GMAI Greg Manning Auctions (MM)

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.