Ableauctions Announces Auction Results
VANCOUVER, Jun 17, 2003 (PRIMEZONE via COMTEX) -- Ableauctions.com Inc. (AMEX:AAC) (the "Company") announced today the results of the first of several pilot sites using its Live Auction technology.
The commercial auction conducted June 12, 2003, consisting of 988 lots and using Ableauctions Live Auction technology, grossed approximately $200,000 in revenue, with 403 bidders registering in person and 252 bidders registering on-line. A total of 1664 absentee bids were placed on the website prior to the auction starting and approximately 19% of the lots (representing 27% of the total revenue) sold on the Internet. A staggering 93% of all lots sold had Internet bids on them.
The impact of the technology was quite evident during the course of this auction. There were times where the floor did not have a chance to place early stage bids on an item because of the processing capability of the technology on Internet bids. More amazing was the fact that the Internet posted bids on higher percentage of lots (93%) than the floor (89%).
Finally, the Total Internet Influence, calculated by adding the total dollar value of the items sold on the Internet plus the highest Internet bid on those items not sold on the Internet, as percentage of the total auction revenue, was 59%, compared to the Total Floor influence of 65%. In other words, the $200,000 auction may have realized only $130,000 if the minority 252 Internet bidders (out of 655 bidders total) were not present.
The beauty of Ableauctions new technology is that all these statistics, along with numerous reports, are available live to the auctioneer as the auction runs.
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.
About iCollector.com
iCollector.com is the independent connection to the world's auction houses. Founded in 1994, it was the first company dedicated to trading antiques, fine art and premium collectibles on the Internet. Today iCollector.com represents some of the world's leading auction houses. Since January 2001, its alliance with eBay Live Auctions has resulted in hundreds of Live Auctions being broadcast in real-time, direct to the saleroom as the auction happens, selling tens of thousands of lots to many thousands of users online. With its unparalleled understanding and expertise in this sector, iCollector can help you to maximize your opportunities to find, buy or sell art, antiques and collectibles online.
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 created by these sections. Such forward-looking statements involve known and unknown risks, uncertainties and other factors that may cause our actual results, performance or achievements, or developments in our industry, to differ materially from the anticipated results, performance or achievements expressed or implied by such forward-looking statements. Factors that could cause actual results to differ materially from anticipated results include risks and uncertainties related to the performance of our auction houses, our ability to implement our inventory procurement strategy, general economic conditions, our ability to license our software to other auction houses, and other factors that are detailed in our Annual Report on Form 10-KSB filed with the Securities and Exchange Commission. The Company disclaims any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise. Actual results may differ materially from the Company's expectations and estimates.
SOURCE: Ableauctions.com, Inc.
By Staff
CONTACT: Ableauctions.com Inc.
Abdul Ladha
(604) 521-3375
abdul@ableauctions.com
(C) 2003 PRIMEZONE, All rights reserved.
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