FIFE, WASHINGTON – December 10, 2004 – Ableauctions.com Inc. (AMEX:AAC) (the “Company”) announced today that its net income for the fourth quarter of 2004 is expected to exceed the quarterly average for the three previous quarters by 400%. The Company expects to realize net income of over $211,000 in the fourth quarter of 2004, compared to the average net income of approximately $55,000 for the three previous quarters in 2004.

The annual revenue for fiscal year 2004 is expected to be approximately $5 million with net income to exceed $365,000, compared to revenue of $778,102 and net income of $144,156 for 2003.

The Company expects to issue a forecast for fiscal year 2005 shortly.

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 over 3,000 auctions, the Company has developed state-of-the-art technology to broadcast Internet auctions (www.ableauctions.com/technology) and currently provides 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. It was the first company dedicated to trading antiques, fine art and premium collectibles on the Internet and today represents some of the world's leading auction houses. Since January 2001, it has broadcast hundreds of live auctions in real-time on eBay Live Auctions, directly from the salesroom as the auction happens. iCollector can help you find, buy or sell art, antiques and collectibles online.

About iTrustee and Unlimited Closeouts

iTrustee.com Technologies Ltd. and Unlimited Closeouts Inc. are wholly owned subsidiaries of Ableauctions.com Inc. iTrustee.com is a reseller platform designed to sell bank and trustee inventories, as well as distressed merchandise, exclusively to resellers, auctioneers and liquidators.