VANCOUVER, B.C., Canada, June 23, 2003 (PRIMEZONE) -- Ableauctions.com Inc. (AMEX:AAC) (the "Company") announced today that it has entered into an agreement with Ehli's Commercial and Industrial Auctions Inc. to broadcast all of its proposed 200 automotive and commercial auctions on the Internet over the course of the next 36 months.
Ehli currently runs 50 automotive auctions per year, 12 large commercial auctions per year and 12 charity auctions. Under the terms of the agreement, Ableauctions will broadcast all of Ehli's Internet auctions exclusively for a period of three years, either on its own technology or through its alliance with eBay Live Auctions. The move comes following the Company's first pilot auction in the automotive sector using its newly launched technology.
The successful deployment of the Company's technology hinges on its ability to secure long-term strategic partnerships in sectors it is focusing on, and fully support them. The Company believes that the scalable nature of its technology enables it to do just that, profitably.
About Ableauctions.com
Ableauctions.com is a high-tech business-to-business and consumer auctioneer that conducts auctions live and simultaneously broadcasts them over the Internet. The Company liquidates a broad range of products including computers, electronics, office equipment, furniture and industrial equipment that are acquired through bankruptcies, insolvencies and defaults. For a comprehensive Corporate Update and prior releases, visit www.ableauctions.com. For more information contact Investor Relations at 858-775-7962 or investorrelations@ableauctions.com.
About iCollector.com
iCollector.com 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, direct to the saleroom 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.
This press release contains forward-looking statements, particularly as related to the business plans of the Company, within the meaning of Section 27A of the Securities Act of 1933 and Sections 21E of the Securities Act of 1934 and are subject to the safe harbor created by these sections. Such forward-looking statements involve known and unknown risks, uncertainties 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 auction houses, our ability to implement our inventory procurement strategy, general economic conditions, our ability to license our software to other auction houses, and other factors that are detailed in our Annual Report on Form 10-KSB filed with the Securities and Exchange Commission. The Company disclaims any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise. Actual results may differ materially from the Company's expectations and estimates.
Maximum News Dissemination by Filing Services Canada Inc. Ph: (403) 717-3898 Fx: (403) 717-3896 www.filingservices.ca