GMAI's CEO Purchases 100,000 GMAI Shares In Private Sale Transaction
31 March 2000
GMAI's CEO Purchases 100,000 GMAI Shares In Private Sale Transaction; Afinsa Bienes Tangibles S.A. To Make Additional US $5 Million Investment in GMAI-Asia.com, Inc.
NEW YORK--March 30, 2000--Greg Manning Auctions, Inc. (Nasdaq NM: GMAI) announced today that Greg Manning, Chairman and CEO of the Company, purchased an additional 100,000 shares of GMAI stock in a private sale transaction. Two other private investors participated in the transaction in which a total of 400,000 shares of stock owned by former director Leon Liebman changed hands. As part of the deal, Mr. Liebman agreed to restrict the number of GMAI shares that he may sell each month. Additional terms of the agreement were not disclosed.In an unrelated transaction, Afinsa Bienes Tangibles S.A., of Madrid, Spain, committed to increase its investment in GMAI-Asia.com, Inc. and buy an additional US $5 million of the GMAI affiliate's stock. As a result of the investment, Afinsa's ownership of GMAI-Asia.com, Inc. will increase to approximately 19% of the Company's outstanding stock. GMAI's ownership after the transaction will be approximately 48%. Its chairman, Albertino de Figueiredo, is a member of the Board of Directors of GMAI and GMAI-Asia.com, Inc.
Mr. Juan Antonio Cano, Managing Director of Afinsa, commented on his company's investment, saying, "We believe in the strategy being pursued by GMAI-Asia.com, Inc. and are very excited about the lead which we are establishing in China's eCommerce market as a result of our `clicks and mortar' strategy. The proceeds of our investment will be used to rapidly construct Internet service centers in the China Everbright Technology cellular telephone stores that GMAI-Asia.com manages and in their jewelry/watch kiosks that will be used as www.iAtoZ.com cyber-shopping and Internet service centers. We are also pleased by the strategy and initiatives being pursued by GMAI domestically and in Europe, where we jointly launched the www.gmai-europe.com auction portal last month. GMAI has established a global presence, and our additional investment in GMAI-Asia.com, Inc. reflects our overall confidence in GMAI."
About Greg Manning Auctions, Inc.
Greg Manning Auctions, Inc. (Nasdaq NM: GMAI - news) is a global eCommerce company and Internet merchant. The Company is leveraging on a worldwide basis its core competencies in superior customer service in the Internet marketplace, including business-to-consumer business-to-business, and consumer-to-consumer platforms. GMAI achieves competitive advantages through multiple eCommerce models operated on three continents (Asia, Europe and North America), proprietary technologies, and global product sourcing.
In Asia, the Company's affiliate GMAI-Asia.com, Inc. owns and operates what the Company believes is China's leading eCommerce platform and cybermall. GMAI-Asia.com's website, www.iAtoZ.com, currently offers cybershoppers over 100,000 diverse offerings including automobiles, electronics, real estate and collectibles - everything from A to Z - provided by over 4,500 merchant partners including all of Beijing's major department stores. Pursuing a "clicks and mortar" strategy while the Internet infrastructure develops in China, GMAI-Asia.com is building over 660 Internet shopping and service centers through a joint venture with China Everbright Group (SEHK: 256). The centers, strategically located in heavily trafficked urban neighborhoods, include computer terminals available to the public for browsing the www.iAtoZ.com site and address the three major hurdles to eCommerce in China: access to the Internet, payment and delivery. In Europe, the Company's affiliate GMAI-Europe.com, Inc. is headquartered in Madrid, Spain, and along with its joint venture partner, Afinsa Bienes Tangibles S.A., operates the recently launched European auction portal www.gmai-europe.com.
In North America, GMAI stands as an industry leading Internet auction and collectibles company. GMAI was the first eCommerce auction company to offer simultaneous Internet and touch-tone telephone bidding, a technology that it developed internally and owns. GMAI's North American websites are www.gregmanning.com and www.teletrade.com. Soon to launch websites are www.gregmanning.amazon.com (Amazon.com, Inc. (Nasdaq NM: AMZN - news) is a minority owner of GMAI) and www.gregmanningdirect.com. GMAI's North American offices are located in West Caldwell, NJ (global headquarters), Santa Ana, CA, and Kingston, NY.
About Afinsa Bienes Tangibles, S.A.:
Since its inception in 1980, Afinsa Bienes Tangibles (AFINSA) has developed into one of the leading collectibles companies in Europe, specializing in stamps, fine art and coins. A leader in auctions, both in philately and fine art. AFINSA has recently set a number of European auction records. Additionally, AFINSA possesses one of the most complete stamp stocks in the world with over 150,000 varieties available. AFINSA and GMAI are equal partners in the joint venture GMAI-Europe.com, Inc., which operates the recently launched European auction portal www.gmai-europe.com.
Statements in this press release that relate to future plans, objectives, expectations, performance, events and the like are "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995 and the Securities Exchange Act of 1934. Future events, risks and uncertainties, individually or in the aggregate, could cause actual results to differ materially from those expressed or implied in these statements. Those factors include the parties' abilities to develop, implement, integrate, and launch the services and offerings described herein, and other factors discussed in the "forward-looking information" or "risk factors" sections included in the companies' prospectuses, quarterly reports on Form 10-Q, and annual reports on Form 10-K
This release and prior releases are available on the KCSA Public Relations Worldwide website at www.kcsa.com.