China Everbright Technology Limited Secures Stake in Greg Manning Auctions.Business Editors WEST CALDWELL, N.J., HONG KONG & BEIJING--(BUSINESS WIRE)--Feb. 25, 2000 Joint Venture Advances Clicks-and-Mortar Strategy and Gives China Everbright 2.1% Equity Stake Greg Manning Auctions, Inc. (NASDAQ NASDAQ in full National Association of Securities Dealers Automated Quotations U.S. market for over-the-counter securities. Established in 1971 by the National Association of Securities Dealers (NASD), NASDAQ is an automated quotation system that reports on NM: GMAI GMAI Global Media AIDS Initiative GMAI Greg Manning Auctions, Inc ) announced today that as part of its China-based subsidiary's recently announced agreement with China Everbright Technology Limited (SEHK SEHK See: Stock Exchange of Hong Kong : 256), China Everbright secured a 2.1 percent equity interest in Greg Manning Auctions, Inc. As a result of this agreement, completed February 15, 2000, GMAI-Asia.com acquired a 65 percent equity interest in the management and holding company in China Everbright's retail cellular telephone distribution network of over 200 stores. In addition, GMAI will manage the network. GMAI assumed certain liabilities, agreed to make certain capital contributions and gave China Everbright 168,104 shares of GMAI common stock, valued, at the closing, at $21.55 per share, which resulted in China Everbright gaining a 2.1 percent interest in GMAI as of February 15, 2000. Greg Manning, Chairman and Chief Executive Officer of Greg Manning Auctions, said, "It is of significant value to GMAI to have China Everbright as a shareholder. We look forward to working closely with China Everbright on many other projects in China. This association is a major part of our `clicks-and-mortar' strategy and will help us maintain our position as one of China's leading Internet companies. "Our recent $16 million private equity financing Equity Financing The act of raising money for company activities by selling common or preferred stock to individual or institutional investors. In return for the money paid, shareholders receive ownership interests in the corporation. with investors led by Tail Wind Fund, Ltd., of which $12 million has been received, and Amazon.com's (NASDAQ: AMZN AMZN Amazon.com (NASDAQ symbol) ) $5 million investment in our company will help us expand our operations in China, Europe, Latin America and domestically." About Greg Manning Auctions, Inc. Greg Manning Auctions, Inc. is a global leader in the on-line auctions and on-line retail sale of collectibles. Through its operations in the United States (www.gregmanning.com and www.teletrade.com), in China (www.iatoz.com) and in Europe (www.gmai-europe.com), GMAI offers one of the richest reservoirs of collectibles in the world, including stamps, coins, sports memorabilia, sports cards, rock' n' roll memorabilia, movie posters, diamonds, comics and fine art. Through its subsidiary, GMAI-Asia.com, GMAI is taking advantage of the significant e-commerce and Internet opportunity that exists in China. Its www.iatoz.com site has greatly expanded upon the collectibles offerings of GMAI by offering a myriad of other product lines, and it positions GMAI as the leading consumer-to-consumer, business-to-consumer and business-to-business Internet trading platform in China. GMAI maintains a workforce of more than 1,000 and anticipates year 2000 sales to exceed $100 million. 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 The Private Securities Litigation Reform Act of 1995 (PSLRA) implemented several significant substantive changes affecting certain cases brought under the federal securities laws, including changes related to pleading, discovery, liability, class representation and awards fees and 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 Form 10-Q See 10-Q. , and annual reports on Form 10-K Form 10-K A report required by the SEC from exchange-listed companies that provides for annual disclosure of certain financial information. Form 10-K See 10-K. This release and prior releases are available on the KCSA KCSA Krannert Center Student Association KCSA Kentucky Crushed Stone Association (Frankfort, KY) KCSA Kyiv City State Administration KCSA Kalamazoo Christian School Association KCSA Kentucky-Canadian Studies Association Public Relations public relations, activities and policies used to create public interest in a person, idea, product, institution, or business establishment. 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