableauctions.com Ableauctions.com Inc. (AMEX “aac”) is a high-tech liquidator and on-line auction facilitator that operates the domains iCollector.com, Naalive.com, Unlimited Closeouts.com and iTrustee.com. As an on-line auction facilitator, the Company, with the experience of over 3,000 auctions, has developed state-of-the-art 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. The Company broadcasts business and industrial auctions over the Internet for auctioneers and members of the National Auctioneers Association (NAA) and art, antique and collectible auctions for numerous galleries and auction houses around the world through eBay Live Auctions. As a liquidator, the Company, through Unlimited Closeouts and iTrustee, purchases overstocks, order cancellations and discontinued products from major manufacturers and importers, then sells the merchandise to major retail chains, other resellers or the public. For a comprehensive Corporate Update and prior releases, visit www.ableauctions.com. For more information, contact Investor Relations at investorrelations@ableauctions.com This press release contains forward-looking statements, particularly as related to, among other things, the business plans of the Company, statements relating to goals, plans and projections regarding the Company’s financial position and the Company’s business strategy. The words or phrases "would be," "will allow," "intends to," "may result," "are expected to," "will continue," "anticipates," "expects," "estimate," "project," "indicate," "could," "potentially," "should," "believe," "considers" or similar expressions are intended to identify "forward-looking statements." These forward-looking statements fall within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Act of 1934 and are subject to the safe harbor created by these sections. Actual results could differ materially from those projected in the forward-looking statements as a result of a number of risks and uncertainties. Such forward-looking statements are based on current expectations, involve known and unknown risks, a reliance on third parties for information, transactions or orders that may be cancelled, and other factors that may cause our actual results, performance or achievements, or developments in our industry, to differ materially from the anticipated results, performance or achievements expressed or implied by such forward-looking statements. Factors that could cause actual results to differ materially from anticipated results include risks and uncertainties related to the performance of our staff, management, financing, competition, on-line auction business, our ability to implement or manage our expansion strategy, general economic conditions, our ability to license our software to other auction houses, our ability to acquire profitable companies and integrate them into our business successfully and other factors that are detailed in our Annual Report on Form 10-KSB and on documents we file from time-to-time with the Securities and Exchange Commission. Statements made herein are as of the date of this press release and should not be relied upon as of any subsequent date. The Company cautions readers not to place undue reliance on such statements. The Company does not undertake, and the Company specifically disclaims any obligation, to update any forward-looking statements to reflect occurrences, developments, unanticipated events or circumstances after the date of such statement. Actual results may differ materially from the Company's expectations and estimates. The Company does not realize nor book the full revenue of auctions that it facilitates in its financials, only the net auction fees, that can vary from time-to-time, that it realizes. |