GMAI's China Venture 1st Q Aggregate Sales Exceed US $15 Million.

Business Editors

BEIJING, China & WEST CALDWELL, N.J.--(BUSINESS WIRE)--April 26, 2000

On-Line Revenues Up Over 550% Reflecting Success of Clicks &

Mortar and eCommerce Vertical Market Strategy

Greg Manning Auctions, Inc. (Nasdaq NM: GMAI) announced today that its 48% owned subsidiary GMAI-Asia.com, Inc.'s aggregate sales for the quarter ending March 31, 2000, exceeded US $15 million.

On-line revenues grew over 550% from January, 2000, to the end of the quarter, and exceeded $1.4 million for the period.

These financial results include www.iAtoZ.com's first full quarter of operation employing its "clicks and mortar" strategy together with the results of operations of the Everbright Telecom-Land Network (Shanghai) Ltd. cellular telephone stores which GMAI-Asia.com manages. GMAI-Asia.com also reported that it has registered and qualified over 4,600 new customers during the last 7 days, and projects its registered customer base to grow to over 250,000 by the end of June, 2000.

GMAI-Asia.com also reported that it is selling over 1,000 mobile phones each month on-line as it rapidly converts new and existing mobile telephone customers into eCommerce customers on its www.iAtoZ.com web site. The site currently comprises over 5,000 merchant partners in its cybermall, and offers over 100,000 items in its on-line auctions. Augmenting on-line sales are 220 retail storefronts (over 100 in Shanghai, alone) which serve as Internet service centers where customers may browse the iAtoZ cybermall and auction offerings on public computer terminals, pay for items purchased on-line, and accept delivery of goods bought. Also supporting on-line sales are the Company's new fleet of delivery vans, which permit same-day delivery of goods purchased on-line as well as a co-marketing agreement with 440 watch/jewelry kiosks located in major department stores and shopping centers of China.

Greg Manning, Chairman and CEO of GMAI and Chairman of GMAI-Asia.com, Inc. commented, "We're very pleased with the extremely strong sales and revenue growth that we have achieved. In less than a calendar quarter we have assumed control of the Everbright Telecom-Land Network (Shanghai) Ltd.'s cellular telephone stores. Simultaneously, we're building our physical and cyberstores and maintaining the explosive growth of our first eCommerce vertical site, which offers comprehensive products and services associated with mobile telephones. We've also struck strategic alliances with key partners such as SINA.com, Inc. (Nasdaq NM: SINA), and expanded our relationship with the China Everbright Group (SEHK: 256) - one of China's largest and most respected companies. Our dual clicks and mortar and vertical eCommerce models are proving to be the correct strategies for the rapidly emerging Chinese markets and will, we believe, permit us to achieve our goal of becoming the most recognized and used eCommerce site in China."

JP Wang, CEO of GMAI-Asia.com, Inc., commented, "Our goal is to achieve a 20% market share of all eCommerce in China by the end of 2001, and to be the most recognized and used eCommerce site in the country. While ambitious, we believe that this goal is achievable as a result of the combined "clicks and mortar" and focused market strategies that we are pursuing. We are successfully generating site traffic and Internet sales through focused verticals for Internet friendly products such as mobile phones, electronics, books/CD's, and are building a door-to-door fulfillment capability. While others are building for the future, we are building for the present and the future. Thus, we can build our brand, sell product, and generate profits today so that when the future arrives, we will already be entrenched as the dominant eCommerce company in China."

About Greg Manning Auctions, Inc.

Greg Manning Auctions, Inc. is a global eCommerce company and Internet merchant with operations in Asia, Europe and North America. The Company leverages superior customer service in operating Vertical eCommerce models. GMAI-Asia.com, Inc. operates Chinese language vertical mobile telephone and electronics sites augmented by a cybermall and auction website (www.iAtoZ.com) with over 100,000 diverse offerings provided by 5000+ merchant partners. The web sites are supported by 650+ strategically located Internet shopping and service facilities in China's major urban centers. In North America, GMAI is a leading auctioneer of collectibles, including sports cards and memorabilia, coins, stamps, comic art, Rock `n Roll and Hollywood memorabilia, diamonds, and affordable fine art. In addition to the Company's own web sites, www.gregmanning.com and www.teletrade.com, the Company recently launched a branded auction and sales site on Amazon.com (www.gregmanning.amazon.com), a minority shareholder. GMAI-Europe.com, Inc. recently launched an Internet auction portal (www.gmai-europe.com) with Afinsa Bienes Tangibles S.A., of Madrid, Spain, for European and Latin American markets.

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.