Ableauctions.com Expands Into San Francisco Following 178% Increase in Auction Revenue.Business &Technology Editors BURNABY, B.C.--(BUSINESS WIRE)--Feb. 8, 2000 Ableauctions.com (TM), Inc. (OTCBB OTCBB See OTC Bulletin Board (OTCBB). :ABLC ABLC Affect-Based Language Curriculum ABLC Amphotericin B Lipid Complex ABLC Absorbing Branch-Line Coupler ) (the &uot;Company&uot;) announced today that it has begun its expansion phase into California. The Company has engaged Dan Bouchard, a 22-year auction veteran and co-founder of the original Able Auctions in 1980, to lead the Company's expansion into California. The Company has secured a prominent site strategically located between metropolitan San Francisco and the bustling Silicon Valley to conduct its auctions. The Company is also looking to acquire regional Bay Area auction companies in the expansion of its &uot;Clicks and Mortar&uot; strategy. Ableauctions.com's &uot;Clicks and Mortar Also called "bricks and clicks," it refers to businesses that offer online services via the Web as well as the traditional retail outlets (offline) staffed by people. Coined in 1999 by David Pottruck, co-CEO of the Charles Schwab brokerage firm, it refers to running the two divisions in a strategy&uot; is to grow by acquiring sound, reputable companies that have their &uot;bricks and mortar&uot; in place, then augmenting their &uot;clicks&uot;, or demand for product, using the world-wide-web Compaq Computer (NYSE NYSE See: New York Stock Exchange :CPQ CPQ Compaq CPQ Conseil du Patronat du Québec (Canada) CPQ Configure-Price-Quote CPQ Conseil de Presse du Québec (Québec Press Council, Canada) CPQ Companion Parrot Quarterly ), the Allaire Corporation (NASDAQ NASDAQ in full National Association of Securities Dealers Automated Quotations U.S. market for over-the-counter securities. Established in 1971 by the National Association of Securities Dealers (NASD), NASDAQ is an automated quotation system that reports on : ALLR) and Telus Advanced Communications (TSE See Tokyo Stock Exchange. TSE 1. See Tokyo Stock Exchange (TSE). 2. See Toronto Stock Exchange (TSE). , MSE:BTS.) are expected to implement the second phase of the Ableauctions.com's servers farm in San Francisco. The physical site will also serve to house inventories for auctions held on eBay's (NASDAQ:EBAY) servers. Since adopting its &uot;Clicks and Mortar&uot; strategy, the Company has seen auction revenues grow 178% annually. The Company will conduct its first auction in the Bay Area on February 23, 2000. Abdul Ladha, President and Chief Executive Officer of Ableauctions.com, stated, &uot;We are taking our sound and proven auction and distress- liquidation model, and are implementing it into a market 5 times the size of our existing base. The expansion, into San Francisco and the Bay Area as a whole, is an key step forward in positioning Ableauctions.com as a world class Internet Auction Company.&uot; 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 Section 21E of the Securities Act of 1934 and are subject to the safe harbor created by these sections. Actual results may differ materially from the Company's expectations and estimates. This release is 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 Worldwide website at www.kcsa.com. |
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