Spectrum Group International, Inc. – ‘8-K’ for 9/27/05 – EX-99

On:  Monday, 10/3/05, at 3:32pm ET   ·   For:  9/27/05   ·   Accession #:  922423-5-1588   ·   File #:  1-11988

in

this entire Filing. an “Entity” Search.

Show

Documents searched

and

each “hit”. the 1st “hit”.

↓↑Hints

Current Report   —   Form 8-K
Filing Table of Contents

Document/Exhibit                   Description                      Pages   Size 

 1: 8-K         Form 8K Current Report                                 5     23K 
 2: EX-3        Exhibit 3(I) Certificate of Ownership & Merger         3     13K 
 3: EX-10       Exhibit 10.1 Employment Agreement                     22    103K 
 4: EX-10       Exhibit 10.2 Lease                                    72    230K 
 5: EX-99       Exhibit 99.1 Press Release                             3     16K 

EX-99   —   Exhibit 99.1 Press Release

EX-99
1st Page of 3
TOC
↑Top
Previous
Next
↓Bottom
Just 1st
 
                                                                    Exhibit 99.1

                     Contacts:
                                             Rob Shapiro, Media - 212-445-8310
                                       rshapiro@webershandwick.com
                                              Julie Tu - Analysts - 212-837-3776
                                           jtu@financialrelationsboard.com

For Immediate Release                                                           

 GREG MANNING AUCTIONS, INC. ANNOUNCES
 CORPORATE NAME CHANGE TO ESCALA GROUP

 Jose Miguel Herrero Named President and CEO of Escala Group
Ambassador Antonio Martins Da Cruz and
Rafael del Valle-Iturriaga Join Board of Directors

New York, NY, Sept. 28, 2005 - Greg Manning Auctions, Inc. (Nasdaq: GMAI)       
today announced that the Company has changed its corporate name to Escala       
Group, Inc., effective today, and will trade on the Nasdaq National Market      
under the new ticker symbol ESCL.   Escala Group has established its new        
corporate headquarters in mid-town Manhattan, New York.                         

Escala Group also announced that Jose Miguel Herrero, 50, a member of the       
Company's Board of Directors since 2003, has been named President and Chief     
Executive Officer of the Company.  Prior to joining Escala Group, Mr.           
Herrero  was founder and managing partner of High Ground, a corporate finance   
firm focused on technology and innovation.  From 1996 through 2000, Mr.         
Herrero served as CEO of LaNetro, S.A., an internet company based in Spain.     
He holds an MBA in Finance and International Operations from U.C. Berkeley.     

The Company also announced that Greg Manning, 59, will become President of      
Escala's North American and Asian Philatelic Auction Division.  He will         
remain as First Vice Chairman of the Board of Directors.                        

Esteban Perez, Chairman and Chief Corporate Strategy Officer, said, "Over the   
past few years, starting with the integration of the auction businesses of      
Greg Manning Auctions and Auctentia, S.L., we have brought together a global    
network of premier international collectibles companies which now make up the   
Escala Group.  These companies position us as a global powerhouse in the        
collectibles market.  Our businesses now include Auctions, Merchant/Dealer      
Operations and Trading, all of which will operate under the Escala Group        
umbrella.  Our new name reflects the evolution of our company and is an         
integral part of the implementation of our overall growth strategy. Going       
forward, under the capable leadership of Jose Miguel, we look to expand our     
presence and market share worldwide."                                           

Mr. Perez continued, "Mr. Manning's new responsibilities include a special      
dedication to the Asian market and the opportunities that it presents,          
especially in Hong Kong and China Mainland (Greater China), both for            
developing the market of philatelic auctions                                    

EX-99
2nd Page of 3
TOC
1st
Previous
Next
↓Bottom
Just 2nd
and exploring the possibilities of starting the development of philatelic       
investment products in the Chinese market."                                     

Jose Miguel Herrero, President and Chief Executive Officer, stated, "I am       
excited about Escala Group's future prospects.  We have a strong foundation     
and we all believe that there are numerous opportunities to take our company    
to its next level of growth.  I look forward to working with the management     
team to further develop our business both organically and through               
acquisitions.  We will continue to seek strategic synergistic opportunities     
worldwide in our current areas of business.  We will also look to make          
selective art acquisitions in the U.S. and Europe."                             

In addition, Escala Group announced the resignation of Anthony Bongiovanni      
and Emilio Ballester from the Company's Board of Directors.  In accepting       
these resignations, the Board thanked Mr. Bongiovanni and Mr. Ballester for     
their contributions to the Company.                                             

Ambassador Antonio Martins Da Cruz, 58, was appointed by the Board to fill      
one of the vacancies on the Board of Directors, to serve in the class of        
directors whose term expires in 2006.   Mr. Martins Da Cruz was Ambassador      
from Portugal to Spain from 1999 to 2001 and Minister of Foreign Affairs from   
2002-2003.  Since that time he has been a professor of International            
Relations, University of Lusiada, Lisbon.  He also serves as International      
and Institutional Relations Manager of Afinsa Bienes Tangibles, S.A., the       
Company's majority stockholder.                                                 

Rafael del Valle-Iturriaga, 50, was appointed by the Board to fill the other    
Board vacancy, to serve until 2006.  Mr. del Valle-Iturriaga is Chief           
Executive of Saarema Inversiones, a private equity/industrial holding company   
based in Madrid.  Prior to that, he was the Managing Director and Country       
Head, Iberia, of the Bank of America, N.A. in Madrid.  Mr. del                  
Valle-Iturriaga has a BA in Law from the University of Deusto (Bilbao) and a    
BA in Business Administration from ICADE University in Madrid.                  
Escala will commemorate the Company's listing on the Nasdaq Stock Market by     
officially opening the market at 9:30 a.m. ET.                                  
The listing ceremony can be viewed at Nasdaq's website at                       
http://www.nasdaq.com/reference/marketsite_about.stm                            

About Escala Group.                                                             

Escala Group is a global federation of leading companies in the collectibles    
market with operations in North America, Europe and Asia as well as on the      
Internet.  The company operates through a number of subsidiaries that           
specialize in various sectors of the collectibles markets, and is comprised     
of three business areas: auctions, merchant/dealer operations and trading.      

Escala Group's North American operations include Greg Manning Auctions          
division, Ivy & Manning Philatelic Auctions, Greg Manning Galleries, Spectrum   
Numismatics, Teletrade, Nutmeg Stamp Sales, Superior Sports Auctions, Bowers    
and Merena Auctions, and Kingswood Coin Auctions, and H.R. Harmer.  In          
Europe, the leading auction houses affiliated with the network are Auctentia    
Subastas (Afinsa Auctions) of Madrid, Spain, Corinphila Auktionen of Zurich,    
Switzerland, and the Koehler group of auction companies of Berlin and           
Wiesbaden, Germany. In Asia, Escala's auctions operations are conducted         
through John Bull Stamp Auctions, Ltd, the oldest philatelic auction house in   
Hong Kong.                                                                      

Merchant/dealer activities are conducted through Greg Manning Auctions and      
GMAI-Auctentia Central de Compras of Madrid, which act as exclusive suppliers   
of collectibles - primarily stamps and coins - on a                             

EX-99
Last Page of 3
TOC
1st
Previous
Next
↓Bottom
Just 3rd
worldwide basis to Afinsa Bienes Tangibles, S.A. of Madrid, Spain, and through  
Spectrum Numismatics International, one of the largest wholesalers of rare coins
in the U.S. Afinsa is Escala Group's majority shareholder.                      

The trading activities of Escala Group are conducted through A-Mark Precious    
Metals, one of the largest private sellers of bullion coins and bullion gold,   
silver and platinum to the wholesale marketplace.                               

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 Escala Group's filings with the Securities and Exchange             
Commission, including Escala Group's Annual Report on Form 10-K, Quarterly      
Reports on Form 10-Q, prospectuses and other documents that Escala Group has    
filed with the Commission. In particular, any statement related to Escala       
Group's expected revenues or earnings or Escala Group'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. Escala Group 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.                       

 ###

Dates Referenced Herein   and   Documents Incorporated by Reference

				Referenced-On Page
This ‘8-K’ Filing		Date		First		Last			Other Filings
Filed on:		10/3/05
		9/28/05		1					3
For Period End:		9/27/05
									List all Filings