Ableauctions.com (AMEX:AAC) announced today that it has purchased back in excess of 2 million shares of its own stock since initiating the stock purchase program on July 23, 2007. The Company intends on continuing purchasing its stock back from time to time at the Company’s discretion, with the Company’s currently available cash reserves. No specific number of shares or dollar value has been established by the Company.
Abdul Ladha, the Company’s President and CEO stated, “We have decided to embark on a stock purchase program because we do not believe that the recent trading levels of the Company’s stock reflect the Company’s value and potential. Also, by reducing the number of shares of common stock in the market we hope to ultimately create greater value for our shareholders. This step reflects our confidence in the future performance of our business.”
About Ableauctions.com
Ableauctions.com Inc. (AMEX:AAC) is a high-tech liquidator and on-line auction facilitator that operates the domains iCollector.com, Naalive.com and Unlimited Closeouts.com.
As an on-line auction facilitator, the Company, with the experience of over 3,000 auctions, has developed state-of-the-art technology to broadcast auctions over the Internet (www.ableauctions.com/technology) and currently provides the technology and related services to auction houses, enabling them to broadcast auctions over the Internet. The Company broadcasts business and industrial auctions over the Internet for auctioneers and members of the National Auctioneers Association (NAA) and art, antique and collectible auctions for numerous galleries and auction houses around the world through eBay Live Auctions.
As a liquidator, the Company, through Unlimited Closeouts, purchases overstocks, order cancellations and discontinued products from major manufacturers and importers, then sells the merchandise to major retail chains, other resellers or the public.
For a comprehensive Corporate Update and prior releases, visit www.ableauctions.com. For more information, contact Investor Relations at investorrelations@ableauctions.com.
This press release contains forward-looking statements, particularly as related to whether the stock repurchase program will create shareholder value, but also statements relating to goals, plans and projections regarding the Company’s financial position and the Company’s business strategy. The words or phrases "would be," "will allow," "intends to," "may result," "are expected to," "will continue," "anticipates," "expects," "estimate," "project," "indicate," "could," "potentially," "should," "believe," "considers" or similar expressions are intended to identify "forward-looking statements." Actual results could differ materially from those projected in the forward-looking statements as a result of a number of risks and uncertainties. Such forward-looking statements are based on current expectations, involve known and unknown risks, a reliance on third parties for information, transactions or orders that may be cancelled, 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 staff, loss of management personnel, an inability to obtain financing as and when we need it, competition from other on-line auction businesses, our ability to implement or manage our expansion strategy, general economic conditions, our ability to license our software to other auction houses, our ability to acquire profitable companies and integrate them into our business successfully and other factors that are detailed in our Annual Report on Form 10-KSB and on documents we file from time-to-time with the Securities and Exchange Commission. Statements made herein are as of the date of this press release and should not be relied upon as of any subsequent date. The Company cautions readers not to place undue reliance on such statements. The Company does not undertake, and the Company specifically disclaims any obligation, to update any forward-looking statements to reflect occurrences, developments, unanticipated events or circumstances after the date of such statement. E.&O.E.
Coal Harbor Communications
Steve Kubota, 604-699-8615
Toll Free: 1-866-405-3955
Fax: 604-662-4547
Email: steve@coal-harbor.com or
Email: info@coal-harbor.com
Website: www.coal-harbor.com
or
Ableauctions.com
Vid Wadhwani, 604-521-3369
Email: investorrelations@ableauctions.com
Website: www.ableauctions.com