Ritchie Bros. conducts CA$41 million unreserved Edmonton auction and announces sponsorship of 2008 Alberta Winter Games
FOR IMMEDIATE RELEASE: October 29, 2007
EDMONTON, AB – Thousands of people from across Canada and around the world registered to bid in the CA$41 million (US$42 million) unreserved public auction conducted by Ritchie Bros. Auctioneers (NYSE and TSX: RBA) in Edmonton, Alberta last week. Almost 3,600 lots from more than 500 consignors were sold in the auction, which featured five complete business dispersals, several real estate parcels, and a large selection of construction, transportation and agricultural equipment.
The auction attracted over 4,000 registered bidders from 17 countries, including 31 U.S. states and all 13 Canadian provinces and territories. More than 800 of those bidders registered to bid over the internet, live and in real time, using the Company’s online bidding service, rbauctionBid-Live. Ritchie Bros., the world’s largest auctioneer of industrial equipment, conducted the unreserved auction at its permanent auction site in Nisku (Edmonton) on October 24 & 25, 2007.
“We had another good sale, with strong participation from all over North America,” said Brian Glenn, Ritchie Bros. Regional Manager. “The slowdown in the Alberta oilfield is leading many local companies to sell some of their surplus equipment. By attracting bidders from around the world, we are able to help them achieve global market value for their assets, despite the regional market conditions.”
The auction featured several complete dispersals, including a retirement dispersal for Roy Yohemas Enterprises, a Mayerthorpe, Alberta-based pipeline contractor.
“Ritchie Bros.’ reputation speaks for itself,” said company president Roy Yohemas. “I have bought and sold equipment at their auctions for years and I’m happy with the results of the dispersal. The oil and gas industry in Alberta is having a bad time right now, so the worldwide attention at the auction definitely helped with the prices we got for our equipment.”
Ritchie Bros. is also pleased to announce that it will be a Digger Sponsor of the 2008 Alberta Winter Games, taking place February 14-17, 2008 in Leduc, Alberta. Ritchie Bros. has been conducting auctions in Leduc County for more than 30 years.
“Our community is excited to be hosting the Alberta Winter Games and Ritchie Bros. is proud to be a sponsor,” said Mr. Glenn. “This is a great opportunity to give something back to the community where we live and work, and to support the young athletes who will be competing here in 2008. Their drive and commitment is inspiring.”
More than 21,000 items will be sold in 47 industrial and 33 agricultural unreserved auctions coming up on the Ritchie Bros. auction calendar. Details on all upcoming auctions are available on www.rbauction.com.
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.
Investors and potential investors should note that this information may not be indicative of the overall financial performance of the Company for this or any period.
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For more information contact:
Kim Schulz, Corporate Communications Manager, Ritchie Bros. Auctioneers
Tel: +1.604.304.3830 or 1.800.663.8457 or email kschulz@rbauction.com
Or
Brian Glenn, Regional Manager – Prairie Division, Ritchie Bros. Auctioneers
Edmonton sale site tel: +1.780.955.2486
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