Greg Manning Auctions (NASDAQ:GMAI)
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Greg Manning Auctions, Inc. (NASDAQ:GMAI) announced
today the promotion of e-commerce veteran Ian Russell President of its
wholly owned subsidiary Teletrade, the pioneering Internet auction
company, effective June 1, 2005. Mr. Russell previously served as
Executive Vice President, and has also been a marketing consultant to
Greg Manning Auctions since 2000.
Greg Manning, First Vice Chairman, CEO and President, stated, "Ian
has successfully initiated many e-commerce projects for Teletrade,
including the Mr. Want List concept, and has managed key aspects of
marketing, operations and technology for both our rare coin sales and
other collectibles. Ian traveled from Sydney, Australia to New Jersey
in 2000 for his initial interview with GMAI, and the same
determination, talent and dedication he demonstrated then led him to
this new position with Teletrade."
Ian Russell commented, "I look forward to the challenge and broad
opportunities that go along with this promotion. The number of coins
offered on Teletrade has expanded by 30% in recent months, and we are
also increasing the diversity and range of the offerings while
maintaining our trademark excellence in customer service. We currently
offer 25,000 certified coins each month to over 100,000 collectors,
dealers and investors who have registered with Teletrade on our free,
website, www.teletrade.com. I firmly believe that Teletrade's recent
growth presages the continued importance and expansion of GMAI's
on-line endeavors, particularly in coins and stamps, where full
service auctions on-line have a developing and strong demand."
In previous assignments at GMAI, Ian Russell managed "KISS: The
Auction", a multi-million dollar rock & roll memorabilia auction
conducted in June 2000 by GMAI in conjunction with Butterfields. Ian
also spent time in Madrid, Spain, working with Auctentia, a GMAI
affiliated company.
Prior to joining GMAI and Teletrade, Ian Russell worked at Stanley
Gibbons of Australia from 1995 to 1999 as a philatelic buyer and
appraiser. He was involved in numerous "name" auctions conducted by
Stanley Gibbons.
About Greg Manning Auctions, Inc.
Greg Manning Auctions, Inc. is a global collectibles merchant and
auction house network, with operations in North America, Europe and
Asia and on the Internet. This network was created in September 2003
when GMAI and Auctentia, S.L. effectively integrated their auction
businesses, creating a GMAI-AUCTENTIA global collectibles auction
network.
In North America, GMAI is a leading traditional and e-commerce -
Internet, interactive telephone, and Internet and live simulcast -
auctioneer and merchant/dealer of collectibles. Coins, stamps and
sports cards are offered at www.gregmanning.com and www.teletrade.com.
Its operations include the Greg Manning Auctions division, Ivy &
Manning Philatelic Auctions, H.R. Harmer of New York, Greg Manning
Galleries, Spectrum Numismatics, Teletrade, Nutmeg Stamp Sales,
Superior Sports Auctions, Bowers & Merena Galleries and Kingswood Coin
Auctions.
In Europe, the leading auction houses affiliated with the network
are Auctentia Subastas of Madrid, Spain (operating under the name
"Afinsa Auctions"); Corinphila Auktionen of Zurich, Switzerland (65%
owned by GMAI); and the Koehler group of auction companies of Berlin
(66.67% owned by GMAI) and Wiesbaden, Germany.
GMAI also owns GMAI Auctentia Central de Compras (CdC) of Madrid,
Spain, which is engaged in the sale, marketing and production of owned
and third-party collectibles, with an emphasis on specialized
philatelic material.
Both GMAI and CdC currently act as exclusive supplier of
collectibles - primarily stamps and coins - on a worldwide basis to
Afinsa Bienes Tangible, S.A. of Madrid, Spain, one of the world
leaders in marketing tangible investment products, and GMAI's majority
shareholder.
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. Factors that may cause
such differences include changes in market conditions, changes in
economic environment, competitive factors and the other factors
discussed in the "forward-looking information" or "risk factors"
sections included in GMAI's filings with the Securities and Exchange
Commission, including GMAI's Annual Report on Form 10-K, Quarterly
Reports on Form 10-Q, prospectuses and other documents that GMAI has
filed with the Commission. In particular, any statement related to
GMAI's expected revenues or earnings or GMAI's being well positioned
for future profitability and growth are forward-looking statements.
The words "should," "believe," "estimate," "expect," "intend,"
"anticipate," "foresee," "plan" and similar expressions and variations
thereof identify certain of such forward-looking statements, which
speak only as of the dates on which they were made. Additionally, any
statements related to future improved performance and estimates of
revenues and earnings per share are forward-looking statements. GMAI
undertakes no obligation to publicly update or revise any
forward-looking statements. Readers are cautioned not to place undue
reliance on these forward-looking statements.