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Remodel Auction Reverses Acquisition of Scenic Railroad and Land Assets Previously Announced December 8, 2010

/ Source: GlobeNewswire

CHARLOTTE, N.C., June 2, 2011 (GLOBE NEWSWIRE) -- Remodel Auction, Inc. (Pink Sheets:REMD), announced today by mutual consent the previously announced acquisition of 49% ownership interests in the Great Smokey Mountain Railroad of Bryson City, North Carolina, the Texas State Railroad located in Cherokee and Anderson Counties, Texas, and also a 100% ownership interest of SB Partners, LLC has been reversed and the stock previously issued in the acquisition has been cancelled and returned to the treasury. Clinton F. Walker, founder and CEO will resume control of the publicly traded company as Remodel Auction, Inc.

Forward Looking Statements

This press release contains forward-looking statements subject to the inherent uncertainties in predicting future results and conditions. Any statements that are not statements of historical fact (including statements containing the words "believes," "plans," "anticipate," "expects," "estimates," and similar expressions) should also be considered to be forward-looking statements. Certain factors could cause actual results and conditions to differ materially from those projected in these forward-looking statements. These factors are identified from time to time in our filings with the Securities and Exchange Commission. We undertake no obligation to update such statements to reflect subsequent events.

CONTACT: Remodel Auction, Inc. Clinton F. Walker (888) 269-0782 Fax:(208) 545-9663 info@remodelauction.com