SOURCE: Ableauctions.com Inc.

August 10, 2005 10:30 ET

Ableauctions Acquires Prime Development Site in Surrey, British Columbia

COQUITLAM, BC -- (MARKET WIRE) -- August 10, 2005 -- Ableauctions.com Inc. (AMEX: AAC) (the "Company") announced today that it has entered into a binding agreement to acquire a 1.5 acre development site located at 9643 King George Highway, Surrey, British Columbia for a purchase price of $1,270,000. The Company intends to develop the property by building a 20,000 square-foot retail facility and 75 residential condominiums on the site.

"We believe that this property has great development potential and is a good opportunity to increase shareholder value," said Abdul Ladha, the Company's President. "If appropriate financing for this project is secured, we believe that it could represent a reliable source of income for the company in the future."

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.

All statements in this news release that are not statements of historical fact are forward-looking statements, including the statement that the acquisition by the property discussed in the news release could increase shareholder value and represent a reliable source of income for Ableauctions.com, Inc. These statements are based on expectations and assumptions as of the date of this press release and are subject to numerous risks and uncertainties which could cause actual results to differ materially from those described in the forward-looking statements. The risks and uncertainties include whether Ableauctions.com, Inc. will find the financing to carry out its plans to develop the property, whether the property can be developed in the manner described in the news release, whether the property will produce the financial results expected and other factors over which Ableauctions.com, Inc. has no control. Ableauctions.com, Inc. assumes no obligation to update these forward-looking statements, and does not intend to do so. You should carefully review the filings made by Ableauctions.com, Inc. with the Securities and Exchange Commission.

For a comprehensive Corporate Update and prior releases, visit www.ableauctions.com.

Contact Information

  • For more information, contact:
    Investor Relations
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    Company Contact:
    Thorsten Bonn
    604-521-3369