Ableauctions.com Reports 1999 First and Second Quarter Combined
Applies to -- ABLC -- ALLR -- AMZN -- BIDS -- CPQ -- EBAY -- ONSL -- UBID
Ableauctions.com Reports 1999 First and Second Quarter Combined Revenues Of U.S. $1.67 Million,
Up 77% Over Same Time Period Last Year
Ableauctions.com Reports 1999 First and Second Quarter Combined
Revenues Of U.S. $1.67 Million, Up 77% Over Same Time Period Last Year
BURNABY, British Columbia, Oct 21, 1999 (BUSINESS WIRE) --
Ableauctions.com(TM) Inc. (OTCBB:ABLC) (the "Company"), a high tech
business to business and consumer auctioneer that will conduct live
auctions and simultaneously broadcast them over the Internet, reported
their first and second quarter combined revenues ending Sept. 30, 1999,
of $1,668,074.24, compared to $726,196.37 for the same time period the
previous year, an increase of 77%.
Ableauctions.com is an auctioneer and liquidator that acts on behalf of
bailiffs, consignors and leasing companies to liquidate a broad range
of computers, electronics, office equipment, furniture and industrial
equipment that it acquires through bankruptcies, insolvencies and
defaults.
On July 14, 1999, after 14 years in business, the Company began trading
on the OTC BB under the trading symbol ABLC and has since established
key alliances with industry leaders such as Compaq Computer Corporation
(NYSE:CPQ), Allaire Corporation (Nasdaq:ALLR), and Telus Advanced
Communications (BTS-TSE, MSE), to develop the industries most cutting
edge "real time" auction and video broadcast technology.
The Company's most recent announcement that eBay (Nasdaq:EBAY), the
world's largest person to person trading community, will provide
simultaneous host access to AbleAuctions silent auction inventory
strongly positions Able Auctions among the industry frontrunners. The
first joint auction, featuring a giant computer and electronics
liquidation, is expected to take place early November, following
Compaq's and Allaire's implementation of the Ableauctions site.
Abdul Ladha, President and CEO of Able Auctions stated, "Able Auctions
owns most of the inventory it auctions. This enables it to yield gross
profit margins in the range of 25 to 55%, compared to the 3% it would
normally receive brokering transactions. Expansion onto the Internet
will dramatically increase our audience and the demand for the products
we sell. With stronger demand for our products, profit margins
increase, having a positive effect on the Company's bottom line."
The Company intends to move towards market dominance by way of mergers
and acquisitions of auction related businesses, while providing
exceptional and unheard of value to the consumer, on a multitude of
name brand products. Some of the other companies in the Internet
auction industry include: e-Bay (Nasdaq:EBAY), Amazon (Nasdaq:AMZN),
UBID (Nasdaq:UBID), Bid.com (Nasdaq:BIDS) and Onsale.com (Nasdaq:ONSL).
Able Auctions and Ableauctions.com are trademarks of Able Auctions Inc.
All other company names, brand names and product names are trademarks
of their respective holder(s).
BY ORDER OF THE BOARD OF DIRECTORS
Abdul Ladha, President
NASD has neither approved nor reviewed the information contained
herein.
Some statements in the report are forward looking and are subject to
certain risks and uncertainties. These risks and uncertainties include,
but are not limited to, economic conditions, changes in law or
regulations, demand for products and services of the company and the
effect of competition. These risks and uncertainties could
significantly affect anticipated results in the future and actual
results may differ materially from any forward-looking statements.
Copyright (C) 1999 Business Wire. All rights reserved.
Distributed via COMTEX.
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CONTACT: Ableauctions.com
Investor Relations, 877/684-8444
invest@ableauctions.com
www.ableauctions.com
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