Ableauctions.com Completes Acquisition
of 92 Year Old Profitable
Auction Company
BURNABY, British Columbia, Nov 10, 1999 (BUSINESS WIRE) --
Ableauctions.com, Inc. (OTCBB:ABLC) announced today that under the
terms of an asset purchase agreement, their wholly owned subsidiary,
Able Auctions (1991) Limited, has completed the acquisition of Ross
Auctioneers & Appraisers Ltd. (Ross Auctioneers).
The acquisition includes all of the property, assets, and undertaking
of the business of Ross Auctioneers.
Ross Auctioneers, established in 1907, ranks as the second oldest
Auction Company in British Columbia. The 92 years old profitable
company is engaged in the business of Auctioning police seized goods,
vehicles, tools, industrial equipment, and government surplus
equipment.
The purchase price for the assets of Ross Auctioneers totaled CDN$250,
000 plus applicable taxes, which was paid by the issuance of 60,000
shares of common stock of Ableauctions.com at the deemed price of
US$2.80 per share.
Abdul Ladha, President and CEO of Ableauctions.com stated, "Our
acquisition strategy is an integral component to the rapid expansion of
Ableauctions.com into a world class Internet Auction Company. Ross
Auctioneers is a reputable, profitable and established auction house
that brings with 92 years of experience and a large loyal following. It
provides Ableauctions.com with product, management expertise and access
to government and police recovered assets. Ableauctions.com's "clicks
and mortar strategy" is to grow by acquiring sound, reputable companies
that have the "bricks and mortar" in place and augmenting their
"clicks" or demand for product using the world-wide-web."
Ableauctions.com is a high tech business-to-business 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, insolvency's and defaults. The
Company's Internet Auction web site can be located at
www.ableauctions.com.
The Company intends to move towards market dominance by way of mergers
and acquisitions of auction related businesses, while providing
exceptional value to consumers on a range of name brand products.
Some of the other Company's that are in the Internet Auction industry
include: e-Bay (NASDAQ:EBAY), Amazon (Nasdaq:AMZN), UBID (Nadaq:UBID),
Bid.com (Nasdaq:BIDS) and Onsale.com (Nasdaq:ONSL).
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
E-mail - invest@ableauctions.com
Web site - www.ableauctions.com
WEB PAGE: businesswire.com
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