November 14, 2006
Ableauctions Reports Third Quarter 2006 Financial Results

Ableauctions.com Inc. (AMEX:AAC - News) announces the results of operations for the quarter ended September 30, 2006.

During the three months ended September 30, 2006, the Company reported revenue of $1,237,671 compared to revenue of $ 1,358,240 during the same period in 2005. For the nine months ended September 30, 2006, the Company reported revenues of $5,079,597 compared to revenues of $3,121,833 during the same period in 2005.

The Company reported net income of $47,525 for the quarter ended September 30, 2006, compared to net income of $422,676 (which included a $310,000 gain from legal settlement) during the same period in 2005. For the nine months ended September 30, 2006, the Company reported net income of $227,605 compared to net income of $300,914 (which included a $99,518 gain from legal settlement) during the same period in 2005.

Gross profit was $504,708 (41% of revenues) for the three-months ended September 30, 2006, compared to $407,122 (30% of revenues) during the same period in 2005. For the nine months ended September 30, 2006, gross profit was $1,857,427 (37% of revenues) compared to gross profits of $960,938 (31% of revenues) during the same period in 2005. The increase in gross profit as a percentage of revenue is partly attributable to the performance of the Company's online auction business, which realizes higher gross profit margins than our liquidation services. The Company expects gross profit margins to vary considerably from quarter-to-quarter depending on the performance of the Company's various divisions. Gross profits are also expected to fluctuate widely based upon the unpredictable nature of inventory available for the Company's liquidation services to purchase and the seasonal demand for certain inventories.

Operating expenses during the three-months ended September 30, 2006 were $560,471 (45% of revenue) compared to $496,165 (37% of revenue) for the same period in 2005. During the nine-months ended September 30, 2006, operating expenses were $1,971,506 (39% of revenue) compared to $1,134,788 (36% of revenue) for the same period in 2005. The increases in operating expenses are primarily due to increases in commissions, advertising and promotion, and professional (accounting and legal) expenses.

The Company reported shareholders' equity, defined as the value of the Company's assets minus its liabilities, of $13,368,472 at September 30, 2006 compared to $12,789,331 at December 31, 2005.

Looking forward, management continues to look for innovative ways to enhance its business. The Company's objective is to become a leading provider of liquidation, merchandising and marketing services. Management believes that the Company's long term success in this area of its business depends on its continued innovation and integration of technologies and services for auctioneers, liquidators and resellers worldwide.

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.