TACOMA, WASHINGTON July 3, 2002 (PRIMEZONE) -- Ableauctions.com, Inc. (AMEX:AAC) (the "Company") announced today that its shareholders approved and adopted the following actions at the Company's annual general meeting on Thursday, June 27, 2002:
The shareholders appointed Abdul Ladha, Barrett E.G. Sleeman, Dr. David Vogt and Michael Boyling to the Board of Directors of the Company, and Morgan & Company as the Company's independent auditor for the 2002 fiscal year.
The resolution to reverse-split or "roll back" the Company's authorized and issued shares of common stock on a 3-for-1 basis was defeated. The resolution to authorize, approve and ratify the conversion of the Deferred Consideration Notes of $3,000,000 into shares of common stock of the Company at $1.43 per share was passed.
The shareholders also approved the change of the Company's name to "Ableauctions, Inc.". A total of 13,475,885 shares were represented at the meeting, either by proxy or in person.
The Company also announced today the appointment of Randy Ehli to the Board of Directors of Ableauctions. Randy Ehli is a third generation auctioneer with over 24 years of experience in conducting auto auctions, personal property and major consignment auctions. He graduated from the Reish World Wide College of Auctioneering in 1980, the Auction Marketing Institute in 1993, and Auction Marketing Institute's appraisal program in 1997. Mr. Ehli was President of Ehli's Commercial/Industrial Auctions, Inc. in Tacoma, Washington until May 2000, when he sold all of the shares of Ehli's Commercial/Industrial Auctions, Inc. to Ableauctions.com (Washington), Inc. and was appointed its Vice-President, Northwest Auctions. He was appointed Vice-President of Ableauctions.com (Washington), Inc. on March 12, 2001.
Mr. Ehli was formerly the President of the following entities and associations: Washington Auctioneer's Association; Sales and Marketing Executives of Tacoma; P.R.I.D.E., which runs one of the largest charity auctions in Tacoma, Washington; Clear Lake Homeowners' Association, which had 1500 members; and Tanglewilde Park Association. In addition, Mr. Ehli developed one of the first auction software packages (Auctionware) in 1982, and Ehli's Commercial/Industrial Auctions, Inc. was one of the first auction companies to begin using the Internet to advertise auctions.
The Company also announced the following management changes: the appointment of Julian Ellison as the Director of Auction House Services of iCollector following the resignation of Mark Hill; the appointment of Randy Ehli as the Corporate Secretary of the Company following the resignation of Jeremy Dodd as Chief Operating Officer, Secretary and Treasurer; and, effective July 31, 2002, the appointment of Daniel Li as the Company's Chief Financial Officer, following the resignation of Ron Miller.
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. For more information contact Investor Relations at 604-521-3375 or invest@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 saleroom 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.