BEIJING, HONG KONG, PARIS and WEST CALDWELL, NJ PRNewswire Jan. 18, 2001 Greg Manning Auctions, through its subsidiary GMAI-Asia.com, recently announced that it will set up a strategic alliance with Cap Gemini Ernst & Young Hong Kong to develop a B2B Web site and trading platform for China's new and used automobile and auto parts distribution industries. This is the first alliance in what may be an Asia Pacific plan that will extend to other countries.
On Sept. 1, 2000, the Bureau of Internal Trade of the People's Republic of China officially appointed GMAI-Asia.com's iAtoZ.com to build a B2B Web site and trading platform for China's automobile and auto parts distribution industries. Called the Auto Exchange Industry Electronic Distribution Network (the Network), the project was designated a Key Electronic Business Project of the Bureau of Internal Trade.
According to the recent agreement, GMAI-Asia.com and Cap Gemini Ernst & Young will work together to present jointly the business plan to the world's automobile and auto parts manufacturers and technology companies for potential strategic partnerships and as participants in the Network. Cap Gemini Ernst & Young will be the strategic systems provider to implement the Network in conjunction with GMAI-Asia.com's technology team, and GMAI-Asia.com's iAtoZ.com will manage and operate the Network.
GMAI-Asia.com has established itself as one of the most innovative and successful e-commerce companies in China, said Daniel Shih, managing director of global sectors at Cap Gemini Ernst & Young Asia Pacific. Their combination of an Internet cybermall and a chain of physical retail cellular phone stores positions them at the apex of the merging wireless and e-commerce worlds and permits them to exploit the rapidly expanding economy of China. Through GMAI-Asia.com's knowledge and understanding of the Chinese marketplace, and our knowledge of the global automotive industry and experience building B2B electronic exchanges, we believe this will be a powerful combination to fulfill the mission of the Bureau of Internal Trade.
Commenting on the agreement, Greg Manning, chairman of GMAI and GMAI-Asia.com, said, We are extremely pleased with this agreement. Cap Gemini Ernst & Young is a global technology leader, with extremely strong relationships at the highest levels of the world's top automotive, communication and technology companies. By joining forces as we have, we will expedite the completion of the Network and the deployment of powerful, cost-saving tools for our B2B customers. We anticipate that this initiative will be an important division of GMAI-Asia.com, with the potential to greatly enhance our profitability when operational.