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GREG MANNING AUCTIONS ENTERS INTO BUSINESS ARRANGEMENT WITH HARMER ROOKE GALLERIES

 MONTVILLE, N.J., Aug. 16 /PRNewswire/ -- Greg Manning Auctions, Inc. (NASDAQ: GMAI) announced today that it has entered into a business arrangement with Harmer Rooke Numismatists, Ltd., a privately held New York City corporation engaged in the business of selling collectibles, which include antiquities, American stoneware, glassware, coins and Americana, at public auction. Pursuant to the arrangement, Harmer Rooke has granted Greg Manning Auctions, Inc. the exclusive right for five years to sell Harmer Rooke collectibles at auctions to be conducted by Greg Manning Auctions, Inc. under the Harmer Rooke name. In addition, the owners of Harmer Rooke have granted GMA an option to acquire Harmer Rooke.
 Greg Manning, president and chief executive officer, stated, "The association with Harmer Rooke galleries, with its history dating from 1903, will provide Greg Manning Auctions with an entry into numerous areas of collectibles not currently sold by our company. The relationship should be beneficial for both Greg Manning Auctions and Harmer Rooke."
 Greg Manning Auctions, Inc. is one of the world's largest stamp auction houses. It also conducts auctions of other collectibles, including sports trading cards and sports memorabilia, bringing together buyers and sellers located throughout the world. The company completed its initial public stock offering in May 1993. Its securities trade on NASDAQ under the symbols GMAIU, GMAI and GMAIW, and on the Boston Stock Exchange under the symbols GGMU, GGM and GGMW, for the company's units, common stock and warrants, respectively.
 -0- 8/16/93
 /CONTACT: Greg Manning, president and chief executive officer, or William Tully, executive vice president, of Greg Manning Auctions, Inc., 201-299-1800/
 (GMAI)


CO: Greg Manning Auctions, Inc. ST: New Jersey IN: SU:

SH-MP -- NY036 -- 2974 08/16/93 10:16 EDT
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Publication:PR Newswire
Date:Aug 16, 1993
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