SOURCE: MediaNet Group Technologies, Inc.

January 17, 2008 14:32 ET

MediaNet Group's BSP Rewards Division Selected by Provida Mortgage & Realty

MARGATE, FL--(Marketwire - January 17, 2008) - MediaNet Group Technologies, Inc. (OTCBB: MEDG), a leading developer of private branded web malls and online affinity programs through its BSP Rewards subsidiary, announced today an agreement to build a private branded rewards mall for Provida National Group, Inc., a marketing division of Provida Mortgage and Realty, Inc., one of the nation's premier mortgage & Realty companies.

Provida Mortgage and Realty is committed to helping customers find the right mortgage product and providing extra value services. Provida makes the process of securing a mortgage simple and straightforward by offering clients the latest and widest array of financial tools. With a mission of helping customers make sound financial choices, Provida has taken the next logical step to bring its customers as well as employees the opportunity to furnish the homes they buy and to make other lifestyle purchases for goods and services online at discounts while receiving other important benefits.

Victor Onassis Roque, President/CEO of Provida Mortgage & Realty, Inc., commented: "We were looking for a multi-functional program that would promote loyalty to our clients and to our employees. The platform had to be private branded, expansive and act as an exciting value added benefit. The BSP Rewards program brought together over 700 national merchants and over 7,000 national restaurants that provide rebate reward points of up to 15% to everyone involved with Provida who participate in the program."

Martin Berns, Chief Executive Officer of MediaNet Group Technologies/BSP Rewards, stated, "We are excited to be working with Provida as they provide individuals a wide variety of financial products to help them obtain a mortgage and live the American Dream of owning a home. In these times of tightening credit consumers need to maximize their buying power, and working with Provida and its new branded web mall gives customers this advantage."

Provida will be offering its private branded rewards mall as a value added benefit and bonus program to employees, clients and their families. Programs allow for easy admission of new members, with fast and simple access to discount shopping and a points reward program for additional purchasing power. The convenience of e-commerce, value pricing for everyday products and services, and the added benefits of a loyalty program are the cornerstones of the BSP Rewards web mall experience.

Based on a unique, technologically enhanced Internet platform, MediaNet Group's BSP Rewards unit during the past six months has attracted an increasing number of member organizations and merchant partners for its web mall concept. Provida is the latest member organization, among a current total of nearly 70 outstanding organizations, to engage BSP Rewards for the creation of an online shopping mall with a comprehensive loyalty program.

BSP Rewards member organizations are attracted by the broad selection of over 750 participating merchants, the online access to discount purchases and accompanying rewards which further enhances the shopping value proposition, and the ease of use and administration for both users and the sponsoring organization.

About MediaNet Group Technologies, Inc.:

MediaNet Group Technologies, Inc. (OTCBB: MEDG) encompasses an integrated group of operating divisions that revolve around the many aspects of technology, including branded rewards programs, web mall programs, and online media intellectual properties. Additional information on MediaNet Group Technologies can be found on the Internet at www.medianetgroup.com.

MediaNet Group Technologies has developed unique proprietary platforms, software and solutions for every size business. The Company offers extremely affordable, simple, immediate implementation, delivered as feature rich turnkey rewards and loyalty enterprise solutions for corporations interested in expanding their web presence and enhancing customer relations -- turning operational costs into profit centers.

BSP Rewards, Inc., a wholly owned subsidiary of MediaNet Group Technologies, builds, brands, customizes and administers proprietary loyalty/rewards/mall program for each client and organization and is also a value added element layered onto debit and stored value cards. Members receive up to 15% in rewards and up to 60% in discounts when purchasing merchandise and other products from the nation's best retailers through the BSP network. Strategic relationships entered into as part of the Company's branded web mall concept includes leading retailers such as Macy's, Target, Starbucks, Blockbuster, Old Navy, Target, CompUSA, Budget Rent-a-Car and over 700 other merchants. With over 50 web malls already developed and in use, BSP Rewards currently serves nearly 1 million registered users. A typical BSP Rewards Mall may be seen at www.bigbrandmall.com and details about the program can be viewed at www.bsprewards.com.

"Forward-looking statements" as defined in the Private Securities Litigation Reform Act of 1995 may be included in this news release. These statements relate to future events or our future financial performance. These statements are only predictions and may differ materially from actual future results or events. MediaNet Group Technologies, Inc. disclaims any intention or obligation to revise any forward-looking statements whether as a result of new information, future developments or otherwise. There are important risk factors that could cause actual results to differ from those contained in forward-looking statements, including, but not limited to risks associated with changes in general economic and business conditions (including in the information technology and financial information industry), actions of our competitors, the extent to which we are able to develop new services and markets for our services, the time and expense involved in such development activities, the level of demand and market acceptance of our services, changes in our business strategies.

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