Ableauctions Reports First Quarter 2006 Financial Results.

OJAI, Calif. -- Ableauctions.com Inc. (AMEX:AAC) today announced the results of operations for the quarter ended March 31, 2006.

The Company reported revenue of $2,039,152 for the quarter ended March 31, 2006, compared to revenue of $1,149,744 during the same period in 2005, an increase of 77%. The Company reported net income of $140,310 for the quarter ended March 31, 2006, compared to a loss of $169,563 during the same period in 2005.

The increase in revenues was attributed to stronger performance in the Company's auction broadcast services, iCollector.com and NAALive.com, and the business sector related to the liquidation of surplus inventory, which is managed through its subsidiary Unlimited Closeouts, Inc.

Gross profits from revenue was $709,386, or 35% of revenues for the three-months ended March 31, 2006 as compared to $272,428, or 24% of revenues, for the three months ended March 31, 2005. The increase in gross profit as a percentage of revenue is attributed to the performance of the Company's online auction business, which realizes higher gross profit margins, and on its ability to realize higher margins from its liquidation services.

The Company reported shareholders' equity, defined as the value of the Company's assets minus its liabilities, of $12,870,708 at March 31, 2006 compared to $12,789,331 at December 31, 2005.

The Company's objective is to become a leading provider of liquidation and merchandising services. Management believes that the Company's long term success in this area of our business depends on its continued innovation and integration of technologies and services for auctioneers and liquidators worldwide.

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 and the Company's business strategy. 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." 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, loss of management personnel, an inability to obtain financing as and when we need it, competition from other on-line auction businesses, 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. 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. E.&O.E.