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November 24, 2003
Top Ranked Industrial Auctioneer Joins Ableauctions' Consortium FIFE, WASHINGTON - November 24, 2003 - Ableauctions.com Inc. (AMEX:AAC) (the "Company") announced today that it has entered into an agreement with United Kingdom based Euro Auctions UK Ltd., one of the top ranked industrial auction companies worldwide, to broadcast their auctions exclusively for two years. Under the terms of the agreement, Ableauctions will broadcast all of Euro Auctions' live auctions exclusively for a period of two years using its own technology (www.ableauctions.com/technology) for a flat fee per auction. The addition of Euro Auctions to the consortium established by Ableauctions reflects a strategic shift in the Company's focus towards balancing the number of antique and collectible auctions that it broadcasts with the industrial auctions it broadcasts. The consortium, established in June 2003 by Ableauctions, consists of some of the largest and most influential auction companies in the world with the objective of implementing the Company's live auction technology and solidifying the Company's strategic alliance with eBay Live Auctions. The flat fee structure implemented in this agreement provides the Company with a definite revenue stream, enabling it to better forecast its earnings. Historically, Euro Auctions runs approximately 8 auctions annually from its locations in England and Northern Ireland, each grossing approximately $ 8.5 million. Additionally, the company runs several on-site auctions per year. Year 2002 auction sales alone totaled over $ 71.7 million. The company's upcoming heavy machinery equipment auctions on November 28th and 29th are expected to realize several million in revenue and attract an international group of motivated bidders on-site, as well as through online bidding. The agreement between the two companies not only marks a successful launch of Ableauction's technology among the world's major industrial auction companies, but also a very promising entry into the European Marketplace. 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. |