Greg Manning Auctions, Inc.'s GMAI-Asia

          And China Unicom Open Co-Branded Cell Phone Store   GMAI-Asia's Stores to Participate in the Launch of China Unicom's CDMA Network     WEST CALDWELL, N.J., Dec. 17 /PRNewswire/ --  Greg Manning Auctions, Inc. (Nasdaq: GMAI) announced today that subsidiaries  of its 45% owned investee, GMAI-Asia, have entered into cooperation agreements  with China Unicom Limited's (NYSE: CHU) Shanghai and Suzhou Branches.  Under  these agreements, GMAI-Asia and China Unicom will jointly open additional  co-branded stores/service centers in the East China cities of Shanghai and  Suzhou.  These centers will include in a single facility a GMAI-Asia owned  store at which customers may purchase cell phones and accessories, and a China  Unicom service center at which China Unicom customers may pay their cellular  telephone bills and manage their China Unicom cellular telephone, internet  service and other China Unicom accounts.  The first such facility opened in  Suzhou on December 8, 2001 and the first Shanghai center is scheduled to open  before New Years.   In October, 2001, GMAI-Asia entered into an agreement with the Shanghai  Branch of China Mobile (NYSE: CHL), China's other leading cellular telephone  service provider, to open co-branded - China Mobile stores in  Shanghai.  The first of five planned - China Mobile stores  opened in November, 2001 on Wu Ning Road in the Putuo District of Shanghai.  Present at the grand opening and official ribbon cutting ceremony were several  officials of China Mobile, including the deputy general manager of China  Mobile's Shanghai branch Cai Gui Bao, and several members of GMAI-Asia's board  of directors, including Greg Manning from the United States and Juan Antonio  Cano and Esteban Perez from Spain.  GMAI-Asia is the only company to have  co-branded sales facilities with both China Unicom and China Mobile.   Under the agreements with China Unicom announced today, GMAI-Asia  subsidiaries and China Unicom will open additional co-branded stores in Suzhou  and Shanghai and pursue multiple joint marketing initiatives.  Additionally,  GMAI's stores will participate in the roll-out and marketing of China Unicom's  new CDMA cellular service network, scheduled to launch in January, 2002.  This  participation will include selling CDMA network accounts and SIM cards,  selling CDMA cellular telephones, and joint marketing initiatives.   In an unrelated announcement, GMAI-Asia disclosed today that its Board of  Directors has directed the company's management to vigorously pursue mobile  virtual network operator ("MVNO") opportunities in China.  The Board believes  that the company's market position as the largest retail distributor of cell  phones in China's largest and most affluent population Center, Shanghai,  combined with the company's strong relationships with both of China's leading  cellular service providers, China Mobile and China Unicom, and its network of  owned stores that is more than twice the size of its nearest competitor  provide GMAI-Asia with a strong foundation to execute a successful MVNO either  on its own or in partnership with another company.  Management has been  directed to study the market, identify potential partners, and develop a plan  of action.  A preliminary investigation has been completed with positive  results.   Additionally, GMAI-Asia announced today that in order to meet working  capital and other cash requirements of the company during 2001 and the first  half of 2002, Afinsa Bienes Tangibles S.A. ("Afinsa") loaned the company US$  4.4 million pursuant to two convertible promissory notes.  Afinsa currently  owns 19% of GMAI-Asia and its officers hold two of GMAI-Asia's 6 board  positions.     About GMAI-Asia, Inc. is a Delaware corporation 45% owned by Greg Manning  Auctions, Inc.  The company owns 65% of, and exclusively manages, the chain of cell phone stores headquartered in Shanghai, People's  Republic of China (PRC).  The remaining 35% of is owned by  Everbright Technology Limited, a publicly listed company (SEHK:  256), an  affiliate of the Everbright Group, LLC. is the largest  merchant of cell phone handsets in the entire PRC, and the 42nd largest chain  store in the PRC (all products).  GMAI-Asia also owns, one of the  PRC's leading electronic commerce companies and a leading cyber-merchant of  cell phones and other communications products, and holds a mandate from the  PRC' Bureau of Internal Trade to build and operate a B2B exchange and website  for China's automotive industry.     About Greg Manning Auctions, Inc.   Greg Manning Auctions, Inc. (GMAI) is a global collectibles auctioneer and  merchant, with both Internet and live auctions and operations in North America  and Asia.  In North America, GMAI is a leading traditional and electronic --  Internet, interactive telephone, and Internet and live simulcast -- auctioneer  and merchant/dealer of collectibles.  Coins, stamps, sports cards, Rock 'n  Roll and Hollywood memorabilia, and affordable fine art are offered at and  Greg Manning Direct,  a wholly owned subsidiary, creates and mass-markets high interest  collectibles, targeting beginning collectors.     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.  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, and  annual reports on Form 10-K.                     MAKE YOUR OPINION COUNT -  Click Here          SOURCE  Greg Manning Auctions, Inc.         (GMAI CHU)   CO:  Greg Manning Auctions, Inc.; GMAI-Asia; China Unicom Limited; China    Mobile  ST:  New Jersey, China  IN:  TLS REA  SU:  
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