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.

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Posted: 10|31|07 at 8:58 pm. Filed under: Auction News.