TACOMA, WASHINGTON - October 24, 2002 - Ableauctions.com Inc. (AMEX:AAC) (the "Company") announced today that it's subsidiary Able Auction (1991) Ltd. (the "Subsidiary") has entered into an agreement with Able Solutions Inc. to sub-license the name "Able Auctions" for the purpose of conducting live auctions in British Columbia, Canada only.

Under the terms of the agreement, the Subsidiary sub-licensed the name "Able Auctions" to Able Solutions Inc. for the purpose of conducting live auctions in British Columbia in consideration of:

(a) Able Solutions assuming debt of $518,777
(b) Able Solutions paying an additional $192,162 in cash over 3 years
(c) Able Solutions assuming all leases, obligations, salaries, employment contracts and material contracts of the Subsidiary
(d) The Subsidiary transferring receivables totaling $85,642 and inventory and leasehold improvements totaling $245,656

The Company will continue to operate in British Columbia through its subsidiary, conducting auctions and running its liquidation store, but intends on running its local "bricks and mortar" auctions through Able Solutions. The Company will also continue to broadcast the British Columbia auctions on its servers and technology for an undisclosed fee per auction.

The Company also announced today that it has suspended its San Francisco operations as they are currently run and adopt a similar licensing agreement for conducting business in that region.

The Company has opted to license these locations in order to place more emphasis on its Technology Arm, balancing its reliance between the "Bricks and Mortar" Operations and the Technology Arm, and to alleviate the losses incurred by the two operations. The Company's Technology Arm, consisting of New York based iCollector and the Ableauctions' proprietary technology to broadcast auctions live in person and simultaneously over the Internet, is expected to realize gross auction revenues of $8.8 million annualized. The Company's "Bricks and Mortar" Operations, excluding specialty auctions, are expected to realize gross auction revenues of $7.4 million annualized. The Company intends on injecting additional capital into both divisions and focus on its performing units.

A full comprehensive Corporate Update on the Company is available at www.ableauctions.com\newir\news.cfm.

About Ableauctions.com

Ableauctions.com is a high-tech business-to-business and consumer auctioneer that conducts auctions live and simultaneously broadcasts them over the Internet. The Company liquidates a broad range of products including computers, electronics, office equipment, furniture and industrial equipment that are acquired through bankruptcies, insolvencies and defaults. For a comprehensive Corporate Update and prior releases, visit www.ableauctions.com. For more information contact Investor Relations at 604-521-3375 or investorrelations@ableauctions.com.

About iCollector.com

iCollector.com 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. Hundreds of thousands of collectors use icollector.com to search its global client base of auction houses and place bids, with the support of its extensive catalog archive. Since January 2001, its alliance with eBay Live Auctions has resulted in hundreds of Live Auctions being broadcast in real-time, direct to the saleroom 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.