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To: Panita who wrote (39528)	1/6/1999 11:45:00 AM
From: Logistics	Respond to of 119973

GMAI - Here is why - R. delayed 20 mins - disclaimerWednesday January 6, 8:58 am Eastern Time Company Press Release Greg Manning Auctions Expects Record Second Quarter Sales Due to Internet Auctions Company To Report Continued Profitability WEST CALDWELL, N.J.--(BUSINESS WIRE)--Jan. 6, 1999-- Greg Manning Auctions, Inc. (NASDAQ:GMAI - news) announced today that it expects to report record second quarter sales, primarily attributable to Internet auctions. The Company also said that even with costs associated with the acquisition of its Internet subsidiary, Teletrade, Inc., it expects to report a record second quarter profit for the period ended December 31, 1998. Greg Manning Auctions stated that approximately 40 percent of its sales during the second quarter were generated by Internet related auctions. As a result of its purchase of Teletrade, the number of auctions have increased to 8 to 9 auctions per week from approximately five auctions per quarter prior to the acquisition. Commenting on the Company's expected second quarter results, Greg Manning, Chief Executive Officer of Greg Manning Auctions, said, ''The integration of Teletrade into the Greg Manning Auctions organization has been very smooth. As a result, we anticipate reporting record second quarter sales and earnings. The acquisition of Teletrade and our entry into the Internet was strategic to the future growth of the Company, and we are already witnessing very positive results. As we expand our product lines into other areas and increase our Internet activity, we expect continued growth and success.'' Greg Manning Auctions, Inc. conducts live auctions simultaneously over the Internet and via telephone. The Company is one of the nation's leading auction houses for collectibles and one of the largest specialty stamp auction houses in the world. Teletrade, a wholly owned subsidiary, pioneered interactive telephone auctioning and is a leading Internet auctioneer of coins, sports cards and memorabilia. Teletrade is the first publicly owned auction company to operate real-time auctions simultaneously over the Internet and via telephone, while providing confidential transmission of bidder and seller information over the Internet. Greg Manning Auctions, Inc. 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 is available on the KCSA Worldwide Website at www.kcsa.com. ------------------------------------------------------------------------ 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