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Greg Manning: Acquires Art Inventory
For Immediate Release
GREG MANNING AUCTIONS ACQUIRES $29,000,000 RETAIL FINE ART INVENTORY
Also Acquires 400,000 Movie Posters
Second Half Results Top Expectations
West Caldwell, NJ - Sept. 4, 1998 - Greg Manning Auctions, Inc.
(GMAI-NASDAQ) has announced the acquisition of the $29 million retail inventory of the former Nahan Galleries of New York City, New Orleans and Tokyo. The inventory was acquired in all-cash transaction, and is comprised of graphics and oil paintings.
Greg Manning, CEO and Chairman of GMAI, commented, "We are extremely pleased to have acquired this vast inventory of primarily contemporary art carefully and thoughtfully brought together by Ken and Sherri Nahan over a 37 year period." He continued, "A number of prominent contemporary artists are represented, who created high quality, very limited editions in many different genres, as well as oil paintings and watercolors." Mr. Manning further stated, "Due to the advantageous purchase price, we will be offering much of this fine art at substantial discounts from the original retail."
GMAI has engaged Dennis Rosenthal of Rosenthal Fine Art, Inc. of Chicago to oversee GMAI's fine arts sales through the new Greg Manning Fine Art Division of GMAI. Mr. Rosenthal commented, "Greg Manning Fine Art hopes to become a factor in the fine art scene, with sales on the Internet as well as direct sales, with retail, corporate and wholesale buyers." He added, "We believe the vast size and scope of this superb inventory will immediately
enable us to establish a major presence in the art market, and we anticipate augmenting GMAI's profits for years to come."
Greg Manning stated, "We have already leased a 6,800 square foot warehouse and office to house this new venture in Fairfield, New Jersey, approximately five minutes' driving time from our headquarters building in West Caldwell, NJ, and we look forward to a busy fall season."
ACQUISITION OF 400,000 MOVIE POSTERS
GMAI also announced the recent acquisition of a huge stock of over 400,000 movie posters, which will also be offered via Internet auctions and private sales.
SECOND HALF RESULTS
In other news, Greg Manning Auctions' Chief Financial Officer, James Smith, commented that "The second half of our fiscal year ending June 30, 1998 proved to be an exceptionally busy period, with third and fourth quarter sales and profits topping our expectations." He added, "We expect that the Nahan inventory acquisition sales will have a positive impact, beginning
with our 2nd quarter of fiscal 1999."
Greg Manning Auctions, Inc. is one of the largest specialty stamp auction houses in the world. In addition to stamps, GMAI auctions sports cards and sports memorabilia. Greg Manning Auctions, Inc. common stock is traded on the NASDAQ system under the symbol GMAI, and on the Boston Stock Exchange
under the symbol GGM.
For further information, please contact:
James Smith, Chief Financial Officer
973/882-0004
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