SOURCE: MediaNet Group Technologies Inc.

May 24, 2006 08:00 ET

MediaNet Group Subsidiary Processed $735,000 in Transaction Volume in First Quarter

Rapidly Increasing Membership Driving Merchant Participation

MARGATE, FL -- (MARKET WIRE) -- May 24, 2006 -- BSP Rewards, a subsidiary of MediaNet Group Technologies (OTCBB: MEDG), announced today that they have processed $735,000 of participating merchant transactions through its on-line mall platform for the first quarter of 2006. Although revenue generated from these transactions is nominal, transactions are up 80% from the 4th quarter of 2005, during which the company processed $408,000 of transactions.

"The Company has continually increased membership, merchants in the network, revenue and transactions generated through the platform since the program was launched in January of 2005," said Mr. Martin Berns, Chief Executive Officer of MediaNet Group. "We added 74 new merchants in May, and now over 450 merchants with 10,000 redemption locations are part of the BSP Network, serving our branded client programs reaching 2 million members."

BSP Rewards brands, builds, customizes and administers the proprietary loyalty/rewards/mall program for each of its clients and organizations. 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.

Mr. Berns concluded, "As the network grows, our expanding membership base looks for new merchants in the network from whom they can both earn rewards and redeem their reward points." (For which the merchant receives cash).

Details about the program can be viewed at www.bsprewards.com

MediaNet Group Technologies is a publicly held Company (OTCBB: MEDG) that encompasses an integrated group of operating divisions that revolve around the many aspects of technology and media including, branded rewards programs web portal programs, television and video production and intellectual properties.

Legal Notice Regarding Forward-Looking Statements: "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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