AAC on AMEX is a Vancouver based i-net auction site. They announced they won't reverse split and seem to be on the right track. Around 80c...I own this one, but am still a bit skeptical. Reminds me of Bid.com on the TSE of the '90s, but then I made money on that one too.
Strong Performance Enables Ableauctions to Build Cash Reserve as It Targets $80B Market
Wednesday July 2, 9:00 am ET
FIFE, WASHINGTON--(MARKET WIRE)--Jul 2, 2003 -- Ableauctions.com Inc. (AMEX:AAC - News) (the "Company") announced today that the strong performance of the Company's stock and its technology have enabled the Company eliminate all long term debt and build a $500,000 cash reserve in the second quarter alone. With strong contracts backing its technology and services, the company believes it can double its cash reserves and significantly increase the number of auctions it is scheduled to run before year end.
The multi-year auction broadcast agreements announced earlier by the Company translate into greater revenue for Ableauctions. The Company typically receives an upfront setup fee for each auction it facilitates and approximately 2% to 5% of the product sold over the Internet, plus additional service fees. The Company's latest technology is directed at attaining a fraction of what it estimates is an $80 billion market. The Company expects to release its quarterly financials before August 15, 2003.
About Ableauctions.com
Ableauctions.com is a high-tech business-to-business and consumer auctioneer that conducts auctions live and simultaneously broadcasts them over the Internet. The Company liquidates a broad range of products including computers, electronics, office equipment, furniture and industrial equipment that are acquired through bankruptcies, insolvencies and defaults. For a comprehensive Corporate Update and prior releases, visit www.ableauctions.com. For more information contact Investor Relations at 858-775-7962 or investorrelations@ableauctions.com |
