RecycleNet Corporation
OTC Bulletin Board : GARM

RecycleNet Corporation

November 25, 2009 15:50 ET

RecycleNet Announces 1 for 10 Reverse Stock Split

SALT LAKE CITY, UTAH--(Marketwire - Nov. 25, 2009) - At the Annual Meeting of Shareholders held in Kitchener Ontario, Canada today, the shareholders of RecycleNet Corporation (OTCBB:GARM) ratified all of the proposals brought before them, including the sale of Scrap.Net Inc., a wholly owned subsidiary of the Company to Inter-Continental Recycling Inc.

In addition, the shareholders unanimously approved a reverse split of the common stock of the Company on a one for ten basis (for each ten common shares of the Company held by a shareholder the shareholder will receive one common share of the recapitalized Company). The reverse stock split will take effect at the close of business on the date of the Annual Meeting of November 25, 2009.

The shareholders also unanimously approved the name change of the Company from RecycleNet Corporation to Maydao Corporation.

Maydao Corporation will pursue plans of merger, or re-organization, acquisition, joint ventures, and strategic alliance.

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