Ritchie Bros. Auctioneers celebrates 50 years in business and 10th anniversary on NYSE by ringing The Closing Bell(R)

. January 15, 2008

Ritchie Bros. Auctioneers (NYSE and TSX: RBA) celebrated its 50th anniversary in the auction business and 10th anniversary as a publicly traded company by ringing The Closing Bell at the New York Stock Exchange (NYSE or the Exchange) in New York City on Monday, January 14, 2008.

2008-0114-rb-at-nyse.jpgRitchie Bros. CEO Peter Blake, who rang the bell to close trading for the day, was joined at the Exchange by President Rob Mackay, COO Bob Armstrong and other senior executives. Ritchie Bros., the world’s largest auctioneer of industrial equipment, has been conducting unreserved auctions since 1958. The Company’s common shares were first listed on the NYSE on March 10, 1998, at a price of US$8.50 per share (split adjusted). At market closing on Monday, January 14, 2008, Ritchie Bros.’ share price was US$77.63. Ritchie Bros. recently announced record-breaking preliminary results for the 2007 fiscal year.

“We’re thrilled to be back at the New York Stock Exchange, celebrating fifty years in the auction business and ten years of strong growth as a public company,” said Mr. Blake. “Since listing on the Exchange in 1998, we have expanded our global network of offices and auction sites, introduced our real-time internet bidding service, and diversified into new market sectors. Every year since our listing the demand for our services has increased, resulting in a greater number of consignments, more unreserved auctions and higher gross auction proceeds. We have enhanced the value that we provide to our customers, and that has translated into greater value for our shareholders.”

When Ritchie Bros. went public in 1998, it had 50 locations in 14 countries, including 21 auction sites. That year, the Company conducted over 100 unreserved auctions for total gross auction proceeds of more than US$1 billion. Ten years later, Ritchie Bros. has over 110 locations in more than 25 countries, including 37 auction sites. In 2007, the Company conducted more than 350 unreserved industrial and agricultural auctions around the world, generating record annual gross auction proceeds in excess of US$3 billion. Ritchie Bros. was established in 1958 in Kelowna, British Columbia, Canada.

About Ritchie Bros.

Ritchie Bros. is the world’s largest auctioneer of industrial equipment, operating through over 110 locations in more than 25 countries around the world. The Company sells, through unreserved public auctions, a broad range of used and unused industrial assets, including equipment, trucks and other assets utilized in the construction, transportation, material handling, mining, forestry, petroleum, marine, real estate, and agricultural industries. The Company maintains a web site at www.rbauction.com.

Category: Auction News

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