GMAI-ASIA.COM Conducts Internet Auctions in China; GMAI-ASIA.COM Featured Participant in World Stamp Exhibition.

BEIJING--(BUSINESS WIRE)--Aug. 25, 1999--

Greg Manning Auctions, Inc. (NASDAQ - GMAI) announced today that its GMAI-ASIA.COM subsidiary has conducted what it believes was the first Internet stamp auction in China, in association with the China 1999 World Stamp Exhibition.

GMAI-ASIA is currently a major participant in the China 1999 World Stamp Exhibition being held in Beijing, August 21 through August 30.

During the exhibition, GMAI-ASIA has conducted daily Internet auctions to test their in-house technology designed specifically for the Asian market. GMAI-ASIA will launch its auctions in October with weekly sales of a variety of collectible products. GMAI-ASIA has established two locations in Beijing, an executive office and a technology center.

GMAI-ASIA is an e-commerce company dedicated to being the first major collectibles on-line auction house, initially in China and soon throughout Asia. In addition, GMAI-ASIA will establish retail platforms as well as other trading venues on their multi-faceted website, www.gmai-asia.com, currently under development. The site will be multi-lingual with English and simple and complex Chinese.

GMAI-ASIA has constructed the largest commercial purpose built booth at the Beijing exhibition specially designed to feature their online auctions at numerous in-booth computer terminals.

GMAI-ASIA's initiative has received widespread media attention in China with featured stories in numerous newspapers including China Daily, China Financial Times, and China Commercial News, as well as a 30 minute feature program on CCTV Network. The show is scheduled to be broadcast on Sunday, August 29. The Company's outstanding booth, designed to look like a computer, has also received positive reactions from show attendees and officials.

J.P. Wang, Vice Chairman and Chief Executive Officer of GMAI-ASIA, stated, "It was our intention to showcase GMAI-ASIA's technology and capabilities at the prestigious China 1999 World Stamp Exhibition and our plan has succeeded well beyond our expectations. The exhibition has proved to be the perfect venue for the soft launch and testing of our auction software and the interest we have received from collectors and the media is extremely gratifying to me and our hard working staff." He continued, "We have now taken our first major steps in the creation of what we believe will be a major e-commerce company in China and Asia."

Greg Manning, Chairman of GMAI and GMAI-ASIA, commented, "The World Exhibition is the last major philatelic event of the 20th century. It is only fitting that as we approach the dawn of the 21st century we give birth to a new technology which will be intertwined with the future both in Asia and around the world. Over half-a-million people are expected to attend the Exhibition, so the exposure for GMAI-ASIA is tremendous."

A major financial participant in GMAI-ASIA is Afinsa Bienes Tangibles, headquartered in Madrid, Spain. Afinsa has worked closely with GMAI in the founding of GMAI-ASIA and their participation in the exhibition. A number of executives from Afinsa, headed by Juan Antonio Cano, partner and general manager of the Company are in attendance at the exhibition in Beijing.

Mr. Cano stated, "The future is obvious to us that the Internet will play a very important part for citizens of the world. The Internet has opened up the world to new collectors with the ability to bid in auctions instantly around the globe on products from every country. He continued, "We, therefore, view our relationship with GMAI in North America, GMAI-ASIA and our recently formed GMAI-EUROPE.COM as a major part of the globalization of our Company with a leader in the Internet auction world, GMAI."

About Greg Manning Auctions

Greg Manning Auctions, Inc. is a full service auctioneer of a wide range of collectibles and diamonds, as well as the nation's leading stamp auction house and one of the largest in the world. It is the first publicly owned auction company to hold real-time auctions simultaneously over the Internet and via telephone, while providing confidential transmission of bidder and seller information. Greg Manning Auctions, Inc. possesses more than 30 years of auction experience, as well as a full staff of experts in each of the product categories in which it operates. GMAI is also distinguished by its long established and well-entrenched relationships with suppliers of quality collectibles throughout the world, and by its aggressive global strategy. In early 1999, GMAI formed GMAI-ASIA.COM, which opened offices in Beijing, China and recently launched its web site www.gmai-asia.com. In July, 1999, GMAI created GMAI-EUROPE.COM in partnership with Afinsa Bienes Tangibles, S.A., one of the leading collectibles companies in Europe specializing in stamps, fine art and coins.

GMAI's websites are: www.gregmanning.com and www.teletrade.com. Its common stock is traded on the NASDAQ SmallCap system under the symbol GMAI, and on the Boston Stock Exchange under the symbol GGM.

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