Ableauctions.com Completes Open Offer Of
$4,200,000 And iCollector Acquisition
SCOTTSDALE, ARIZONA - September 27, 2001- Ableauctions.com, Inc. (AMEX:AAC) (the "Company"), is pleased to announce today that all conditions of the offer to acquire iCollector plc have now been satisfied and the offer has therefore been declared unconditional in all respects. Schroders Investment Management (UK) Limited has underwritten the placement and open offer in the amount of US $4,200,000 to provide working capital for iCollector which was a condition of the acquisition terms.
iCollector was founded in 1994 and provides an indexed catalogue of art, antiques and collectibles for over 300 auction houses, dealers and galleries in the United States, Europe and the United Kingdom and facilitates transactions by broadcasting live auctions over the Internet in conjunction with eBay Live Auctions. The company has spent over US $25 million in developing its infrastructure and today, represents hundreds of the world's premier auction houses and some of the world's most reputable dealers and galleries. On a typical day over 25,000 art works, antiques and collectibles are available to be bid for and bought on iCollector's website.
"The acquisition of iCollector by Ableauctions is a natural fit for both companies. The financial and operational synergies to be realized as a result of the merger are substantial," said Ron Miller, CFO of Ableauctions. "iCollector has already developed a strong presence throughout Europe and North America. Ableauctions expects to capitalize on iCollectors presence and sound reputation in Europe and North America by continuing to expand globally."
The Company also announced today the repricing of its employee incentive stock option plan to be consistent with the overall market correction. The Company repriced the exercise price of the options to US $1.43 per share, consistent with the placing and acquisition terms. The Company will now have employee incentive stock options outstanding to acquire 2,350,500 shares of Ableauctions exercisable over two to three years.
About Ableauctions
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. This release and prior releases are available on the Company's Internet Auction web site located at www.ableauctions.com.
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