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Industrial equipment auctioneer to expand in northern Alberta

Vancouver, BC -- May 22, 2002 -- Ritchie Bros. Auctioneers Inc. plans to expand its operations to bolster its prese...


Vancouver, BC — May 22, 2002 — Ritchie Bros. Auctioneers Inc. plans to expand its operations to bolster its presence in the used equipment market in northern Alberta.

Ritchie Bros. and All Peace Auctions (a Grande Prairie, Alta., based auctioneer of industrial and agricultural equipment) have signed a Letter of Understanding and are now working towards a definitive agreement that will see the All Peace operations becoming part of the Ritchie Bros. organization.

According to Dave Ritchie, “expanding our presence in Northern Alberta is important for Ritchie Bros. because of the increasing amount of equipment being deployed in that region. Adding the All Peace team and its Grande Prairie auction facility will allow us to take better advantage of the growth opportunities in Northern Alberta. In addition, All Peace has a successful on-site farm auction division that fits with our strategy to increase sales of agricultural equipment but which services a very different market than the ones on which we have been concentrating. By adding this division, we will be gaining a new revenue stream and a new opportunity for expansion.”

In another announcement, Ritchie Bros. said that C. Russell Cmolik, president and chief operating officer, will be retiring from the company on August 31, 2002. “During my 29 years with Ritchie Bros.,” said Cmolik, “we have enjoyed continuous growth and have built a great organization. In the past five years alone we have doubled the size of the company, dramatically expanded our network of offices and auction sites around the world, and launched Internet initiatives that have placed us at the forefront of technology in the used equipment world. I am extremely proud to have been a part of these accomplishments.”

David E. Ritchie, chairman and CEO, said “the Ritchie Bros. of 2002 is a very different company than the one we were running 30 years ago and Russ deserves much of the credit. We have never been better positioned to take advantage of the numerous opportunities in front of us.

In addition. the company announced that several members of the current senior management team will assume new responsibilities, effective July 1, 2002.

By Bill Roebuck, Editor