Ableauctions.com Acquires Falcon Trading.Business Editors BURNABY, B.C.--(BUSINESS WIRE)--March 10, 2000 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 ) (the "Company") announced today that it has purchased Seattle based Falcon Trading Inc. Though its Washington based subsidiary, Ableauctions.com acquired all of the business assets of Falcon Trading, Inc., as a going concern. Falcon Trading is a Seattle based computer and electronics 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. . The business assets included material contracts, goodwill and other intangible assets Intangible Asset An asset that is not physical in nature. Notes: Examples are things like copyrights, patents, intellectual property, and goodwill. These are the opposite of tangible assets. , equipment, and inventory. The purchase price of the Falcon Trading assets was US$360,805, which was paid by the issuance to Falcon Trading of 53,405 shares of Ableauctions.com's common stock at a deemed price of US$6.756 per share. On closing, Ableauctions.com (Washington) entered into a five-year employment agreement with Harlan Moore, Falcon Trading's founder and sole shareholder. Ableauctions.com granted to Mr. Moore stock options to purchase an aggregate 105,000 shares of common stock for five years, with 75,000 of the options exercisable at US$6.756 per share and the remaining 30,000 options exercisable at US$8.00 per share, subject to vesting criteria. Mr. Moore was appointed Vice-President, Operations of Washington State, on January 25, 2000. Abdul Ladha, President and Chief Executive Officer of Ableauctions.com stated, "We currently auction a broad range of computers, electronics, office equipment, furniture and industrial equipment that is acquired through bankruptcies, insolvencies and defaults. The most popular items sold on Internet auctions, by far, are the computer and electronic components. The acquisition of Falcon Trading enables the Ableauctions.com to acquire the computer and electronic inventories in significantly larger quantities without compromising gross profit margins Gross profit margin Gross profit divided by sales, which is equal to each sales dollar left over after paying for the cost of goods sold. gross profit margin A measure calculated by dividing gross profit by net sales. . Historically, Falcon's growth has been restricted only by lack of working capital. The all stock acquisition, marking the perfect scenario in Ableauctions.com's acquisition strategy, enables the Company to inject maximum working capital into its subsidiaries." 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. This release and prior releases are available on the KCSA KCSA Krannert Center Student Association KCSA Kentucky Crushed Stone Association (Frankfort, KY) KCSA Kyiv City State Administration KCSA Kalamazoo Christian School Association KCSA Kentucky-Canadian Studies Association Public Relations public relations, activities and policies used to create public interest in a person, idea, product, institution, or business establishment. By its nature, public relations is devoted to serving particular interests by presenting them to the public in the most Worldwide web site at www.kcsa.com.. |
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