Ableauctions.com Acquires Ehli's Auctions.Business & High Tech Editors SCOTTSDALE, Ariz.--(BUSINESS WIRE)--May 25, 2000 Auto Liquidator Liquidator Person appointed by an unsecured creditor in the United Kingdom to oversee the sale of an insolvent firm's assets and the repayment of its debts. Adds $7 Million in Revenues Ableauctions.com(TM), Inc. (OTC OTC See: Over-the-counter. OTC See over-the-counter market (OTC). BB: ABLC ABLC Affect-Based Language Curriculum ABLC Amphotericin B Lipid Complex ABLC Absorbing Branch-Line Coupler ) announced today that it has acquired, through its Washington subsidiary, all of the shares of Ehli's Commercial/Industrial Auctions, Inc. The purchase price of the Ehli's Auctions was $1,250,000, $900,000 in cash and the balance in stock. Ableauctions.com issued 50,000 shares of the Company's common stock at a deemed price of $7.00 per share. Ehli's Auctions is a Washington-based liquidator of automobiles and industrial equipment with annual revenues of approximately US$7 million. Founded in 1920 by Nick Ehli, the grandfather of Randy Ehli, the company's current President, Ehli's Auctions operates one of the largest public automobile auctions in the United States United States, officially United States of America, republic (2005 est. pop. 295,734,000), 3,539,227 sq mi (9,166,598 sq km), North America. The United States is the world's third largest country in population and the fourth largest country in area. . In addition, the Ehli Auction Center auctions commercial and industrial equipment and a wide variety of general merchandise and antiques. Ehli's Auctions conducts on site business liquidations for the U.S. Bankruptcy Court bankruptcy court n. the specialized Federal court in which bankruptcy matters under the Federal Bankruptcy Act are conducted. There are several bankruptcy courts in each state, and each one's territory covers several counties. and major banks in the Seattle area. With the acquisition, the Company also acquired Ehli's Auctions' online auction division and its copyrighted auction accounting package, "Auctionware". Abdul Ladha, President and Chief Executive Officer of Ableauctions.com, stated, "The strategic objective of Ableauctions.com is to grow through the acquisition of sound, reputable companies that complement each other. The acquisition of Ehli's accomplishes just that. Already profitable, with US$7 million in annual revenue, Ehli's introduces automotive and heavy machinery auctions to Ableauctions.com." Randy Ehli is a third generation auctioneer with over 23 years of experience. He was formerly the President of the Washington Auctioneers Association and President of Sales and Marketing Executives of Tacoma. He will be speaking at the National Auctioneers Association's annual convention this July. "Our sales are generated from traditional bricks and mortar A store (shop, supermarket, department store, etc.) in the real world. Contrast with clicks and mortar. operations", said Randy Ehli, President of Ehli's Auctions. "The sale to Ableauctions.com now enables us to broaden our customer base through a very strong Internet presence. With over 600 vehicles a month up for bid, we were looking ways to expand our current operations. Ableauctions.com's technology enables us to combine live and online bidding on a weekly basis, providing for a very powerful tool for both buyers and sellers." About Ableauctions.com Ableauctions.com is a high tech business-to-business and consumer auctioneer that conducts its auctions live and simultaneously broadcasts them over the Internet. The Company liquidates a broad range of computers, electronics, office equipment, furniture and industrial equipment that it acquires through bankruptcies, insolvencies and defaults. The Company's Internet Auction web site can be located at www.ableauctions.com. 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 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 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. Actual results may differ materially from the Company's expectations and estimates. 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