March 31, 2006
Ableauctions Announces 2005 Financial Results

OJAI, Calif.--March 31, 2006--Ableauctions.com Inc. (AMEX:AAC - News; the "Company") announced today the results of operations for the year ended December 31, 2005.

The Company reported revenue of $4,428,912 for the year ended December 31, 2005, compared to revenue of $4,423,171 in 2004, substantially unchanged. The Company reported net income of $437,182 for the year ended December 31, 2005, compared to net income of $498,187 in 2004.

The Company reported income from operations (before gains on legal settlement and foreign exchange) of $334,508 for the year ended December 31, 2005, compared to $274,961 in 2004.

The Company reported shareholders' equity, defined as the value of the Company's assets minus its liabilities, of $12,789,331 at December 31, 2005, compared to $11,574,756 at December 31, 2004.

Gross profit for 2005 was $1,299,151 or 29.3% of total revenue for the year ended December 31, 2005, which was substantially unchanged from the year ended December 31, 2004, when the Company reported gross profit of $1,281,575 or 29.0% of total revenue.

The Company's objective is to become a leading provider of liquidation and merchandising services. Management believes that the Company's long-term success in this area of our business depends on its continued innovation and integration of technologies and services for auctioneers and liquidators worldwide.

The Company provides liquidation and merchandizing services to businesses to assist them with managing the sale of their products. Through its subsidiary, Unlimited Closeouts, Inc. (www.unlimitedcloseouts.com), it provides liquidation services to businesses with overstock. Through its subsidiary iCollector.com Technologies Ltd. (www.icollector.com and naalive.com), it provides live auction broadcast technology to members of the National Auctioneers Association (NAA) and facilitator services for eBay Live Auctions that allow businesses to broadcast auctions on the Internet and take advantage of the online auction marketplace. Through its subsidiary, Rapidfusion Technologies, Inc. (www.rapidfusion.com), it develops and sells proprietary point-of-sale software. The Company also manages cash investments through Ableauctions.com, Inc. and real property and lending investments through its subsidiary Stanford Development Corporation.

In 2004 the Company emerged with an impressive business model and laid a solid foundation on which to build an exciting technology company going forward. In the process, it has made significant progress towards accomplishing many of its objectives and milestones. The Company has taken a distinctive position in the liquidation and live auction marketplace and is moving forward on an aggressive initiative to increase the Company's live auction and liquidation businesses.

The Company has increased its expectation of the performance of its live auction services and continues to attract some of the world's leading auction houses and service providers to partner with it in delivering its technology and services. The Company has developed innovative technology, that it continuously refines, that enables auction houses to broadcast auctions on the Internet, and it has established an experienced management team and board of directors, all dedicated to building a significant global technology company.

Looking forward, management has set a number of aggressive goals for 2006 as it continues to build on its strengths in the auction and liquidation industry for future growth. The Company plans further expansion by partnering with or by acquiring companies that add breadth to its core competencies and enhance its business model, and management is constantly looking for new ways to produce revenue streams that will benefit the Company in years to come.

With innovative technology, good management and the support of its shareholders, management looks forward to achieving its goals in the coming years.

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.