Ableauctions Announces Financial Results for Q2 2009.

OJAI, Calif. -- Ableauctions.com Inc. (AMEX:AAC) (the "Company") announced today the results of operations for the second quarter ended June 30, 2009.

FINANCIAL SUMMARY

The Company reported revenue of $550,787 for the three months ended June 30, 2009 compared to $849,859 during the same period in 2008, a decrease of $299,072 or 35%. The Company reported revenue of $1,192,134 for the six months ended June 30, 2009 compared to $1,647,747 during the same period in 2008, a decrease of $455,613 or 28%.

The Company reported an operating loss of $291,253 or $(0.05) per share for the three months ended June 30, 2009 as compared to a net loss of $457,151 or $(0.10) per share for the three months ended June 30, 2008. The Company reported an operating loss of $459,043 or $(0.08) per share for the six months ended June 30, 2009 as compared to a net loss of $651,202 or $(0.13) per share for the six months ended June 30, 2008.

FINANCIAL DETAILS - 3 MONTHS ENDED JUNE 30, 2009

Revenues. During the three months ended June 30, 2009, the Company had revenues of $550,787 compared to revenues of $849,859 during the same period in 2008, a decrease of $299,072 or 35%. The decrease in revenues is a result of a 14% decrease in revenues from the Company's liquidation business and a 77% decrease in revenues from its Live Auction services.

Revenues from the Company's liquidation services totalled $437,426 (or 79% of total revenue) compared to revenues of $510,831 (or 60% of total revenue) during the same period in 2008. The revenue from the Company's liquidation service decreased by $73,405 or 14% compared to the three months ended June 30, 2008.

Revenues from the Company's live auctions services totalled $54,794 (or 10% of total revenue) compared to revenues of $236,206 (or 28% of total revenue) during the same period in 2008. The decrease in revenues is a direct result of the termination of eBay's Live Auction platform.

The Company's liquidation services accounted for 79% of total revenue for the three month period ending June 30, 2009. The Company anticipates that revenues from its liquidation sector will continue to represent a significant percentage of overall revenues. The Company believes that the results of its liquidation business and the number of antique and collectible auctions it managed during the quarter is directly related to the general economy of the US, and that the current economic down-turn in the US could continue to have a dampening effect on its revenues from this business segment.

During the three months ended June 30, 2009, the Company had investment income of $54,797 compared to $38,701 for the same period in 2008. The investment in property development is long term in nature and, as a result, returns will be realized on completion of projects. As of June 30, 2009, the holdings in real estate, including the head office building and entities that hold real estate for development, totalled approximately $18,541,786, representing the lower of cost or market for these assets.

Cost of Revenue. Cost of revenue was $358,431 or 65% of the Company's revenues for the three months ended June 30, 2009, compared to $586,572 or 69% of its revenues during the same period in 2008.

Gross Profit. Gross profit was $192,356 or 35% of total revenue for the three months ended June 30, 2009, compared to gross profit of $263,287 or 31% of total revenue for the three months ended June 30, 2008.

Operating Expenses. During the three month period ended June 30, 2009, the Company put a number of cost cutting measures in place to withstand the decrease in revenues from its liquidation and live auction broadcast operations. Operating expenses during the three month period ended June 30, 2009 were $512,848 or approximately 93% of revenue compared to $705,860 or approximately 83% during the three month period ended June 30, 2008. Operating expenses are expected to further decrease in the third quarter of the 2009 fiscal year as we realize the effects of additional cost cutting measures.

FINANCIAL DETAILS - 6 MONTHS ENDED JUNE 30, 2009

Revenues. During the six months ended June 30, 2009, the Company had revenues of $1,192,134 compared to revenues of $1,647,747 during the same period in 2008, a decrease of $455,613 or 28%. The decrease in revenues is a result of a 47% decrease in revenues from the Company's liquidation business and an 82% decrease in revenues from its Live Auction services.

Revenues from the Company's liquidation services totalled $880,876 (or 74% of total revenue) compared to revenues of $944,076(or 57% of total revenue) during the same period in 2008. The revenue from the Company's liquidation service decrease by 4% for the six months ended June 30, 2008.

Revenues from the Company's live auctions services totalled $125,796 (or 11% of total revenue) compared to revenues of $438,186 (or 27% of total revenue) during the same period in 2008. The decrease in revenues is a direct result of the termination of eBay's Live Auction platform.

The Company's liquidation services accounted for 74% of total revenue for the six month period ending June 30, 2009. The Company anticipates that revenues from its liquidation sector will continue to represent a significant percentage of overall revenues. The Company believes that the results of its liquidation business and the number of antique and collectible auctions managed during the period is directly related to the general economy of the US, and that the current economic down-turn in the US could continue to have a dampening effect on revenues from this segment of business.

During the six months ended June 30, 2009, the Company had investment income of $135,821 compared to $73,703 for the same period in 2008.

Cost of Revenue. Cost of revenue was $765,109 or 64% of revenues for the six months ended June 30, 2009, compared to $1,001,082 or 61% of revenues during the same period in 2008.

Gross Profit. Gross profit was $427,025 or 36% of total revenue for the six months ended June 30, 2009, compared to gross profit of $646,665 or 39% of total revenue for the six months ended June 30, 2008.

Operating Expenses. During the six month period ended June 30, 2009, the Company put a number of cost cutting measures in place to withstand the decrease in revenues from its liquidation and live auction broadcast operations. Operating expenses during the six month period ended June 30, 2009 were $980,850 or approximately 82% of revenue compared to $1,213,561 or approximately 74% during the six month period ended June 30, 2008. Operating expenses are expected to further decrease in the third quarter of the 2009 fiscal year as further cost cutting measures are realized.

Although the Company has implemented strong cost control measures to reduce recurring operating expenses, if the U.S. economy does not experience a significant recovery during the 2009 fiscal year, the Company expects that its operations will continue to be adversely affected. As a result, the Company is continuing to explore all avenues to mitigate any further losses including the divestiture and possible liquidation or winding-down of certain operations. The Company will continue to restructure its operations or acquire or merge with another business. However, in the absence of a definitive transaction, the Company intends to continue focusing on its investment and property development business, which management believes to be in the best interests of the Company and its shareholders.

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 and Unlimited Closeouts.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, 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.

For a comprehensive Corporate Update and prior releases, visit www.ableauctions.com. For more information, contact Investor Relations at [e-mail]

This press release contains forward-looking statements, particularly as related to, among other things, the business plans of the Company, statements relating to goals, plans and projections regarding the Company's financial position, the Company's business strategy and the Company's real estate development project. The words or phrases "would be," "will allow," "intends to," "may result," "are expected to," "will continue," "anticipates," "expects," "estimate," "project," "indicate," "could," "potentially," "should," "believe," "considers" or similar expressions are intended to identify "forward-looking statements." These forward-looking statements fall within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Act of 1934 and are subject to the safe harbor created by these sections. Actual results could differ materially from those projected in the forward-looking statements as a result of a number of risks and uncertainties. Such forward-looking statements are based on current expectations, involve known and unknown risks, a reliance on third parties for information, transactions or orders that may be cancelled, 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 staff, management, financing, competition, on-line auction business, our ability to implement or manage our expansion strategy, general economic conditions, our ability to license our software to other auction houses, our ability to acquire profitable companies and integrate them into our business successfully and other factors that are detailed in our Annual Report on Form 10-KSB and on documents we file from time-to-time with the Securities and Exchange Commission. Factors that could cause our real estate development results to differ materials from anticipated results include delay experienced during any phase of the project development (such as in obtaining permits) or unforeseen problems (such as labor disputes, increasing materials costs, or an inability to obtain adequate financing). Even if we are able to build the project, the market for the units we build could decline. We cannot guarantee you that our building projects will be successful or that we will be able to recover the money we put into them. If our building projects are unsuccessful, our business and our cash flow will be materially adversely affected. Price changes may occur in the market as a whole, or they may occur in only a particular company, industry, or sector of the market. Real estate values and mortgage loans can be seriously affected by factors such as interest rate fluctuations, bank liquidity, the availability of financing, and by factors such as a zoning change or an increase in property taxes. Since the majority of our investments are held in Canadian funds, currency fluctuations may affect the value of our portfolio significantly. There can be no assurance that the securities and other assets in which we have invested will increase, or even maintain, their value. Statements made herein are as of the date of this press release and should not be relied upon as of any subsequent date. The Company cautions readers not to place undue reliance on such statements. The Company does not undertake, and the Company specifically disclaims any obligation, to update any forward-looking statements to reflect occurrences, developments, unanticipated events or circumstances after the date of such statement. Actual results may differ materially from the Company's expectations and estimates. The Company does not realize nor book the full revenue of auctions that it facilitates in its financials, only the net auction fees, that can vary from time-to-time, that it realizes.

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