GMAI-ASIA.COM Launches Website and Opens Beijing Offices; Company President To Meet With Chinese Officials.

WEST CALDWELL, N.J.--(BUSINESS WIRE)--June 10, 1999--

Greg Manning Auctions, Inc. (Nasdaq:GMAI) and its affiliate, GMAI-ASIA.COM, jointly announced today GMAI-ASIA.COM has formally opened its corporate offices in Beijing and concurrently launched its website, www.gmai-asia.com.

In two related matters, GMAI also announced today that its President and Chief Executive Officer, Greg Manning, will visit Beijing and meet with Chinese government and business leaders June 22 through 24, 1999, and GMAI's Executive VP, E-Commerce Strategic Business Development, Jim Reiman, will make a presentation in Taipei, Taiwan regarding GMAI's Asian and other global initiatives at Merrill Lynch's Asia Pacific Technology Conference on June 24, 1999.

GMAI-ASIA.COM is a new company launched in March of this year by GMAI and other investors. GMAI-ASIA.COM will conduct Internet sales in Asia, and particularly in China. The Company will sell over the Internet many of the popular collectible products that GMAI has handled for over 30 years, with a particular emphasis on stamps, which are extremely popular in the Asian and Chinese marketplace. Afinsa Bienes Tangibles, SA of Madrid, Spain, the world's largest primarily philatelic company, is an investor in GMAI-ASIA.COM.

GMAI-ASIA.COM is in the process of establishing a multi-lingual website in English and simple & complex Chinese. The site will include a retail venue, an auction site, and an on-line collectibles exchange featuring postage stamps as well as other collectibles. While still under development, the site launched today will highlight Asian and Chinese stamps, as well as Golden Age Chinese comics, in particular. The site will be expanded to include a variety of collectibles, plus entertaining and educational articles of interest to collectors of Chinese and other Asian collectibles. The ultimate goal of GMAI-ASIA.COM is to be the destination of choice for collectors and investors.

Mr. Manning, who is also a director of GMAI-ASIA.COM, commented, "In less than 120 days, GMAI-ASIA.COM has evolved from a visionary concept to a functioning business with offices in Beijing and a staff of highly skilled technologists through whose efforts we have opened a multi-lingual website. Our progress in China has been beyond our expectations, and we look forward to the opening of our business operations this summer, concurrent with a major international stamp exhibition to be held in Beijing on August 21-30. The China 1999 World Philatelic Exhibition is expected to draw several hundred thousand visitors, and GMAI-ASIA.COM, Greg Manning Auctions, Inc. and Afinsa Bienes Tangibles, SA, a major shareholder in both companies, will occupy a prime superbooth at this important event. GMAI-ASIA.COM is GMAI's initial step in our strategy to develop a truly global collectibles company."

Sherry Liu, a director of GMAI-ASIA.COM, commented, "We've accomplished much in a short time, and are confident that we can continue our pace and successes. The Asian markets present an extraordinary opportunity. Our business-to-consumer model, in combination with our sound financial footing and the depth of experience and talent that we possess, both among our own employees and through our ability to tap the years of experience and expertise of our principal investors, places us far ahead of our competition. Our goals are ambitious and our plans comprehensive. Nonetheless, we believe that we have in place not only all of the necessary building blocks, but that we also possess the good fortune of being in the right place at the right time."

GMAI also said that it has been invited to participate in Merrill Lynch's prestigious Asia Pacific Technology Conference, which will be held in Taipei, Taiwan June 22-24, 1999. Mr. Reiman, will appear on behalf of the Company and relate GMAI's global strategy for Asia, Europe and South America. One distinct advantage that Mr. Reiman will highlight -- GMAI's proprietary Internet/telephony technology, which permits simultaneous telephone and Internet bidding at its auctions. "Asia, South America and, to a lesser degree, Europe lag far behind the United States in terms of the number of people who possess Internet access," stated Mr. Reiman. "GMAI's unique proprietary technology permits us to exploit these markets today, and to establish and solidify our market position while the competition has to wait for the technological infrastructure to develop."

About GMAI:

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. GMAI 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. has over 30 years of experience and a staff of experts in each of the product categories in which it operates, which distinguishes GMAI from more common person to person auctions. Additionally, GMAI has long established and well-entrenched relationships with suppliers of quality collectibles throughout the world, and operates on a global basis. In early 1999, GMAI formed GMAI-ASIA.COM, which has opened an office in Beijing, China, and is conducting real-time Internet and telephone auctions in China.

GMAI's web sites 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.

This press release contains statements of a forward-looking nature relating to future events. Shareholders are cautioned that such statements are predictions and that actual events or results may differ significantly.

This release, and prior releases, are available on the KCSA Public Relations Worldwide Website at www.kcsa.com.