Ableauctions Completes Development of Point-of-Sale Software and Outlines Strategy.Business Editors/High-Tech Writers FIFE Fife, council area, Scotland Fife, council area (1993 est. pop. 351,200), 510 sq mi (1,322 sq km), and former county, E Scotland, between the Firth of Forth and the Firth of Tay. The land rises to 1,500 ft (457 m) in the Lomond Hills. , Wash.--(BUSINESS WIRE)--March 23, 2004 Ableauctions.com Inc. (AMEX AMEX See: American Stock Exchange :AAC (Advanced Audio Coding) An audio compression technology that is part of the MPEG-2 and MPEG-4 standards. AAC, especially MPEG-4 AAC, provides greater compression and better sound quality than MP3, which also came out of the MPEG standard. ) (the "Company") announced today that it has completed the development of its single-user Windows based (1) (Windows-based; upper case "W") Refers to Microsoft Windows. (2) (windows-based; lower case "w") Having resizable windows. Same as "graphics based" or "GUI based." Graphical user interfaces are all windows based. Contrast with text based. Point-of-Sale software and has commenced installation of the software into existing sites. An extended version of the software, with enhanced features and multi-user capabilities, and eBay uploads is expected to follow shortly. The Company, for the most part, realizes revenue from the following streams: Auction Broadcast Services -- broadcast of live auctions over the Internet using its own technology (www.ableauctions.com/technology) or eBay's Live Auction technology, and related products, development, catalogue production and auction services (www.icollectorlive.com/services.aspx). Point-of-Sale (POS (1) See point of sale and packet over SONET. (2) "Parent over shoulder." See digispeak. POS - point of sale ) and Hardware Services -- the sale, installation and support of its Point-Of-Sale (POS) software, development, support and maintenance of auction websites, custom hardware and network configurations, services provided through its recently acquired subsidiary Rapidfusion Technologies Inc. (www.rapidfusion.com/technology). Liquidation The collection of assets belonging to a debtor to be applied to the discharge of his or her outstanding debts. A type of proceeding pursuant to federal Bankruptcy Services -- the sale of merchandise through its liquidation stores or auctions, and the fees realized from inventory brokerage services through its itrustee.com and Unlimited Closeouts operations. In 2003, the Company realized approximately 38% of its revenues from Auction Broadcast Services, 30% though POS and Hardware Services and 32% through Liquidation Services. With the primary objective of becoming the leading provider of Auction Broadcast services, management believes the success of the Company relies on its ability to deploy its technology and services to the estimated 12,000 auctioneers across North America North America, third largest continent (1990 est. pop. 365,000,000), c.9,400,000 sq mi (24,346,000 sq km), the northern of the two continents of the Western Hemisphere. . Management believes that the Integrating of POS technology with Internet broadcasting Internet Broadcasting (formerly Internet Broadcasting Systems), or IBS, is a provider of television station web sites. IBS hosts over 70 local stations' sites, and co-produced NBCOlympics. capabilities to develop an auction technology suite that specifically caters to auctioneers and liquidators may bring the Company one step closer to its objective. The technology suite under current development is designed to enable auctioneers and liquidators to: -- Broadcast live auctions over the Internet -- Manage the back-end of auction operations -- Schedule, upload and broadcast auctions seamlessly to either run on eBay Live Auctions or on the Company's proprietary technology. -- Integrate auction operations with Point-of-Sale (POS) software that enables users to manage a bricks-and-mortar liquidation store as well upload inventory to be sold on either eBay core or eBay Live Auctions, making it one of the first POS systems capable of such. The software is to manage and track inventory, assets and consigned products, for both virtual and bricks-and-mortar stores. The Company has long believed that the option for retail stores to upload surplus inventories seamlessly to eBay or Ableauctions broadcast technology will be met with a positive reaction. About Ableauctions.com Ableauctions.com is a high-tech auctioneer AUCTIONEER, contracts, commerce. A person authorized by law to sell the goods of others at public sale. 2. He is the agent of both parties, the seller and the buyer. 2 Taunt. 38, 209 4 Greenl. R. 1; Chit. Contr. 208. 3. that conducts auctions live and simultaneously broadcasts them over the Internet. With the experience of over 3,000 auctions, the Company has developed state-of-the-art technology to broadcast Internet auctions (www.ableauctions.com/technology) and currently provides the technology and related services to auction houses, enabling them to broadcast auctions over the Internet. For a comprehensive Corporate Update and prior releases, visit www.ableauctions.com. For more information, contact Investor Relations Investor relations The process by which the corporation communicates with its investors. at investorrelations@ableauctions.com. About iCollector.com iCollector.com is a wholly owned subsidiary Wholly Owned Subsidiary A subsidiary whose parent company owns 100% of its common stock. Notes: In other words, the parent company owns the company outright and there are no minority owners. of Ableauctions and is the independent connection to the world's auction houses. It was the first company dedicated to trading antiques, fine art and premium collectibles on the Internet and today represents some of the world's leading auction houses. Since January 2001, it has broadcast hundreds of live auctions in real-time on eBay Live Auctions, directly from the salesroom as the auction happens, selling tens of thousands of lots to many thousands of users online. With its unparalleled understanding and expertise in this sector, iCollector can help you to maximize your opportunities to find, buy or sell art, antiques and collectibles online. This press release contains forward-looking statements forward-looking statement A projected financial statement based on management expectations. A forward-looking statement involves risks with regard to the accuracy of assumptions underlying the projections. , particularly as related to, among other things, the business plans of the Company, statements relating to relating to relate prep → concernant relating to relate prep → bezüglich +gen, mit Bezug auf +acc goals, plans and projections regarding the Company's financial position and the Company's business strategy. These forward-looking statements fall 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 Safe Harbor 1. A legal provision to reduce or eliminate liability as long as good faith is demonstrated. 2. A form of shark repellent implemented by a target company acquiring a business that is so poorly regulated that the target itself is less attractive. created by these sections. Such forward-looking statements are based on current expectation, involve known and unknown risks, a reliance on third parties for information, 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 The fancy word for "purchasing." The procurement department within an organization manages all the major purchases. 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. 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. |
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