SCOTTSDALE, Ariz., April 11, 2002 (PRIMEZONE) -- Ableauctions.com(tm), Inc. (AMEX:AAC) (the "Company") today announced the February results of its restructured Technology Arm and its "bricks & mortar" Operations.
Under its "bricks & mortar" Operations, Ableauctions owns and operates six auction houses across North America that liquidate a broad range of products including computers, electronics, office equipment, furniture and industrial equipment that are acquired through bankruptcies, insolvencies and defaults. The Company conducts auctions live and simultaneously broadcasts them over the Internet using Ableauctions own technology. Over the last two years, the Company has seen its nets auction revenues increase from approximately $700,000 to over $10,000,000.
Under its Technology Arm, Ableauctions, through it's wholly owned subsidiary iCollector International, represents 350 of the world's leading antique, fine art and premium collectible auction houses and broadcasts its clients' auctions on eBay (Nasdaq:EBAY) using eBay Live Auctions technology. Since January 2001, the alliance with eBay Live Auctions has resulted in hundreds of live auctions being broadcast in real-time, direct to the salesroom as the auction happens.
For the month of February, Ableauctions "bricks & mortar" Operations conducted 25 auctions, resulting in gross auction revenue for the month in excess of $1,700,000 -- an increase of 70% from January 2002's results. The Company's Technology Arm facilitated an additional 11 live auctions under its alliance with eBay Live Auctions, bringing the total to 36 for the number of auctions conducted in February 2002 (the same as in January 2002).
In the fall of 2001, the Company engaged Robert Craig as the CEO of iCollector. His main objective was to minimize the expenses of iCollector and to restructure the operations of iCollector so that eventually the Company could attain profitability. Having restructured the operations, Mr. Craig has left Ableauctions to pursue other interests. The Company wishes him all the success in his future endeavors.
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. This release and prior releases are available on the Company's Internet Auction Web site located at www.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 more than 350 of the world's leading auction houses. Hundreds of thousands of collectors use icollector.com daily to search its global client base of auction houses and place bids, with the support of its extensive catalog archive. Since January 2001, its alliance with eBay Live Auctions has resulted in hundreds of Live Auctions being broadcast in real-time, direct to the salesroom as the auction happens, selling tens of thousands of lots to many thousands of users online. With offices in Europe, the U.S.A and Canada, its unparalleled understanding and expertise in this sector 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.