SOURCE: MediaNet Group Technologies, Inc.

May 20, 2008 08:00 ET

MediaNet Group Technologies' BSP Rewards Division Selected by Cambridge Management Services, Inc. to Build Private Branded Rewards Mall

Marks Company's Entrance Into Real Estate Industry

MARGATE, FL--(Marketwire - May 20, 2008) - MediaNet Group Technologies, Inc. (OTCBB: MEDG), the largest online mall and affinity program platform through its BSP Rewards subsidiary, today announced an agreement to build a private branded rewards mall for Cambridge Management Services, Inc., a full service property management company and consulting group. The principals of CMSI have been involved in the management of multi-family properties for over 30 years and either own or operate over 5,000 units of residential properties in New York, Florida, Rhode Island, Minnesota and Virginia with an additional 2,000 residential units in the development pipeline.

The BSP Rewards program is being offered to residents of Cambridge's properties as a value added service in addition to the various amenities they receive at the properties. Cambridge has long been an innovative leader in providing residents with superior quality in every aspect of its communities. Cambridge selected BSP's rewards mall program to continue its legacy of providing quality services and industry leading features and benefits to its residents.

Robert Piezon, President of Cambridge Management Services, stated, "We are continuously looking for services and programs to add value to our existing and potential residents and to distinguish ourselves from other management companies. Unusual for our industry until now, the BSP program is a natural extension of the innovative and unique services, we, at Cambridge, strive for to offer our residents. The numerous reward benefits offered by BSP's over 750 merchants, 100 gift cards and 8500 restaurants offers the simplest yet most efficient approach to bringing these value-added services to our members."

BSP Rewards offers a unique resident acquisition and continuity program in keeping with today's volatile rental market. This merchant funded, value added resident benefit offers management companies the opportunity to offer real savings from national and local merchants that appeals to all residents in these economic times.

Martin Berns, Chief Executive Officer of MediaNet Group Technologies, Inc., stated, "We are pleased to add the industry leading Cambridge Management Services as a premier client, in the multifamily rental market. It is through Cambridge's effort to maximize it value added services to its residents and its innovative approach to accomplishing this that our partnership was born. This relationship enables BSP to establish a presence in the real estate market, where we can further demonstrate how well our program works across various industry sectors. As Cambridge strives to provide quality, we are fortunate to assist them in serving their resident marketing by providing our private branded mall platform as a value added benefit."

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, and 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 500,000 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.

About Cambridge Management Services, Inc.:

Cambridge Management Services, Inc. communities have earned the solid reputation among residents for providing exceptional apartment homes. CMSI has the full understanding, capability and experience to manage diverse portfolios of residential communities, ranging from Class AA, new construction lease-up developments; to traditional Class B garden-style communities; to bond, tax credit, and affordable housing projects. The principals of CMSI have been involved in the management of multi-family properties for over 30 years. They either own or operate over 5,000 units of residential properties in New York, Florida, Rhode Island, Minnesota, and Virginia with an additional 2,000 residential units in the development pipeline.

"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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