Ableauctions.com Acquires Mesler's Auction House.Business Editors BURNABY, B.C.--(BUSINESS WIRE)--April 4, 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 that it has acquired Mesler's Auction House of Scottsdale, Arizona Scottsdale (O'odham Vaṣai S-vaṣonĭ) is a city in Maricopa County, Arizona, United States, adjacent to Phoenix. Scottsdale has become internationally recognized as a premier and posh tourist destination, while maintaining its own identity and culture as " . Mesler's Auction House is an auctioneer of antiques and other furniture and equipment. The purchase price of the Mesler's assets, including material contracts, goodwill, other intangible assets, and equipment was US$500,000, which was paid US$255,000 in cash and the balance of US$245,000 by issuance of 30,625 shares of Ableauctions.com's common stock at a deemed price of US$8.00 per share and a non-transferable warrant entitling Mesler's to purchase 150,000 shares of Ableauctions.com's common stock at the price of US$8.00 until March 20, 2001. In a related transaction, Ableauctions.com also acquired real estate and a 50,000 square foot high-tech auction facility located in Scottsdale, Arizona from C&C Capital Investment, Inc., an affiliate of Mesler's. The building houses the auction business operated by Mesler's Auction House. The purchase price for the entire property was $3,500,000, payable as US$1,200,000 in cash; US$1,056,110.53 by the assumption of a promissory note promissory note, unconditional written promise to pay a certain sum of money at a definite time to bearer or to a specified person on his order. Promissory notes are generally used as evidence of debt. , and the balance of US$1,243,889.47 by Ableauctions.com issuing to C&C 155,486 shares of its common stock at the deemed price of US$8.00 per share. On closing, Ableauctions.com entered into a management consulting Noun 1. management consulting - a service industry that provides advice to those in charge of running a business service industry - an industry that provides services rather than tangible objects agreement with Arizona Realty Consultants, LCC (Leadless Chip Carrier, Leaded Chip Carrier) See leadless chip carrier, CLCC and PLCC. 1. LCC - Language for Conversational Computing. Written at CMU in the 1960's. , whereby Arizona Realty will manage the Scottsdale auction business, including hiring all required employees and consultants, in consideration of reimbursement of its expenses, including employee payroll. The agreement will allow a smooth transition of management. Abdul Ladha, President and Chief Executive Officer of Ableauctions.com stated, "Mesler's Auction House is our most significant acquisition to date. It provides Ableauctions.com exceptional antique furniture, a flagship 50,000 sq ft. high-tech auction facility that will serve as centre of operations for the West Coast, and an operating facility capable of generating $500,000 per auction, almost three times the average sale." 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, 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 website at www.kcsa.com. |
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