SOURCE: MediaNet Group Technologies, Inc.

November 14, 2008 14:12 ET

MediaNet Group Technologies Announces Financial Results for Third Quarter and First Nine Months of 2008

MARGATE, FL--(Marketwire - November 14, 2008) - MediaNet Group Technologies, Inc. (OTCBB: MEDG), operating the largest online mall and affinity program platform through its BSP Rewards subsidiary, today announced financial results for the third quarter and nine months ended September 30, 2008.

For the third quarter ended September 30, 2008, gross revenues increased 64% to $573,203 compared to $350,565 for the third quarter ended September 30, 2007. The third quarter 2008 net loss was $191,170, or a loss per basic and diluted share of $0.01, compared to a net loss for the third quarter of 2007 of $187,062, or a loss per basic and diluted share of $0.02.

For the first nine months of 2008 ended September 30, 2008, gross revenues increased 138% to $1,767,689 compared to $742,482 in the same period of 2007. For the nine month period ended September 30, 2008 the net loss was $555,406 or a loss per basic and diluted share of $0.03, compared to a net loss for the first nine months of 2007 of $637,138, or a loss per basic and diluted share of $0.05.

Shares outstanding were 20,435,802 at September 30, 2008 versus 12,386,410 in the prior year period. The increase in shares outstanding is directly related to the private placement of two million shares completed during the third quarter of 2008 and the private placement of six million shares completed during the fourth quarter of 2007 and for other issuances of common shares related to stock-based compensation.

Commenting on the third quarter results, Martin Berns, Chief Executive Officer, stated, "We are pleased with our financial performance despite the fact that the third quarter is historically the weakest time of year for shopping and the overall slowdown in today's economy. Our financial performance is indicative of enhanced transaction volume passing through the BSP platform, especially from unique users, larger, revenue producing clients and greater fees from hosting and administration. Additionally, we continue to review our mix of merchants to emphasize those that provide high margins for us and greater value for our membership base."

At September 30, 2008 and since the end of the second quarter, the Company increased the number of merchants in the mall by 28 to 764. New merchants include such companies as Saks Fifth Avenue, Dockers, Borders Online, Home Shopping Network and Shoes.com.

About MediaNet Group Technologies, Inc.:

MediaNet Group Technologies, Inc. (OTCBB: MEDG), through its BSP Rewards division, has developed the largest online mall and affinity program platform. BSP builds, brands, customizes proprietary loyalty/rewards/mall programs for clients and organizations and for a value added element layered onto debit and stored value cards. Companies and organizations enroll their members into the program and BSP cross-markets them to its entire database.

The Company generates product purchases from over 750 participating mall merchants including the nation's largest retailers as well as gift cards and a large discount catalog. With over 60 web malls already developed and in use, BSP Rewards currently serves more than 550,000 registered users. The Company offers affordable, immediate implementation, delivered as rich turnkey enterprise solutions for corporations interested in expanding their web presence and enhancing customer relations -- turning operational costs into profit centers. Current mall merchants include Sears, Target, Macy's, BP Oil, Office Depot, Bass Pro Shops, Best Buy, Budget and Chili's.

"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, and the purchasing activity or lack thereof by registered web mall members. The number of BSP web mall members is routinely revised to reflect adjustments for inactive membership. Inactive members are defined as registered members who have not shopped in a BSP web mall for an extended period of time.

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