Hodgins Auctioneers Closes Champion Auctions Ltd. Acquisition

    MELFORT, SK, Oct. 24 /CNW/ - Hodgins Auctioneers Inc. (HA:TSX-V)
("Hodgins"), a provider of professional auction services, is pleased to
announce that they have acquired all of the issued and outstanding shares of
Champion Auctions Ltd. from principals Larry and Coreen Buchinski. The sale
consideration was $190,000, payable by cash $30,000 (paid) and the issuance of
200,000 common shares to Larry Buchinski and 200,000 common shares to Coreen
Buchinski at a deemed price of $0.40 per share.
    Hodgins also wishes to provide an update on other corporate acquisition
activities. Further to our news release of November 21, 2007, in which Hodgins
acknowledged ongoing discussions with Auto Sold Now Inc., we wish to advise
that all talks with Auto Sold Now Inc., regarding any potential purchase or
merger have ended.
    In March 2008 however, Hodgins hired the Co-Founder and former Chief
Operating Officer of Auto Sold Now Inc., Mr. Todd Bennett. Mr. Bennett was
hired as a business development manager to grow Hodgins' presence in Eastern
Canada and to assist the company in developing new auction technology. Mr.
Bennett is working out of Mississauga, Ontario.
    Barrie Jung, President and CEO of Hodgins stated, "We are excited that
this experienced and motivated individual has joined our team of auction

    About Hodgins Auctioneers Inc.

    Headquartered in Melfort, Saskatchewan, for more than 50 years, Hodgins
Auctioneers is a provider of professional auction services. Hodgins is
renowned for its experienced auctioneers, award-winning promotions, dependable
results and commitment to providing the ultimate marketplace for the sale of
assets by auction.

    The TSX Venture Exchange does not accept responsibility for the adequacy
    or accuracy this release.

    %SEDAR: 00016723E

For further information:

For further information: Lauren Epp, Investor Relations Manager, Hodgins
Auctioneers Inc., Tel: (403) 585-0866, Email: lauren@hodginsauctioneers.com,
Website: www.hodingsauctioneers.com

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