SOURCE: MediaNet Group Technologies, Inc.

MediaNet Group Technologies, Inc.

May 17, 2011 08:00 ET Launches New Xpress Gift Card Reverse Auction

BOCA RATON, FL--(Marketwire - May 17, 2011) - MediaNet Group Technologies, Inc. (OTCQB: MEDG), a global shopping and entertainment community, today announced that its subsidiary has launched its new Xpress Gift Card Reverse auctions on each of its four auction portals.

Consumers around the world can now bid on six different Gift Card categories, concurrently, utilizing the new DubLi Gift Card auctions. Similar to its previous Xpress Auctions, each time a consumer bids on a Gift Card, the current price of that Gift Card is revealed and its price, simultaneously, is lowered by $0.20 (Dollars/Euros.) Successful bidders may purchase the Gift Card for the displayed price and then use the cash to purchase goods and services from virtually anywhere they choose or on one of the DubLi Shopping Malls.

Michael Hansen, President and Chief Executive Officer, stated, "The nature of the DubLi business model allows us to quickly respond to customer demands on a global basis. The launch of the Gift Card auctions further enhances our global shopping environment for all consumers, enabling them to bid against each other. Our reverse auction concept has evolved to a level where we are able to put spending decisions back into the hands of the consumer and let them choose how, where and when they wish to spend their discretionary income. Initial results of the new Gift Card auctions are quite favorable and we are excited about the potential for the integration of all of DubLi businesses within this new concept."

Consumers who wish to participate in the new Xpress Gift Card auctions must first register for the DubLi VIP Member package, a complete access pass to everything DubLi. Once registered, customers will be eligible to receive the new DubLi Debit MasterCard that can be used at merchants and ATMs worldwide.

In conjunction with the launch of the New Xpress Gift Card auctions, DubLi also announced a new eWallet system, powered by Paylution, which enables DubLi to transfer funds electronically to its customers around the world, while also offering a wider variety of choices for recipients to access and redeem their earnings. Customers will be able to transfer their funds to their eWallet account and/or, shortly, to their own personal DubLi-branded Debit MasterCard.

About MediaNet Group Technologies, Inc.:

MediaNet Group Technologies, Inc. has created a global online shopping community that includes its reverse auction concept, shopping mall platform and entertainment portal. The Company's unique operating strategy combines online shopping with its distribution network to reach customers directly on a global scale.

The foundation of MediaNet Group is grounded in innovative technology, a global platform and an expertise in understanding and capitalizing on global economic trends and changing consumer behaviors. The central hub of the MediaNet Group community is from which all other components of the business model are derived. Additional information about the Company is available in its filing with the Securities and Exchange Commission at

Except for historical matters contained herein, statements made in this press release are forward-looking. Without limiting the generality of the foregoing, words such as "may," "will," "to," "plan," "expect," "believe," "anticipate," "intend," "could," "would," "estimate," or "continue" or the negative other variations thereof or comparable terminology are intended to identify forward-looking statements.

Investors and others are cautioned that a variety of factors, including certain risks, may affect our business and cause actual results to differ materially from those set forth in the forward-looking statements. These risk factors include, without limitation, the risk of (i) an inability to establish and/or maintain a large, growing base of business associates; (ii) an inability to develop and/or maintain brand awareness for our online auctions; (iii) a failure to maintain the competitive bidding environment for our online auctions; (iv) a failure to adapt to technological change; and (v) a failure to maintain adequate internal controls. The Company is also subject to the risks and uncertainties described in its filings with the Securities and Exchange Commission, including its Annual Report on Form 10-K for the year ended September 30, 2010.

Contact Information