SOURCE: MediaNet Group Technologies, Inc.

MediaNet Group Technologies, Inc.

October 01, 2010 08:00 ET

MediaNet Group Technologies, Inc. Appoints Mark Mroczkowski as Chief Financial Officer

BOCA RATON, FL--(Marketwire - October 1, 2010) - MediaNet Group Technologies, Inc. (OTCBB: MEDG) today announced it has appointed Mark Mroczkowski as Chief Financial Officer. Mr. Mroczkowski will be responsible for the Company's finance, accounting and treasury functions and will report to President and Chief Executive Officer, Michael Hansen. Mr. Mroczkowski has been providing full time consulting services to the Company for the last several months.

Prior to his joining MediaNet Group, Mr. Mroczkowski was an independent consultant providing business advisory, investment banking services and interim CFO services to clients in manufacturing, mortgage finance, aviation, forestry, pharmaceuticals, oil and gas exploration and online retail.

From 2000 to 2008, Mr. Mroczkowski was the Chief Operating Officer and Chief Financial Officer of Sequiam Corporation, Inc., an OTCBB listed original equipment and design manufacturer of biometric software/hardware, with engineering, manufacturing and sales facilities in China and South Africa. While there, Mr. Mroczkowski conceptualized and spearheaded the company's transition from software developer to leading-edge consumer biometric technology provider, thereby creating a market-driven organization upon its emergence from the R&D stage. He also served on the Company's Board of Directors.

Speaking of Mr. Mroczkowski's appointment, Michael Hansen, President and Chief Executive Officer, stated, "Since joining our team, Mark has demonstrated a superior skill set in building a solid foundation and developing the finance and administration areas of MediaNet Group. His experience brings to MediaNet the understanding of how to create and manage financial department infrastructures to support the requirements of a growing public company whose operations cross multiple borders. His experience not only covers all aspects of finance, treasury and accounting, but also includes strategic planning, mergers and acquisitions as well as the integration of new acquisitions, all roles that will valuable to us going forward. We look forward to Mark's contributions as we continue to execute on our comprehensive growth strategy."

From 1996 to 1999, Mr. Mroczkowski was Chief Financial Officer of GeoStar Corporation, a natural resources developer based in Mt. Pleasant Michigan, with operations throughout the US as well as Queensland and New South Wales, Australia. While at GeoStar, Mr. Mroczkowski established and managed organizational systems and controls and SEC reporting and compliance for all oil and gas exploration operations and oilfield service operations. In addition, he managed the due diligence, acquisition and integration process for six domestic and foreign acquisitions. He directed numerous private equity and debt placements totaling $50 million and completed multiple private placement and preparations for US and Canadian initial public offerings.

From 1985 to 1996, Mr. Mroczkowski was the Founder, Managing Partner and CEO of Mroczkowski, Simmons & LaPlant, CPAs of Tampa Florida. After founding the firm, he grew the business into a major local consulting and CPA firm specializing in business and financial planning, with particular expertise in real estate development and construction, international taxation and business acquisitions and dispositions.

During his career, Mr. Mroczkowski also co-founded two other oil & gas exploration companies, and an import export company.

Mr. Mroczkowski began his career with Big 4 accounting firms. He holds a Bachelor of Science degree from the College of Business at Florida State University and is a Certified Public Accountant.

About MediaNet Group Technologies, Inc.:
MediaNet Group Technologies, Inc. is a publicly held company and trades on the over the counter bulletin board ("OTCBB") under the symbol MEDG. Additional information about the Company is available in its filing with the Securities and Exchange Commission at www.sec.gov.

MediaNet Group Technologies, Inc. is a global marketing company that sells high end branded merchandise to consumers through Internet-based auctions conducted under the trade name "DubLi.com." Our online auctions are conducted in Europe, North America, Australia/New Zealand and to the rest of the world through our Global Portal. These auctions are designed to offer consumers real savings on these high end goods. The Company has a large network of independent business associates that sell "credits," or the right to make a bid in one of our auctions. The Company, through its BSP Rewards subsidiary, also offers private branded loyalty and reward web malls where members receive rebates (rewards) on products and services from participating merchants.

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 improve our internal controls. The Company is also subject to the risks and uncertainties described in its filings with the Securities and Exchange Commission, including its Quarterly Report on Form 10-Q for the quarter ended June 30, 2010.

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