Ableauctions.com Inc. has announced that the reverse split of the Company?s common stock on a 1 for 12 basis approved by its shareholders at the Company?s AGM held on December 17, 2008 was effected today. Prior to the reverse split the Company’s issued and authorized shares were 70,876,380. After the reverse split the Company’s issued and authorized shares are 5,906,365.
The Company also reported that it will continue with the stock purchase program initiated in July 2007. The Company intends to continue purchasing its shares back in the market from time to time at the Company?s discretion with its available cash reserves for the purpose of cancellation. No specific number of shares or dollar value has been established by the Company.
Ableauctions.com Inc. 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.