| July 24, 2006 Stanford Enters into Joint Venture Agreement to Acquire Development Site in Langley, British Columbia LANGLEY, British Columbia--July 24, 2006--Ableauctions.com Inc. (AMEX:AAC - News; the "Company") announced today that Stanford Development Corporation ("Stanford"), a wholly owned subsidiary of the Company, entered into a Joint Venture Agreement (the "Agreement") dated July 14, 2006 with Canitalia Industries and 449991 BC Ltd. to form a joint venture for the purpose of purchasing two vacant lots for development (the "Project"). The lots are comprised of approximately 4.72 acres and are commonly known as 20514 - 80th Avenue and 20542 - 80th Avenue, Langley, British Columbia V3T 2V3. Pursuant to the Agreement, a new company was to be formed to develop the Project. The new company, Township Holdings Ltd. (referred to herein as "THL"), has been formed. Each of the parties to the Agreement will own a one-third interest in THL and each will be entitled to appoint one member to THL's board of directors. Stanford will be entitled to appoint the President of THL. With the exception of the down payment needed to purchase the property that will comprise the Project and except as otherwise set forth in the Agreement, all expenses incurred and all profits earned by THL in conjunction with the Project will be allocated in equal shares among Stanford, Canitalia Industries and 449991 BC Ltd. The downpayment for the Project will be provided by Stanford and 449991 BC Ltd. only. The Agreement was subject to the Company's satisfactory investigation of the development potential of the property comprising the Project, which investigation was completed on July 18, 2006. The total purchase price of the property to be developed is $2.99 million. The Agreement was negotiated among the Company, Canitalia Industries and 449991 BC Ltd, who are not related to each other. THL currently intends to apply for re-development of the lots by sub-division and then intends to resell or develop the sub-divided lots, although there is no assurance that THL will do this. 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. |