TACOMA, Wash., June 3, 2002 (PRIMEZONE) -- Ableauctions.com(TM), Inc. (AMEX:AAC) (the "Company") today announced the April 2002 results of its 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 electronics, automobiles, office products 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.
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 using eBay Live Auctions technology.
For the month of April, Ableauctions "bricks & mortar" Operations conducted 21 auctions, resulting in gross auction revenue for the month in excess of $908,000 excluding iCollector's contribution. The Company's Technology Arm facilitated an additional 22 live auctions under its alliance with eBay Live Auctions, bringing the total to 43 for the number of auctions conducted in April (compared to 41 in March and 36 in each January and February 2002).
The Company's Technology arm continued to increase the number of auctions from previous months. Historically, Internet sales account for and estimated 15% of gross lot revenues for Company's combined "bricks & mortar" and Technology Arm auctions. On-line bidding also influences the final "hammer price" over 60% of the time. Recently, however, with the attraction of Internet bidders from around the world, some prominent gallery auctions have seen between 25% and 50% of their auction lots sold over the Internet and even stronger underbidding from the Internet.
"The results so far this year clearly demonstrate the value of this service to auction houses and validates the iCollector and the eBay Live Auctions product as important tools to help auction houses grow their business," stated Mark Hill, Director of Auction House Services.
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.
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.