(BSNS WIRE) GMAI-ASIA.COM Launches Website and Opens Beijing Offices; Co
GMAI-ASIA.COM Launches Website and Opens Beijing Offices; Company President To
Meet With Chinese Officials
Business Editors
WEST CALDWELL, N.J.--(BUSINESS WIRE)--June 10, 1999--Greg Manning
Auctions, Inc. (Nasdaq:GMAI) and its affiliate, GMAI-ASIA.COM,
jointly announced today GMAI-ASIA.COM has formally opened its
corporate offices in Beijing and concurrently launched its website,
www.gmai-asia.com.
In two related matters, GMAI also announced today that its
President and Chief Executive Officer, Greg Manning, will visit
Beijing and meet with Chinese government and business leaders June 22
through 24, 1999, and GMAI's Executive VP, E-Commerce Strategic
Business Development, Jim Reiman, will make a presentation in Taipei,
Taiwan regarding GMAI's Asian and other global initiatives at Merrill
Lynch's Asia Pacific Technology Conference on June 24, 1999.
GMAI-ASIA.COM is a new company launched in March of this year by
GMAI and other investors. GMAI-ASIA.COM will conduct Internet sales in
Asia, and particularly in China. The Company will sell over the
Internet many of the popular collectible products that GMAI has
handled for over 30 years, with a particular emphasis on stamps, which
are extremely popular in the Asian and Chinese marketplace. Afinsa
Bienes Tangibles, SA of Madrid, Spain, the world's largest primarily
philatelic company, is an investor in GMAI-ASIA.COM.
GMAI-ASIA.COM is in the process of establishing a multi-lingual
website in English and simple & complex Chinese. The site will include
a retail venue, an auction site, and an on-line collectibles exchange
featuring postage stamps as well as other collectibles. While still
under development, the site launched today will highlight Asian and
Chinese stamps, as well as Golden Age Chinese comics, in particular.
The site will be expanded to include a variety of collectibles, plus
entertaining and educational articles of interest to collectors of
Chinese and other Asian collectibles. The ultimate goal of
GMAI-ASIA.COM is to be the destination of choice for collectors and
investors.
Mr. Manning, who is also a director of GMAI-ASIA.COM, commented,
"In less than 120 days, GMAI-ASIA.COM has evolved from a visionary
concept to a functioning business with offices in Beijing and a staff
of highly skilled technologists through whose efforts we have opened a
multi-lingual website. Our progress in China has been beyond our
expectations, and we look forward to the opening of our business
operations this summer, concurrent with a major international stamp
exhibition to be held in Beijing on August 21-30. The China 1999 World
Philatelic Exhibition is expected to draw several hundred thousand
visitors, and GMAI-ASIA.COM, Greg Manning Auctions, Inc. and Afinsa
Bienes Tangibles, SA, a major shareholder in both companies, will
occupy a prime superbooth at this important event. GMAI-ASIA.COM is
GMAI's initial step in our strategy to develop a truly global
collectibles company."
Sherry Liu, a director of GMAI-ASIA.COM, commented, "We've
accomplished much in a short time, and are confident that we can
continue our pace and successes. The Asian markets present an
extraordinary opportunity. Our business-to-consumer model, in
combination with our sound financial footing and the depth of
experience and talent that we possess, both among our own employees
and through our ability to tap the years of experience and expertise
of our principal investors, places us far ahead of our competition.
Our goals are ambitious and our plans comprehensive. Nonetheless, we
believe that we have in place not only all of the necessary building
blocks, but that we also possess the good fortune of being in the
right place at the right time."
GMAI also said that it has been invited to participate in Merrill
Lynch's prestigious Asia Pacific Technology Conference, which will be
held in Taipei, Taiwan June 22-24, 1999. Mr. Reiman, will appear on
behalf of the Company and relate GMAI's global strategy for Asia,
Europe and South America. One distinct advantage that Mr. Reiman will
highlight -- GMAI's proprietary Internet/telephony technology, which
permits simultaneous telephone and Internet bidding at its auctions.
"Asia, South America and, to a lesser degree, Europe lag far behind
the United States in terms of the number of people who possess
Internet access," stated Mr. Reiman. "GMAI's unique proprietary
technology permits us to exploit these markets today, and to establish
and solidify our market position while the competition has to wait for
the technological infrastructure to develop."
About GMAI:
Greg Manning Auctions, Inc. is a full service auctioneer of a
wide range of collectibles and diamonds, as well as the nation's
leading stamp auction house and one of the largest in the world. GMAI
is the first publicly owned auction company to hold real-time auctions
simultaneously over the Internet and via telephone, while providing
confidential transmission of bidder and seller information.
Greg Manning Auctions, Inc. has over 30 years of experience and a
staff of experts in each of the product categories in which it
operates, which distinguishes GMAI from more common person to person
auctions. Additionally, GMAI has long established and well-entrenched
relationships with suppliers of quality collectibles throughout the
world, and operates on a global basis. In early 1999, GMAI formed
GMAI-ASIA.COM, which has opened an office in Beijing, China, and is
conducting real-time Internet and telephone auctions in China.
GMAI's web sites are: www.gregmanning.com and www.teletrade.com.
Its common stock is traded on the NASDAQ SmallCap system under the
symbol GMAI, and on the Boston Stock Exchange under the symbol GGM.
This press release contains statements of a forward-looking
nature relating to future events. Shareholders are cautioned that such
statements are predictions and that actual events or results may
differ significantly.
This release, and prior releases, are available on the KCSA
Public Relations Worldwide Website at www.kcsa.com.
--30--MC/se*
CONTACT: Greg Manning Auctions, Inc.
Greg Manning, Chief Executive Officer
Bill Tully, Chief Operating Officer
973/882-0004
or
KCSA
Jeff Corbin/Joseph A. Mansi
212/682-6300, ext. 214/205
Media: Richard Dukas, 212/682-6300, ext. 270
www.kcsa.com
KEYWORD: NEW JERSEY INTERNATIONAL ASIA PACIFIC
INDUSTRY KEYWORD: RETAIL INTERACTI |
