SOURCE: MediaNet Group Technologies, Inc.

June 11, 2008 08:44 ET

MediaNet Group's BSP Rewards Selected to Build Private Branded Mall for rapid! Financial Services

MARGATE, FL--(Marketwire - June 11, 2008) - MediaNet Group Technologies, Inc. (OTCBB: MEDG), the largest online mall and affinity program platform through its BSP Rewards subsidiary, today announced that it has been selected to build a private branded web mall for rapid! Financial Services. rapid! Financial Services is a leading provider of financial products and services that enables customers to have fast, flexible and inexpensive access to money through pre-paid debit cards.

BSP will develop a private branded web mall for rapid! to extend to its customer base as a value-add benefit that is layered on to the Company's payroll cards. rapid! PayCard is a revolutionary way to pay employees. Employees have their payroll directly deposited onto the rapid! PayCard. The card is a pre-paid debit card and requires no credit check or checking account. rapid! Financial Services currently has in excess of 450,000 employees with access to the rapid! PayCard.

The new mall will offer rapid! PayCard holders an opportunity to shop online at over 750 national merchants, earning significant discounts, rebates and cash value rewards, and then spend these rewards to purchase products in the mall or to load their rewards back onto their rapid! PayCard and used wherever Visa, Discover Network and MasterCard are accepted.

Martin Berns, chief executive officer of MediaNet Group said, "Being selected by rapid! is indicative of trends not only in the under-banked marketplace but also by savvy financial services firms who are looking to enhance the value proposition to card holders. The addition of rapid! to our growing list of new clients solidifies our business model and strategy to offer a value-added, loyalty and rewards incentive to consumers who, today, are much more value conscience and thoughtful about their everyday purchase. We look forward to working with the rapid! team and to growing our relationship together."

Brian Slowik, president of rapid! Financial Services, stated, "BSP's program allows us to enhance the value we offer our growing base of card holders. We were particularly attracted to the flexibility of the BSP's rewards solutions and the ability to offer an integrated, seamless program that is cost-effective and turnkey. The under-banked market segment is typically underestimated in terms of their ability and willingness to spend. We believe the rewards mall provides them an opportunity to make everyday purchases with added value and benefits."

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 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 rapid! Financial Services:

rapid! Financial Services, located in Saint Petersburg, Florida, is a leading provider of financial products and services that enable its customers to have fast, flexible and inexpensive access to money. rapid! PayCard is a revolutionary way to pay employees. Employees can have their payroll directly deposited onto the rapid! PayCard. The rapid! PayCard is not a credit card; it is a pre-paid debit card and requires no credit check or checking account.

"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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