The three auction houses and retail coin galleries are projected to add $30 million in aggregate sales to GMAI's fiscal year 2005. The acquisition was an all-cash transaction and will be financed internally.

Spectrum Numismatics International, GMAI's wholly owned subsidiary, will administer the new companies through GMAI's coin division, headed by Spectrum President Greg Roberts.

Mr. Roberts commented, "These acquisitions represent a major step forward in the ongoing growth of our company. Bowers and Merena is recognized as a worldwide leader in the U.S. coin auction field, while Kingswood Coin Auctions features important auctions of mid-range U.S. coins up to six figures in value using the Internet as a platform. Superior Sports Auction, which conducts four major auctions per year of high-end sports cards, is also considered one of the leading auction houses in its field.

Mr. Roberts continued, "In addition, I am pleased to announce that auction veteran Stephen Deeds has been appointed President of Bowers and Merena Auctions and will lead our California and Louisiana offices. Mr. Deeds, whose numismatic career spans four decades, previously directed numismatic auctions for Superior Galleries in Beverly Hills, California. With Steve on board and the current Bowers and Merena staff in place, we will build on the momentum Bowers and Merena created with the American Numismatic Association's annual auction last August, which realized over $11 million in sales, and our upcoming auction March 11-13, which is expected to sell in excess of $4 million at the Baltimore Coin and Currency Show.

"The synergy between our existing rare coin businesses in both wholesale and retail, as well as our Teletrade auctions, will add value to all of the companies by offering new clients, expanded customer service and new sales venues. We have added, in my opinion, the best possible high-end auction house in America to complete our ability to offer consignors multiple sales options for coins valued in the hundreds of dollars to the millions of dollars each."

Greg Manning, First Vice Chairman, CEO and President of GMAI, added, "This is a perfect time for GMAI to add to our core competencies. We believe these acquisitions will add significant aggregate sales and revenue to fiscal 2005. We will continue to evaluate additional opportunities that are complementary to our company's growth strategy in the collectibles field both through auctions and other venues."

Bowers and Merena sold four of the five most valuable U.S. coin collections ever formed, including the Louis Eliasberg ($45 million), Harry Bass ($38 million), John Works Garrett ($25 million) and Ambassador and Mrs. R. Henry Norweb ($20 million) collections. In addition, of the 17 highest prices realized for a rare coin at public auction, Bowers and Merena holds nine of them, including $4.1 million for an 1804 silver dollar sold in 1999. In addition to their coin auctions, Bowers and Merena includes a retail gallery that offers U.S. coins to several thousand clients via in-house publications and the Internet.

The acquisition from Collectors Universe also gives GMAI the rights to all previous Bowers and Merena publications, as well as its extensive numismatic library, which includes several thousand books and periodicals.