Ableauctions Supreme Court of British Columbia Grants Axion Order Nisi on Mortgaged Property

. July 10, 2007

Ableauctions.com (AMEX:AAC) announced today that the Supreme Court of British Columbia has granted the company’s subsidiary Axion Investment Corporation application for an Order Nisi.

On October 17, 2005, Axion Investment Corporation advanced a loan in the amount of $2,200,000 CAD at an interest rated of 9.75% per annum with the principal due for repayment on October 17, 2006, secured by a mortgage on the properties of the borrower and personal guarantees. The loan was not repaid on the due date and Axion applied to obtain an Order Nisi of foreclosure in the matter.

Under the Order Nisi, the borrower has until December 20, 2007 to refinance and payout Axion’s mortgage and all interest in arrears. If the borrower does not payout Axion’s mortgage by December 20, 2007, Axion can make an application to the Court to sell the mortgaged properties. As at February 23, 2007, the appraised value of the properties (land and improvements) was $5,300,000 CAD.

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

Category: Auction News

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