Greg Manning Auctions' Subsidiary GMAI-Asia.com, Inc. and Cap Gemini Ernst & Young to Jointly Develop B2B Auto Website & Trading Platform in China
18 January 2001
Greg Manning Auctions' Subsidiary GMAI-Asia.com, Inc. and Cap Gemini Ernst & Young to Jointly Develop B2B Auto Website & Trading Platform in China
BEIJING, HONG KONG, PARIS and WEST CALDWELL, N.J., Jan. 18 Greg Manning Auctions, Inc. , through its 48% owned subsidiary
GMAI-Asia.com, Inc., announced today that it will set up a strategic agreement
with Cap Gemini Ernst & Young Hong Kong Limited to develop a B2B website and
trading platform for China's new and used automobile and auto parts
distribution industries. The agreement constitutes the first step in what the
two companies plan to be a far-reaching joint development plan in Asia
Pacific. There might be opportunities to extend this agreement to other
countries in the world.
On September 1, 2000, the Bureau of Internal Trade of the People's
Republic of China officially appointed GMAI-Asia.com's iAtoZ.com, Inc. to
build a B2B website and trading platform for China's automobile and auto parts
distribution industries. Called the "Auto Exchange Industry Electronic
Distribution Network" ("the Network"), the project was designated a "Key
Electronic Business Project" of the Bureau of Internal Trade.
Under the agreement announced today, GMAI-Asia.com and Cap Gemini Ernst &
Young will work together to jointly present the business plan to the world's
leading automobile and auto parts manufacturers and leading technology
companies for potential strategic partnerships and as participants in the
Network. Cap Gemini Ernst & Young will be the strategic systems provider to
implement the Network in conjunction with GMAI-Asia.com's technology team, and
GMAI-Asia.com's iAtoZ.com will manage and operate the Network.
GMAI-Asia.com's iAtoZ.com is one of China's leading e-Commerce companies
and cell phone merchants. Through iAtoZ.com, GMAI-Asia.com owns and operates
China's largest cybermall comprising over 5,000 merchant partners and offering
over 100,000 items. GMAI-Asia.com also owns a majority interest in, and
exclusively manages, Everbright Telecom-Land, Ltd. (EBT), one of China's
largest cell phone retailers and the market leader in Shanghai.
GMAI-Asia.com's cybermall and physical cell phone stores sales exceeded US$50
million in calendar year 2000.
Cap Gemini Ernst & Young is one of the world's leading technology
consulting companies with offices throughout the world. Especially strong in
the hi-tech and automobile industries and the building of B2B electronic
distribution networks and trading platforms, Cap Gemini Ernst & Young's
clients include world-class high-tech and automotive companies. Additionally,
Cap Gemini Ernst & Young has strategic alliances with leading technology and
communication companies and with automotive industry companies.
"GMAI-Asia.com has established itself as one of the most innovative and
successful e-Commerce companies in China," said Daniel Shih, Managing
Director, Global Sectors of Cap Gemini Ernst & Young Asia Pacific. "Their
combination of an Internet cybermall and a chain of physical retail cellular
phone stores positions them at the apex of the merging wireless and e-Commerce
worlds, and permits them to exploit the rapidly expanding economy of China.
Through GMAI-Asia.com's knowledge and understanding of the Chinese
marketplace, and our knowledge of the global automotive industry and
experience building B2B electronic exchanges, we believe this will be a
powerful combination to fulfill the mission of the Bureau of Internal Trade."
Commenting on the agreement, Greg Manning, Chairman of GMAI and
GMAI-Asia.com, said, "We are extremely pleased with this agreement. Cap
Gemini Ernst & Young is a global technology leader, with extremely strong
relationships at the highest levels of the world's top automotive,
communication, and technology companies. By joining forces as we have, we
will expedite the completion of the Network and the deployment of powerful,
cost-saving tools for our B2B customers. We anticipate that this initiative
will be an important division of GMAI-Asia.com, with the potential to greatly
enhance our profitability when operational."
About Greg Manning Auctions, Inc.
Greg Manning Auctions, Inc. (GMAI) is a global collectibles auctioneer and
merchant, with a strong Internet presence and operations in North America,
Asia and Europe. In North America, GMAI is a leading traditional and
electronic -- Internet, interactive telephone, and Internet and live simulcast
-- auctioneer and merchant/dealer of collectibles. Coins, stamps, sports
cards and memorabilia, comic books and comic art, Rock 'n Roll and Hollywood
memorabilia, affordable fine art, and diamonds are offered at
http://www.gregmanning.com and http://www.teletrade.com . Greg Manning Direct, a wholly
owned subsidiary, creates and mass-markets high interest collectibles,
targeting beginning collectors. In China, the Company owns 48% of
GMAI-Asia.com, Inc., that country's largest cybermall with over 100,000
offerings available each day and over 5,000 merchant partners. Additionally,
GMAI-Asia.com, Inc. is one of China's largest cell phone merchants with
180+ physical cell phone stores strategically located in China's major urban
centers. GMAI also owns 50% of GMAI-Europe.com, Inc., a joint venture with
Afinsa Bienes Tangibles S.A., of Spain, that is targeting European and Latin
American markets.
About Cap Gemini Ernst & Young
Cap Gemini Ernst & Young is one of the largest management and IT
consulting firms in the world. The company offers management and IT
consulting services, systems integration, and technology development, design
and outsourcing capabilities on a global scale to help traditional businesses
and "dot companies" continue to implement growth strategies and leverage
technology in the new economy. The organization employs more than 58,000
people worldwide and reports global revenues of about 7.7 billion euros
(1999 pro forma). More information about individual service lines, offices
and research is available at http://www.cgey.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.
CONTACT: James Reiman of Greg Manning Auctions, Inc., 973-882-0004;
Philip Thomas of P. L. Thomas Group, 312-704-1800, for Greg Manning Auctions,
Inc.; Elena Wong of Cap Gemini Ernst & Young, +65-823-6130.