KELOWNA, British Columbia, Aug. 16 /CNW/ -- Auctions International Inc.
(OTC: AUCI), a technology company that owns and markets proprietary software
to enable real time online auctions of virtually any product or commodity for
use by the wholesale market, announced today that it is moving forward with
its plans to become a fully reporting company. As part of the process to
become listed on the OTC Bulletin Board, the Company is in the process of
auditing its financial statements and is nearing the completion of its Form
SB-2 Registration Statement to be filed with the SEC.
Douglas Mann, president and CEO of Auctions International Inc., said, "A
move to the OTC Bulletin Board is part of our strategy to strengthen our
visibility in the marketplace as we launch our first application of our
online, real-time auction technology platform. Becoming a fully reporting
company is in line with our goals to increase the liquidity and transparency
of our stock, and provide greater opportunity to reach new investors. We look
forward to completing the process in the near-term."
About Auctions International Inc.
Through its wholly owned subsidiary AutoBidLive, Auctions International
Inc. is set to bring together over 65,000 North American licensed pre-owned
auto dealers into a dynamic online auction reducing their dependence on
physical auctions. By utilizing state-of-the-art technology, dealers can make
bids in real time, move inventory, and search and buy vehicles specific to
consumer's needs. In addition to online automobile auctions for the wholesale
market, Auctions International Inc. has identified multiple commodity
verticals, which could benefit from its leading-edge online auction technology
platform. Additional information about Auctions International Inc. as well as
corporate structure and stock capitalization can be viewed on the Company's
website at http://www.AuctionsIR.com.
This press release contains or may contain forward-looking statements
such as statements regarding the Company's growth and profitability, growth
strategy, liquidity, access to public markets, operating expense reduction,
and trends in the industry in which the Company operates. The forward-looking
statements contained in this press release are also subject to other risks and
uncertainties, including those more fully described in the Company's filings
with the Securities and Exchange Commission. The Company assumes no obligation
to update these forward-looking statements to reflect actual results, changes
in risks, uncertainties or assumptions underlying or affecting such
statements, or for prospective events that may have a retroactive effect.
For further information:
For further information: Investor Relations-Canada, CanVox
Communications Inc., +1-866-503-AUCI (2824), or Investor Relations-U.S., Rick
McCaffrey of OTC Financial Network, +1-781-444-6100 x621, email@example.com,
both for Auctions International Inc. Web Site: http://www.AuctionsIR.com