Ableauctions Annual General Meeting Report

Ableauctions.com Inc. (AMEX:AAC) (the “Company”) announced today that its shareholders approved the following actions at the annual general meeting that was held on December 30, 2009:
– The acquisition of 100% interest in SinoCoking by means of a share exchange transaction whereby in connection with the Acquisition, the Company will issue up to 13.2 million shares of its common stock to the shareholders of SinoCoking, which will constitute approximately 97% of the Company’s common stock that will be outstanding after giving effect to the Acquisition.

– The terms of Plan of Liquidation whereby as a condition to consummation of the Acquisition, the Share Exchange Agreement requires, and the Company has agreed to, liquidate its assets, discharge its liabilities, and wind up the business conducted prior to the Acquisition, including its on-line liquidation services, real estate development business and related properties, as existing and outstanding immediately prior to the closing of the Acquisition.

– The authorization to file the Amendment to the Company’s articles of incorporation to effect a combination of the Company’s issued and outstanding common stock within a range of 1-for-20 to 1-for-50, the exact ratio to be determined by subsequent resolution of the board of directors (“Reverse Stock Split”) and whereby the Articles Amendments are conditioned upon the successful consummation of the Acquisition.

– The authorization to amend the Company’s articles of incorporation to effect a change to the Company’s name to “SinoCoking Coal & Coke Chemical Industries Inc.” in order to better reflect the operating business of the Company upon the completion of the Acquisition.

– The issuance of shares in connection with a financing which may consist of debt or equity or a combination of both, involving the issuance of our securities for $50 million to $75 million in gross proceeds.

The shareholders also elected Abdul Ladha, Dr. David Vogt, Barrett Sleeman, and Michael Boyling as directors of the Company and ratified the selection of Cinnamon Jang Willoughby & Company, Chartered Accountants as the Company’s independent auditors for the fiscal year ending December 31, 2009.

A total of 6,818,149 of the 8,114,197 outstanding shares of common stock the Company as of November 27, 2009 were represented in person or by proxy. The shares represented at the meeting constitute 84% of the outstanding shares.

For a comprehensive Corporate Update and prior releases, visit www.ableauctions.com. For more information, contact Investor Relations at [email protected]

Top