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December 08, 2003
Ableauctions Announces Strong 4th Quarter Revenue & Income To Positively Impact 2003 Results FIFE, WASHINGTON - December 8, 2003 - Ableauctions.com Inc. (AMEX:AAC) (the "Company") announced today that it expects fourth quarter revenues to increase by approximately 25% from the previous quarter and net income to increase by approximately 50% from the previous quarter, exceeding management's expectations. The increase in revenues is attributed to strong auction activity in the fourth quarter and a consolidation of the results of operations from the Company's acquisition of Rapidfusion Technologies Inc. on September 1, 2003. The increase in net income is attributed to growth of the Company's business, increased operating efficiency and gains realized on investments and currency exchange. The Company believes that increased transparency is the cornerstone of maintaining investor trust. It will continue to update its shareholders with information on its earnings, value drivers, strategic initiatives and those factors critical to understanding its business and operating environment. The Company plans to file its annual report on Form 10-KSB on March 29, 2004 at the market open. 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. |