Greg Manning Auctions and Geerlings & Wade Sign Agreement to Form Internet Wine Auctions and Retail Sales Joint Venture.Business Editors, Food/Wine Writers WEST CALDWELL West Caldwell, borough (1990 pop. 10,422), Essex co., NE N.J., a residential suburb of Newark and New York City; inc. 1904. It has some light manufacturing. , N.J./CANTON, Mass.--(BUSINESS WIRE)-- Dec. 21, 1999 Through Alliance, Venture Will Have Licenses to Sell and Deliver New and Collectible Vintages As Well As Wine Futures to 90+% of US Population Greg Manning Auctions, Inc. (Nasdaq NM: GMAI GMAI Global Media AIDS Initiative GMAI Greg Manning Auctions, Inc ) and Geerlings & Wade, Inc. (Nasdaq NM: GEER 1. See Gear, Gearing. ) jointly announced today that they have signed a letter agreement committing to form a joint venture whereby they will auction wines over the Internet. Through Geerlings & Wade's retail and other licenses, the venture will have the legal right to sell and deliver wine to customers residing in 29 states, which states comprise approximately 90% of the domestic wine consuming population. Under the joint venture, Greg Manning Auctions and Geerlings & Wade will create a co-branded auction web site which will be hosted on GMAI's servers and be linked to both Greg Manning Auctions' web sites (www.gregmanning.com and www.teletrade.com) and Geerlings & Wade's web sites (www.geerwade.com and www.winebins.com). Internet auctions will feature simultaneous Internet bidding and touch-tone telephone bidding using Greg Manning Auctions' proprietary touch-tone telephone/Internet bidding technology. Traditional "live" event auctions will feature full color, lavish catalogs as well as Internet bidding using Greg Manning's multiple bidding technologies. Initial plans call for one Internet auction of wine and wine futures each month, and two or more traditional "live" event auctions of wine and wine futures a year. After the initial implementation, the companies plan to increase the number Internet auctions to at least two per month. The companies also plan to create a co-branded e-commerce store featuring fine wine available at fixed prices. The co-branded store will also be hosted on GMAI's servers. The alliance calls for Greg Manning Auctions to implement and manage the auction and e-commerce operations, and Geerlings & Wade to select and source the offerings, and to handle all product and product shipping. The Companies stated that they hope that the final joint venture agreement will be completed and signed by year end and that Internet auction sales will begin in February, 2000. "Retail" e-commerce sales are scheduled to begin shortly thereafter. The joint venture will combine and leverage Geerlings & Wade's retail distribution licenses and systems, ability to source wines directly from the world's greatest vineyards, wine fulfillment expertise, and a total customer list of more than 325,000 with Greg Manning Auctions' robust Internet technologies, multiple Internet distribution channels, highly praised e-commerce customer service, and traditional "live" event and Internet auction knowledge. Jay Essa, CEO (1) (Chief Executive Officer) The highest individual in command of an organization. Typically the president of the company, the CEO reports to the Chairman of the Board. of Geerlings & Wade, commented, "As America's leading direct marketer of fine wine and wine accessories A Wine accessory is generally any equipment that may be used in the storing or serving of wine. Wine accessories include many items such as wine glasses, corkscrews, and wine racks. , we've already solved most of the wine puzzle for the 21st Century. The piece we were missing, and now possess, is a strong Internet and traditional auction arm. Through the joint venture announced today, we can offer wine enthusiasts the opportunity to buy wine and wine futures in auctions, thereby assuring them the best market pricing for their purchases." Mr. Essa continued: "We selected Greg Manning Auctions as our partner for this venture because they stand as the world's leading "live" event and Internet auctioneer AUCTIONEER, contracts, commerce. A person authorized by law to sell the goods of others at public sale. 2. He is the agent of both parties, the seller and the buyer. 2 Taunt. 38, 209 4 Greenl. R. 1; Chit. Contr. 208. 3. of collectibles, and possess a global Internet auction and distribution structure in addition to an e-commerce customer service record that is second to none. Thus, through this joint venture we've not only opened an auction distribution channel for our company, we've gained an Internet sales channel in China. This is a triple win deal: great for our shareholders, great for our customers, and great for our premier vineyard vineyard, land on which cultivation of the grape—known as viticulture—takes place. As many as 40 varieties of grape, Vitis vinifera, are known. suppliers." Greg Manning, Chairman and CEO of Greg Manning Auctions, Inc., said: "We've told our investors that we are actively seeking out new collectibles categories, and will aggressively pursue opportunities that fit within our model and possess significant profit potential. Wine is one of the world's leading collectibles in addition to being a leading consumable A material that is used up and needs continuous replenishment, such as paper and toner. "The low-tech end of the high-tech field!" , and meets all of our criteria. Especially significant is Asian and Chinese interest CHINESE INTEREST. Interest for money charged in China. In a case where a note was given in China, payable eighteen mouths after date, without, any stipulation respecting interest, the court allowed the Chinese interest of one per cent. per month, from the expiration of the eighteen months. in wine, and our ability through this joint venture to source wine for sale in China through our GMAI-Asia.com affiliate. Our partners in China are particularly excited about this joint venture and our ability to secure for their sale collectible and new vintages of wines from the world's leading vineyards." Continuing, Mr. Manning commented: "We've wanted to add wine to our product offerings for some time, but have previously held back due to the multiple and complex web of laws regulating domestic alcoholic beverage alcoholic beverage Any fermented liquor, such as wine, beer, or distilled liquor, that contains ethyl alcohol, or ethanol, as an intoxicating agent. When an alcoholic beverage is ingested, the alcohol is rapidly absorbed in the stomach and intestines because it does not sales. By partnering with an established, licensed, and publicly owned Publicly owned can refer to:
http://process.com/. E-mail: <info@process.com>. , we've overcome the barriers to entry for this product in a single step, and have leap-frogged the competition. Moreover, since the joint venture calls for Greg Manning Auctions to handle all auction and e-commerce matters and Geerlings & Wade to handle all product sourcing and shipping matters, this is the ultimate business to consumer model for profitability for both GMAI and Geerlings & Wade." About Geerlings & Wade, Inc. Geerlings & Wade, Inc. founded in 1986, is America's leading direct marketer of fine wine and wine accessories with retail locations in 15 states, home and office delivery to 29 states, and a total customer list of more than 325,000. The Canton Canton, cities, United States Canton. 1 City (1990 pop. 13,922), Fulton co., W central Ill., in the corn belt; inc. 1849. It is a trade and industrial center for a coal and farm area. 2 Town (1990 pop. 18,530), Norfolk co. , Mass. based company has developed a unique, streamlined purchasing system that allows it to source wines directly from the world's greatest wineries. Geerlings & Wade has cultivated relationships with hundreds of renowned wineries and negotiants in France, Italy, Australia, Chile and California. Consumers can contact Geerlings & Wade at 1-800-782-9463 or on the World Wide Web at www.geerwade.com. About Greg Manning Auctions, Inc. Greg Manning Auctions, Inc. is a full service auctioneer of a wide range of collectibles and diamonds, and believes itself to be 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, Inc., which opened offices in Beijing, China and recently launched its website www.iatoz.com. In July, 1999, GMAI created GMAI-Europe.com, Inc. 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 National Market System under the symbol GMAI. Statements in this press release that relate to future plans, objectives, expectations, performance, events and the like are "forward-looking statements forward-looking statement A projected financial statement based on management expectations. A forward-looking statement involves risks with regard to the accuracy of assumptions underlying the projections. " 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. By its nature, public relations is devoted to serving particular interests by presenting them to the public in the most Worldwide website at www.kcsa.com. |
|
||||||||||||
Printer friendly
Cite/link
Email
Feedback
Reader Opinion