Ableauctions.com to Acquire Arizona Based Auction Company.Business Editors BURNABY, British Columbia--(BUSINESS WIRE)--March 13, 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 signed a binding letter of intent to purchase 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 is an Arizona-based auction house that auctions antiques and other furniture and equipment. Under the letter of intent, Ableauctions has agreed to purchase Mesler's assets for $500,000, payable $255,000 in cash and by issuing 30,625 shares of Ableauctions common stock. Ableauctions has also agreed to purchase real estate and a building from Mesler's for $3,500,000, payable $1,200,000 in cash, $1,050,000 by assuming a mortgage on the property, and by issuing shares of Ableauctions common stock for the balance at a deemed price of $8.00 per share. Ableauctions will purchase the inventory of Mesler's for $450,000 in cash. The acquisition is subject to, among other things, satisfactory due diligence Research; analysis; your homework. This term has caught on in all industries, because it sounds so "wired." Who would want to do analysis or research when they can do due diligence. See wired. by Ableauctions.com, including obtaining an independent appraisal of the property, and signing of formal agreements among the parties. On closing, Ableauctions.com will also grant to Mesler's an option to purchase 150,000 shares of common stock at the price of $8.00 per share for a term to be determined by Ableauctions.com's Board of Directors. Closing is anticipated to take place on April 30, 2000. 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. |
|
||||||||||||||
Printer friendly
Cite/link
Email
Feedback
Reader Opinion