Ableauctions.com Announces Fiscal 2000 Financial Results.

Business Editors

SCOTTSDALE, Ariz.--(BUSINESS WIRE)--April 6, 2001

Ableauctions.com(TM), Inc. (AMEX:AAC) (the "Company"), announced that it filed its annual report on Form 10-KSB for the year ended December 31, 2000.

The Company reported net revenues of $10,647,213 for the year ended December 31, 2000, compared to $898,450 for the prior year. Net losses for 2000 were $11,837,363, compared to $1,339,492 for 1999. The net losses for 2000 included operating losses and losses for write-downs related to the decline in the value of certain company assets, including the value of inventory assumed from acquired auction houses, uncollectable accounts receivables, goodwill and capital assets of acquired auction houses. The Company's management determined that the write-down of the goodwill and capital assets was prudent after considering, among other things, the recent decline in the public equities markets and a review of the Company's acquisitions.

In 2000, the Company implemented the first part of its business strategy by acquiring five auction houses, developing and improving its live auction Internet broadcasting software, and establishing an inventory procurement policy for its operations. Having developed its infrastructure, management believes that it is in position to expand its business and increase revenues for 2001 through increased operating efficiencies and by broadcasting its live auctions over the Internet. Management believes that its inventory procurement model will allow the Company to earn higher gross profit margins by purchasing and selling more of its own inventory, rather than selling consigned goods on a commissioned basis. The Company incurred significant expenditures in 2000 to develop its infrastructure, including expenses related to hiring of purchasing agents, developing administrative procedures and implementing an inventory control system.

Abdul Ladha, President and Chief Executive Officer of Ableauctions.com stated, "Our results for 2000 were in line with management's expectations and our business model. Net revenues of $10.6 million was consistent with our expectations, after considering that a majority of our acquisitions closed well into the year. We initially projected that we would earn gross revenues of $15.6 million on an annualized basis, including gross proceeds from consigned inventory, which was consistent with actual results. The Company's net loss for year 2000 was also consistent with management's expectations, after considering acquisition, development and restructuring costs and management's decision to proactively take a write-down on goodwill and assets related to certain acquisitions."

"With our acquisitions and our technology base, we believe that we are now in position to expand our business, and to implement the next phase of our growth and development strategy. The next stage in our software development strategy is to license our technology to outside auction houses, enabling them to broadcast their auctions over the Internet."

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. This release and prior releases are available on the Company's Internet Auction web site 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 created by these sections. Such forward-looking statements involve known and unknown risks, 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 strategy, general economic conditions, our ability to license our software to other auction houses, and other factors that are detailed in our Annual Report on Form 10-KSB filed 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.