Ableauctions.com Closes US$6 Million Private Placement.Business Editors SCOTTSDALE, Ariz.--(BUSINESS WIRE)--May 2, 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 ) announced today that it has completed the first phase of its European financing with a US $6 million private placement comprising of 1,210,240 units of the Company at the price of US$5.00 per unit to various investors. Each unit consists of one share of common stock and one non-transferable share purchase warrant. Each warrant entitles the holder to purchase one additional share of common stock at the price of US$6.00 until May 2, 2001. Abdul Ladha, President and Chief Executive Officer of Ableauctions.com stated, "Despite recent fluctuations in the market, we are continuing to secure financing in tranches to accelerate the Company's growth strategy and further expand operations across North America North America, third largest continent (1990 est. pop. 365,000,000), c.9,400,000 sq mi (24,346,000 sq km), the northern of the two continents of the Western Hemisphere. . The Company is determined to position itself as a world class Internet Auction Company by expanding its operations regionally in North America and acquiring and consolidating reputable auction houses." 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 Website at www.kcsa.com. |
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