deen
 
 
 
 

MediaNet Group

Publimedia Joins DubLi Partner Program

April 23rd, 2012  |  Published in BSP Rewards, DubLi Network, DubLi Partner, DubLicom Ltd., MediaNet Group



BOCA RATON, FL – April 23, 2012 – DUBLICOM Limited, a wholly-owned subsidiary of MediaNet Group Technologies, Inc. (OTCQB: MEDG), a global online shopping and entertainment community, today announced that it has launched, in conjunction with Publimedia, a division of Grupo Gestevision Telecinco, S.A., the top-rated television station in Spain, the first DubLi Partner Program under its newly-revised Customized Partner Program platform.

The DubLi Partner Program is a white-label web solution that delivers all the DubLi.com products to the Partner under their branded identity. The new partnership will leverage DubLi’s current platform in the Spanish market and allow Publimedia’s internet viewers to take advantage of the unique value proposition offered by DubLi’s Fun Shopping Auctions, Virtual Shopping Mall and Entertainment platforms. Publimedia’s program will use the “nosoloshopping” brand and will allow Publimedia’s customers from all over Spain to experience savings on their everyday shopping through the nosoloshopping portal. .

Michael Hansen, President and Chief Executive Officer of MediaNet Group Technologies, stated, “We are extremely pleased that Publimedia has decided to join the DubLi Partner Program. This relationship will assist Publimedia with enhancing their brand loyalty and delivering additional value to their customers while simultaneously showcasing DubLi as a leader in the global ecommerce market and expanding the DubLi product offerings to Spain’s population.”

About MediaNet Group Technologies, Inc.:
MediaNet Group Technologies, Inc. (OTCQB: MEDG), through its wholly-owned subsidiaries under the DubLi brand addresses consumer needs both online and offline through innovative engagement models, as well as virtual shopping experiences. Through its DubLi.com website, the company also creates tremendous opportunities by helping entrepreneurs both large and small create micro-distributor organizations by joining Dublinetwork.com. MediaNet Group Technologies main focus is to provide consumers around the world with the highest online value for their shopping and entertainment opportunities. The foundation of MediaNet Group was built upon an innovative business concept, a global presence and a consumer-centric business model that seeks to capitalize on global economic trends and changing consumer behaviors. The central hub of the MediaNet Group universe is DubLi.com, a comprehensive online shopping and entertainment community. DubLi Network is the sales and marketing engine for DubLi.com that is driven by a marketing network of Business Associates who use word-of-mouth advertising, the most effective form of direct selling, to sell a variety of memberships and packages that generate traffic to DubLi.com. DubLi Partner offers a white-label version of its DubLi.com platform giving participating organizations a professional, reliable web presence while providing access to DubLi’s global online shopping and entertainment community. BSP Rewards, also known as DubLi Shopping, is responsible for the management and operations of DubLi’s Shopping Mall platforms around the world. MediaNet Group is emerging as a leading provider of innovative shopping and entertainment solutions to consumers in over 100 countries.
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. Statements contained herein regarding our plans for developing the Global Shopping Mall concept even further in 2012 with the addition of new merchants and more products are examples of 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) our inability to establish and maintain a large, growing base of business associates; (ii) our inability to maintain the initial success of our Xpress Gift Card concept, (iii) our inability to develop and maintain successful new shopping opportunities which are accepted by our customers (iv)an inability to develop and/or maintain brand awareness for our online auctions; (v) a failure to maintain the competitive bidding environment for our online auctions; and (vi) a failure to adapt to technological change. The Company is also subject to the risks and uncertainties described in its filings with the Securities and Exchange Commission, including its Annual Report on Form 10-K for the year ended September 30, 2011.
###

DubLi Announces National Customer Acquisition and Branding Campaign

April 17th, 2012  |  Published in BSP Rewards, DubLi Network, DubLi Partner, DubLicom Ltd., MediaNet Group


-Debut’s 30-Minute Infomercial in 13 Major US Cities-

BOCA RATON, FL – April 17, 2012 — MediaNet Group Technologies, Inc. (OTCQB: MEDG), a global marketing company that provides consumers around the world with a variety of innovative shopping and entertainment opportunities, announced that commencing on April 18, 2012 DubLi will launch its customer acquisition and branding campaign via a 30-minute infomercial on national television.

The 30-minute segment, called “The Deal,” will be a talk-show format designed to educate consumers on the value proposition offered by DubLi’s online shopping and entertainment community. The program will launch, initially, in 13 US cities including New York, Los Angeles, Chicago, Boston, Miami, Seattle and Denver on NBC, ABC, Fox and CBS and MyTV. Beginning in May, the Company intends to introduce the infomercial on five National Cable Networks, including USA Network, HGTV, CNBC and Fox Business News all of which cover over 90 million US households.
Michael Hansen, President and Chief Executive Officer of MediaNet Group Technologies and Founder of DubLi, stated, “We are excited to showcase the unique product offerings and value proposition of the DubLi to the National US audience. In keeping with our strategic plan for fiscal 2012 to WIN more customers and build our basis of paid subscribers, this launch is the first of many opportunities for us to demonstrate DubLi’s shopping and entertainment platform while building trust and credibility in the DubLi brand.”

Through the infomercial, DubLi is offering a 30-day trial V.I.P. Membership to first-time customers. Trial members will receive all the benefits and privileges of the V.I.P. Membership, including 25 free credits to use on the DubLi auctions and a DubLi Prepaid MasterCard with $25.00 loaded onto their card.

About MediaNet Group Technologies, Inc.:

MediaNet Group Technologies, Inc. (OTCQB: MEDG), through its wholly-owned subsidiaries under the DubLi brand addresses consumer needs both online and offline through innovative engagement models, as well as virtual shopping experiences. Through its DubLi.com website, the company also creates tremendous opportunities by helping entrepreneurs both large and small create micro-distributor organizations by joining Dublinetwork.com. MediaNet Group Technologies main focus is to provide consumer’s around the world with the highest online value for their shopping and entertainment opportunities. The foundation of MediaNet Group was built upon an innovative business concept, a global presence and a consumer-centric business model that seeks to capitalize on global economic trends and changing consumer behaviors. The central hub of the MediaNet Group universe is DubLi.com, a comprehensive online shopping and entertainment community. DubLi Network is the sales and marketing engine for DubLi.com that is driven by a marketing network of Business Associates who use word-of-mouth advertising, the most effective form of direct selling, to sell a variety of memberships and packages that generate traffic to DubLi.com. DubLi Partner offers a white-label version of its DubLi.com platform giving participating organizations a professional, reliable web presence while providing access to DubLi’s global online shopping and entertainment community. BSP Rewards, also known as DubLi Shopping, is responsible for the management and operations of DubLi’s Shopping Mall platforms around the world. MediaNet Group is emerging as a leading provider of innovative shopping and entertainment solutions to consumers in over 100 countries.
Additional information about the Company is available in its filing with the Securities and Exchange Commission at www.sec.gov.

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 productive 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; (v) a failure to comply with governmental laws and regulations applicable to our business; and (vi) 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 Annual Report on Form 10-K for the fiscal year ended September 30, 2011.

MediaNet Group Technologies Intends To Apply for a NASDAQ Listing

April 16th, 2012  |  Published in BSP Rewards, DubLi Network, DubLi Partner, DubLicom Ltd., MediaNet Group


BOCA RATON, FL – April 16, 2012 — MediaNet Group Technologies, Inc. (OTCQB: MEDG), a global marketing company that provides consumers around the world with a variety of innovative shopping and entertainment opportunities, announced that it intends to apply for listing on the NASDAQ Stock Market during 2012.

Speaking at a corporate event this past weekend in Boca Raton, Florida, Michael Hansen, President and Chief Executive Officer of MediaNet Group stated “We believe that our growth and development as a company, particularly over the last few quarters, has brought us into a new league as a global presence in online shopping and entertainment.  As such, we would like to make our company shares more readily marketable to investors, partners and customers around the world and position MediaNet and our DubLi brand among the foremost public companies.”

About MediaNet Group Technologies, Inc.:

MediaNet Group Technologies, Inc. (OTCQB: MEDG), through its wholly-owned subsidiaries under the DubLi brand addresses consumer needs both online and offline through innovative engagement models, as well as virtual shopping experiences. Through its DubLi.com website, the company also creates tremendous opportunities by helping entrepreneurs both large and small create micro-distributor organizations by joining Dublinetwork.com.  MediaNet Group Technologies main focus is to provide consumers around the world with the highest online value for their shopping and entertainment opportunities.  The foundation of MediaNet Group was built upon an innovative business concept, a global presence and a consumer-centric business model that seeks to capitalize on global economic trends and changing consumer behaviors.  The central hub of the MediaNet Group universe is DubLi.com, a comprehensive online shopping and entertainment community.  DubLi Network is the sales and marketing engine for DubLi.com that is driven by a marketing network of Business Associates who use word-of-mouth advertising, the most effective form of direct selling, to sell a variety of memberships and packages that generate traffic to DubLi.com.  DubLi Partner offers a white-label version of its DubLi.com platform giving participating organizations a professional, reliable web presence while providing access to DubLi’s global online shopping and entertainment community.  BSP Rewards, also known as DubLi Shopping, is responsible for the management and operations of DubLi’s Shopping Mall platforms around the world.  MediaNet Group is emerging as a leading provider of innovative shopping and entertainment solutions to consumers in over 100 countries.

Additional information about the Company is available in its filing with the Securities and Exchange Commission at www.sec.gov.

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 productive 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; (v) a  failure to comply with governmental laws and regulations applicable to our business; and (vi) 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 Annual Report on Form 10-K for the fiscal year ended September 30, 2011.

MediaNet Group Technologies Wins Declaratory Judgment For The Return of $2.13 Million

April 2nd, 2012  |  Published in BSP Rewards, DubLi Network, DubLi Partner, DubLicom Ltd., MediaNet Group

BOCA RATON, FL – April 2, 2012 — MediaNet Group Technologies, Inc. (OTCQB: MEDG), a global marketing company that provides consumers around the world with a variety of innovative shopping and entertainment opportunities, today announced that it has won a declaratory judgment in favor of the Company and against National Merchant Center, Inc. (NMC) and First Data Merchant Services Corporation (“First Data”) for the immediate return of $2.13 million.  The judgment was made in the United States District Court, Central District of California, Southern Division.

Michael Hansen, President and Chief Executive Officer of MediaNet Group stated “We are extremely pleased that the Court quickly determined that NMC was unjustified in withholding our funds in reserve.  After having been denied the use of our own capital for an extended period of time, I am anxious and excited to redeploy these funds in support of our continued growth.”

A declaratory judgment was entered in favor of MediaNet Group Technologies, Inc. and against defendants NMC and First Data on MediaNet’s claim for Declaratory Relief regarding the issue of MediaNet’s claim to the immediate return of $2,133,852 of MediaNet’s funds, which were being held in a reserve account. MediaNet is entitled to immediate possession of the Reserve Funds.  The Court ordered the Clerk of Court to immediately release to MediaNet, all of the Reserve Funds which NMC deposited with the Court and NMC and First Data were ordered to immediately release to MediaNet the remaining amount of the Reserve Funds.

The Court ruled that MediaNet is the prevailing party on its claim for Declaratory Relief for the immediate return of the Reserve Funds, and that the Company may seek further relief based upon the Declaratory Judgment.

About MediaNet Group Technologies, Inc.:

MediaNet Group Technologies, Inc. (OTCQB: MEDG), through its wholly-owned subsidiaries under the DubLi brand addresses consumer needs both online and offline through innovative engagement models, as well as virtual shopping experiences. Through its DubLi.com website, the company also creates tremendous opportunities by helping entrepreneurs both large and small create micro-distributor organizations by joining Dublinetwork.com.  MediaNet Group Technologies main focus is to provide consumers around the world with the highest online value for their shopping and entertainment opportunities.  The foundation of MediaNet Group was built upon an innovative business concept, a global presence and a consumer-centric business model that seeks to capitalize on global economic trends and changing consumer behaviors.  The central hub of the MediaNet Group universe is DubLi.com, a comprehensive online shopping and entertainment community.  DubLi Network is the sales and marketing engine for DubLi.com that is driven by a marketing network of Business Associates who use word-of-mouth advertising, the most effective form of direct selling, to sell a variety of memberships and packages that generate traffic to DubLi.com.  DubLi Partner offers a white-label version of its DubLi.com platform giving participating organizations a professional, reliable web presence while providing access to DubLi’s global online shopping and entertainment community.  BSP Rewards, also known as DubLi Shopping, is responsible for the management and operations of DubLi’s Shopping Mall platforms around the world.  MediaNet Group is emerging as a leading provider of innovative shopping and entertainment solutions to consumers in over 100 countries.

Additional information about the Company is available in its filing with the Securities and Exchange Commission at www.sec.gov.

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 productive 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; (v) a  failure to comply with governmental laws and regulations applicable to our business; and (vi) 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 Annual Report on Form 10-K for the fiscal year ended September 30, 2011.

MediaNet Group Technologies Announces Results for the First Quarter of 2012

March 13th, 2012  |  Published in DubLi Network, DubLi Partner, DubLicom Ltd., MediaNet Group

- Charles Arizmendi to assume role of interim Chief Operating Officer-

BOCA RATON, FL – March 13, 2012 — MediaNet Group Technologies, Inc. (OTCQB: MEDG), a global marketing company that provides consumers around the world with a variety of innovative shopping and entertainment opportunities, today announced financial results for the fiscal first quarter ended December 31, 2011.

Michael Hansen, President and Chief Executive Officer of MediaNet Group stated “We continued to experience strong revenue growth during the first quarter as a result of the continued enthusiasm for our new Xpress auction format. Our business plan has been to use the Xpress auction platform to increase traffic and build our DubLi brand, which we are doing successfully. The sales growth that began in the third and fourth quarters of 2011 with $8.1 million and $9.6 million in revenue has now grown to $20.1 million in the first quarter of 2012. We are optimistic that our growth will continue through the balance of 2012 due to the increase in sales and marketing efforts. Our strategy, to build sales volume and increase web traffic, is expected to attract greater opportunities with advertisers and business partners.  We are investing heavily in marketing including discounts and bonuses to consumers to build our sales volume. Additionally, we have invested heavily in building our infrastructure, new technologies and attracting highly skilled employees to support our future growth and development. Although these tactics have resulted in current losses, we intend to recover our investment as the business grows and matures. We believe that our marketing efforts during 2012 will drive conversion to higher margin products and increased profitability.”

For the first quarter ended December 31, 2011, revenues increased 980% to $20.1 million compared to $1.9 million for the first quarter ended December 31, 2010 as a direct result of changing the format of the Xpress auction from low volume high margin goods, to high volume, low margin electronic gift cards.  This is in line with the company’s marketing strategy to attract traffic and business to our websites in order to drive incremental revenue from advertising and partner programs.  Gross profit for the quarter was $0.4 million, or 2.0% of revenue, down 82.7% compared to $1.5 million, or 82.7% of revenue, in the same period of 2010. Net loss for first quarter was $3.0 million resulting in a loss per basic and fully diluted share of $0.01, as compared to a net loss of $0.7 million, or a loss per basic and fully diluted share of $0.01 in the first quarter of 2011. For the first quarter 2012, the weighted average number of basic and fully diluted shares outstanding was 359,916,187 and 366,861,687, respectively as compared to the same period of 2011, when the weighted average number of basic and fully diluted shares outstanding was 244,211,496 and 246,623,881, respectively.  Net loss per share for both basic and fully diluted is computed on the weighted average number of basic shares outstanding because derivatives are considered anti-dilutive to net loss.

MediaNet reports net income or loss on a GAAP and non-GAAP basis. Non-GAAP net income or loss excludes non-cash expenses for depreciation, amortization and for stock-based compensation (“SBC”). In the first fiscal quarter 2012, the charge related to SBC was $1.4 million, compared to $0.2 in the first quarter of 2011 Depreciation and amortization was $0.03 million in the first quarter of 2012, compared to $0.3 million in 2011. The result is that Non-GAAP net loss for the first quarter ended December 31, 2011 was $1.5 million compared to Non-GAAP net loss of $0.8 million for the same period in 2011 or 7.6% and 42.4% of revenues, respectively. The non-GAAP measure is reconciled to the corresponding GAAP measures in the accompanying financial tables.

The Company also announced on February 15, 2012 that Charles Arizmendi has been named interim Chief Operating Officer as result of the resignation of Alessandro Annoscia who has resigned to attend to a personal situation.

Commenting on Mr. Annoscia’s efforts on behalf of the Company, Mr. Hansen stated, “During his tenure at MediaNet, Alessandro made significant contributions to the Company’s organizational development and technology infrastructure for which we will reap the benefits for many years to come.  We are grateful to have had him as part of our leadership team and wish him well in his future endeavors.  Since joining MediaNet in the later part of 2011, Charles Arizmendi has assumed tremendous responsibility for not only our Partner Program but also several other key areas of our business, which made him the natural interim successor to Alessandro.  The Company’s Board and management team are confident in Charles’ ability to continue the implementation and execution of the plans and strategies that were launched during 2011.  We look forward to his ongoing contributions to our organization.

About MediaNet Group Technologies, Inc.:

MediaNet Group Technologies, Inc. (OTCQB: MEDG), through its wholly-owned subsidiaries under the DubLi brand addresses consumer needs both online and offline through innovative engagement models, as well as virtual shopping experiences. Through its DubLi.com website, the company also creates tremendous opportunities by helping entrepreneurs both large and small create micro-distributor organizations by joining Dublinetwork.com.  MediaNet Group Technologies main focus is to provide consumers around the world with the highest online value for their shopping and entertainment opportunities.  The foundation of MediaNet Group was built upon an innovative business concept, a global presence and a consumer-centric business model that seeks to capitalize on global economic trends and changing consumer behaviors.  The central hub of the MediaNet Group universe is DubLi.com, a comprehensive online shopping and entertainment community.  DubLi Network is the sales and marketing engine for DubLi.com that is driven by a marketing network of Business Associates who use word-of-mouth advertising, the most effective form of direct selling, to sell a variety of memberships and packages that generate traffic to DubLi.com.  DubLi Partner offers a white-label version of its DubLi.com platform giving participating organizations a professional, reliable web presence while providing access to DubLi’s global online shopping and entertainment community.  BSP Rewards, also known as DubLi Shopping, is responsible for the management and operations of DubLi’s Shopping Mall platforms around the world.  MediaNet Group is emerging as a leading provider of innovative shopping and entertainment solutions to consumers in over 100 countries.

Additional information about the Company is available in its filing with the Securities and Exchange Commission at www.sec.gov.

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 productive 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; (v) a  failure to comply with governmental laws and regulations applicable to our business; and (vi) a failure to maintain 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 Annual Report on Form 10-K for the fiscal year ended September 30, 2011.

 

 

Presented below is selected financial information.  Readers are encouraged to read the Company’s Quarterly Report on Form 10-Q for the three months ended December 31, 2011 filed with the Securities and Exchange Commission.

MediaNet Group Technologies, Inc. and Subsidiaries

Condensed Consolidated Balance Sheets – Unaudited

   

December 31,

September 30,

Assets:

2011

2011

Current Assets:    
  Cash and cash equivalents

   $            785,590

 $        1,503,234

  Restricted cash

936,422

               448,161

  Accounts receivable

106,854

               253,095

  Inventories

157,962

               168,846

  Prepaid customer acquisition costs

6,710,127

            6,958,894

  Prepaid expenses

1,421,483

2,060,468

Total Current Assets

10,118,438

       11,392,698

   

Property and Equipment, net

240,586

               207,419

   

Other Assets:

  Restricted cash, net

1,864,073

            1,864,293

  Real estate contract, net

3,129,346

            3,203,847

  Other

95,476

                 74,651

Total Other Assets

5,088,895

            5,142,791

Total Assets

$       15,447,919

 $      16,742,908

   

Liabilities and Stockholders’ Equity (Deficit):

Current Liabilities:

  Accounts payable

$        1,851,400

 $        1,650,540

  Accrued and other liabilities

166,963

               229,118

  Loyalty points payable

280,366

               318,653

  Commissions payable

1,380,690

            1,128,355

  Deferred revenue

14,037,163

         13,830,389

  Note payable – related party

223,000

                          -

Total Current Liabilities

17,939,582

         17,157,055

   

Stockholders’ Equity (Deficit):

  Preferred stock- $0.01 par value, 50 million shares authorized, -0- and -0- outstanding, respectively

-

                          -

  Common stock -$.001 par value, 500 million shares authorized 361,402,057 and  359,802,057  issued and outstanding, respectively

361,402

               359,802

  Additional paid-in capital

12,797,698

        11,953,103

  Accumulated other comprehensive loss

(9,374)

               (85,923)

  Accumulated deficit

(15,641,389)

       (12,641,129)

Total Stockholders’ Equity (Deficit)

(2,491,663)

(414,147)

Total Liabilities and Stockholders’ Equity (Deficit)

$       15,447,919

$      16,742,908

 

 

 

MediaNet Group Technologies, Inc. and Subsidiaries    
Condensed Consolidated Statements of Operations  – Unaudited    
For the Three Months ended December 31,    

2011

2010

(Restated)

 
Revenues

$          20,110,564

 $             1,861,338

Direct cost of revenues

19,701,663

322,068

Gross profit

408,901

                1,539,270

Selling, general and administrative

3,407,908

                2,836,776

Loss from operations

(2,999,007)

                (1,297,506)

Interest  (expense) income – net

(1,253)

                      968

 

Loss from operations before income taxes

(3,000,260)

                 (1,296,538)

Income taxes – benefit (expense)

-

                              -

 

Net loss

(3,000,260)

                 (1,296,538)

Foreign currency translation adjustment

76,549

581,053

Comprehensive loss

$          (2,923,711)

$              (715,485)

Net loss per common share

Basic

 $                  (0.01)

 $                     (0.01)

Diluted

 $                  (0.01)

 $                     (0.01)

 

Weighted average shares outstanding:

Basic

359,916,187

            244,211,496

Diluted

366,861,687

            246,623,881

 

 

 

 

MediaNet Group Technologies, Inc. and Subsidiaries    
Condensed Consolidated Statements of Cash Flows – Unaudited    
For the Three Months Ended December 31,    
 

2011

2010

Cash flows from operating activities  

(Restated)

Net loss

$      (3,000,260)

$         (1,296,538)

Adjustments to reconcile net loss to net cash from operating activities:  
  Depreciation and amortization

33,641

                277,623

  Real estate impairment

-

367,292

  Option Agreement written off

-

250,000

  Stock based compensation

                1,431,681

230,438

  Promotional DubLi Credits

                  9,879

                  86,749

Changes in operating assets and liabilities:

  Restricted cash

(533,082)

              (114,555)

  Accounts receivable

140,656

                  16,197

  Inventory

2,636

                  63,918

  Prepaid expenses

                (21,053)

                (39,018)

  Prepaid customer acquisition costs

(100,055)

                (12,881,885)

  Accounts payable

835,709

                (20,537)

  Accrued liabilities

(223,510)

                  97,421

  Accrued loyalty points

                (38,287)

                (26,233)

  Commission payable

311,992

              (263,310)

  Deferred revenue

931,122

12,979,008

Net cash used in operations

(218,931)

              (273,430)

   

Investing activities:

  Purchases of equipment and software

(68,682)

                      (281)

  Payments on real estate contract

(273,817)

              (150,000)

  Other assets

(20,826)

                (45,047)

  Restricted cash

(96,174)

                130,588

Net cash used in investing activities

(459,499)

                (64,740)

   

Financing activities

  Proceeds from note payable -  related party

-

                207,707

  Repayments of note payable

-

                (37,895)

Net cash provided by financing activities

-

                169,812

   

Effect of exchange rate changes on cash

(39,214)

                  40,724

   

Net decrease in cash and equivalents

(717,644)

              (127,634)

Cash and cash equivalents at beginning of period

1,503,234

                487,171

Cash and cash equivalents at end of period

   $           785,590

$             359,537

   

Supplemental cash flow information:

 

 

  Cash paid for interest

 $              1,253

 $                 2,498

  Cash paid for income taxes

                           -  

                           -  

Non-cash transactions

 

 

  Foreign currency translation adjustment

76,549

581,053

  Proceeds from note payable -  related party

223,000

-

The following table reconciles the non-GAAP measures to the corresponding GAAP measures:

 

For the Three Months ended December 31,

 

2011

2010

Non-GAAP Measures  

Net income (loss)

                (3,000,260)

                (1,296,538)

Depreciation and amortization

                        33,641

                      277,623

Stock based compensation

                  1,431,681

                      230,438

Non-GAAP net income (loss)

                    (1,534,938)

                    (788,477)

 

 

DubLi Takes ACTION: Announces Sponsorship of Strongman Competition

February 24th, 2012  |  Published in BSP Rewards, DubLi Network, DubLi Partner, DubLicom Ltd., MediaNet Group

BOCA RATON, FL – February 24, 2012 — DubLi.com Limited, a wholly-owned subsidiary of MediaNet Group Technologies, Inc. (OTCQB: MEDG), a global shopping and entertainment community, today announced that it was the lead sponsor for the Strongman Champions League in Sarajevo, Bosnia which will be televised on Eurosport on Friday, February 24, 2012.

The Strongman Champions League (SCL) is a series of 12-16 competitions around the world, the biggest tour on the professional strongman circuit.  A minimum of 12 athletes compete in each contest and points from each even accumulate towards the Champions League Winner at the end of each year.  The top five finishers of SCL are invited to participate in the World’s Strongest Man competition hosted by IMG.  The competition venues are selected from among the best in each host country and include traditional elements into each country’s event.  The season opener for the SCL 2012 season will be held inLapland,Finland, March 9-10, 2012.

The Strongman sport guarantees a great battle and spectacular competition and is televised around the world, not only in the organizing country but alsoAsiaand on Eurosport 1 and 2. Coming off a successful 2011 season, Strongman Champions League is growing again: 16 international shows will be hosted in 2012.  Among them are: The World Strongest Team championship, the woman’s World championships and 14 SCL shows all over the world.

Michael Hansen, Founder, President and Chief Executive Officer of DubLi.com, stated “We were honored to be asked to participate as the lead sponsor in the Strongman Champions League event in Sarajevo.  For a minimal investment, the Eurosport broadcast, among others is just another avenue by which to showcase the DubLi brand around the world, many of which we have a loyal following of DubLi customers. We are excited about the intangible benefits from the broadcast of the competition as we enhanced the brand recognition of the DubLi name.”

About DubLi.com:

DubLi.com Limited, a wholly-owned subsidiary of MediaNet Group Technologies, Inc. (OTCQB: MEDG). Free membership provides customers with their own personalized shopping and entertainment experience.  Customers can search millions of their favorite products and services with one click, compare shops and prices on one page, then buy from the world’s leading, brand name merchants and earn Cashback on every purchase. Over the last 8 years, DubLi has also developed a number of exciting trusted platforms that are only available to its Members.  For example, the Unique bid auctions enable customers to purchase luxury items at up to 99% savings off their retail price. The Xpress Giftcard auctions provide customers the opportunity to purchase discounted Giftcards that can be used, both online and offline, anywhere in the world. Customers also have unlimited FREE access to the most extensive online entertainment portal in the world… including music, games and more.  Founded in 2003, DubLi has emerged as the global shopping and entertainment leader serving millions of customers in over 100 countries.

Additional information about the Company is available in its filing with the Securities and Exchange Commission at www.sec.gov

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 productive 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; (v) a  failure to comply with governmental laws and regulations applicable to our business; and (vi) 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 Annual Report on Form 10-K for the fiscal year ended September 30, 2011.

MediaNet Group Technologies Announces Results for Fiscal Year 2011

February 1st, 2012  |  Published in MediaNet Group

- A building year for future growth –

BOCA RATON, FL – February 1, 2012 — MediaNet Group Technologies, Inc. (OTCQB: MEDG) is a global marketing company that provides consumers around the world with a variety of innovative shopping and entertainment opportunities, today announced financial results for the fiscal year ended September 30, 2011.

“The year progressed as we planned,” said Michael Hansen, President and Chief Executive Officer of MediaNet Group.  “We used the first two quarters to strengthen our team, our systems, and our product offerings and it paid off for us in the second half of fiscal 2011 with increased sales transactions through our portals and much improved revenues.”  Mr. Hansen continued, “Due to the favorable response to our new Xpress auction format, I remain very excited about our prospects for 2012.”

Mark Mroczkowski, MediaNet Group’s Chief Financial Officer added, “Our top line revenues grew incrementally each quarter improving from $1.8 million in the first quarter to $9.6 million in the fourth quarter. Total cash sales before deferring unearned revenue also grew significantly from $3.4 million in Q1 to $9.9 million in Q4.”

Mr. Hansen continued, “I expect our strong second half performance to carry into 2012 as we have experienced continued growth during the first quarter of 2012.”  “We have not yet realized the potential growth from our new infomercial program that will launch during the first half of 2012, the new Partner Program and our expanding network of Business Associates around the world.”  “These initiatives are important elements towards further building the foundation of our Company.”

For the year ended September 30, 2011, revenues increased 141% to $23.8 million compared to $9.9 million for the year ended September 30, 2010. Gross profit for the year was $7.9 million, or 34% of revenue, up 75.4% compared to $4.6 million, or 46% of revenue, in the same period of 2010. Net loss for fiscal year 2011 was $4.2 million resulting in a loss per basic and fully diluted share of $0.01, as compared to a net loss of $5.1 million, or a loss per basic and fully diluted share of $0.18 in fiscal 2010. For the fiscal year 2011, the weighted average number of basic and fully diluted shares outstanding was 291,220,047 and 295,147,627, respectively as compared to the same period of 2010, when the weighted average number of basic and fully diluted shares outstanding was 28,822,142 and 272,326,574, respectively.  Net loss per share for both basic and fully diluted is computed on the weighted average number of basic shares outstanding because derivatives are considered anti-dilutive to net loss.

MediaNet reports net income or loss on a GAAP and non-GAAP basis. Non-GAAP net income excludes non-cash expenses for depreciation, amortization and for stock-based compensation (“SBC”). In fiscal year 2011, the charge related to SBC was $2.6 million, compared to $.6 in fiscal year 2010 Depreciation and amortization was $0.9 million in fiscal year 2011, compared to $0.7 million in 2010. The result is that Non-GAAP net loss for the year ended September 30, 2011 was $0.7 million compared to Non-GAAP net loss of $3.8 for the same period in 2010 or 2.8% and 38.1% of revenues, respectively. The non-GAAP measure is reconciled to the corresponding GAAP measures in the accompanying financial tables.

During 2011, we continued the improvement process we began last year. These enhancements include IT system improvements, employee upgrades, new offices and new web portals. All of these initiatives have contributed to an overall $1.8 million increase in selling, general and administrative (“SGA”) costs. SGA costs included $2.6 million and $0.6 million of stock based compensation needed to attract the talent that will successfully grow the Company. As a result, SGA costs before SBC actually declined by $0.2 million.

“As we build, grow and better understand our markets, our customers and our opportunities, we will enhance and refine our products, their delivery and the resources required to support our businesses.  We are in a dynamic marketplace, and MediaNet must and will be flexible and creative in meeting its ever changing needs and demands.  We believe this year of continuing growing pains has positioned us for considerable success in the future,” continued Mr. Hansen.

About MediaNet Group Technologies, Inc.:

MediaNet Group Technologies, Inc. (OTCQB: MEDG), through its wholly-owned subsidiaries under the DubLi brand addresses consumer needs both online and offline through innovative engagement models, as well as virtual shopping experiences. Through its DubLi.com website, the company also creates tremendous opportunities by helping entrepreneurs both large and small create micro-distributor organizations by joining Dublinetwork.com.  MediaNet Group Technologies main focus is to provide consumers around the world with the highest online value for their shopping and entertainment opportunities.  The foundation of MediaNet Group was built upon an innovative business concept, a global presence and a consumer-centric business model that seeks to capitalize on global economic trends and changing consumer behaviors.  The central hub of the MediaNet Group universe is DubLi.com, a comprehensive online shopping and entertainment community.  DubLi Network is the sales and marketing engine for DubLi.com that is driven by a marketing network of Business Associates who use word-of-mouth advertising, the most effective form of direct selling, to sell a variety of memberships and packages that generate traffic to DubLi.com.  DubLi Partner offers a white-label version of its DubLi.com platform giving participating organizations a professional, reliable web presence while providing access to DubLi’s global online shopping and entertainment community.  BSP Rewards, also known as DubLi Shopping, is responsible for the management and operations of DubLi’s Shopping Mall platforms around the world.  MediaNet Group is emerging as a leading provider of innovative shopping and entertainment solutions to consumers in over 100 countries.

Additional information about the Company is available in its filing with the Securities and Exchange Commission at www.sec.gov.

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 productive 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; (v) a  failure to comply with governmental laws and regulations applicable to our business; and (vi) 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 Annual Report on Form 10-K for the fiscal year ended September 30, 2011.

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MediaNet Group Technologies Appoints Charles Arizmendi as Executive Vice President of Enterprise Business Unit

November 28th, 2011  |  Published in BSP Rewards, DubLi Network, DubLi Partner, DubLicom Ltd., MediaNet Group

BOCA RATON, FL – November 28, 2011 - MediaNet Group Technologies, Inc. (OTCQB: MEDG), a global shopping and entertainment community, today announced that Charles Arizmendi has been named Executive Vice President of Enterprise Business Unit, reporting directly to Alessandro Annoscia, Chief Operating Officer.

The role of Executive Vice President of Enterprise Business Unit, is new within the Company, and will lead the strategic sales and marketing efforts of DubLi’s Partner Program around the world, establishing a global network of professional sellers as well as all operating and development resources related to the Partner Program.  Mr. Arizmendi will be based out of the Company’s Corporate Headquarters in Boca Raton, Florida.

Mr. Arizmendi brings to MediaNet Group over 22 years of experience in the IT and Computer Software Industries, most recently as Vice President and Chief Operating Officer at BitDefender, a leading security software manufacturer in Eastern Europe.  At BitDefender, Mr. Arizmendi primary function was for accelerating the Company’s global footprint.  As such, he was responsible for the strategic and operational leadership of BitDefender’s global sales, marketing and customer service teams.  Mr. Arizmendi was responsible for launching BitDefender’s new partner program, the strategic realignment of the Company’s retail operations and the acquisition of new distributors around the world.

Prior to joining BitDefender in September 2010, Mr. Arizmendi spent 17 years with Microsoft, most recently as Senior Director of Channel Development, Sales, Marketing and Programs for Microsoft Central and Eastern Europe.  In this capacity, he designed and directed all activities related to building sales and marketing throughout all Microsoft channels, for all Microsoft solutions and for each customer segment.  Under Mr. Arizmendi’s leadership, the CEE region gained the most points worldwide in partner satisfaction; driven primarily by strong profit making initiatives.  Prior to his work within Microsoft’s SMB operations, Mr. Arizmendi spent 11 years in various positions within Microsoft’s Services organization, from commencing small professional services practices in the Latin American region to managing Microsoft’s technical relationship with The White House to a temporary position of Chief Operating Officer for all of Microsoft’s Latin American Services Businesses.

Michael Hansen, President and Chief Executive Officer of MediaNet Group Technologies stated, “In reviewing our strategy for the growth and development of the DubLi Partner Program, we identified a skill set that was required for this new key position within the Company.  Charles’ background, experience and strategic marketing expertise exceeded our expectations for the perfect candidate.  We are excited that Charles will be part of our growing executive team and look forward to his contributions as we commence the sales and marketing efforts of the Partner Program significantly, in 2012.  His experience in developing global sales initiatives as well as his expertise in both Central and Eastern Europe and Latin America, two important markets for DubLi, will undoubtedly prove extremely valuable to the entire DubLi organization.”

Charles Arizmendi continued, “I have been watching and admiring DubLi for several years now, so it was without second thought that I would join this exciting Company. Under Michael and Alessandro’s leadership and direction, I am prepared to take on the world with the DubLi Partner Program and welcome the opportunity to share what I have admired with others around the globe. DubLi’s business model is well positioned to take advantage of the world’s global shopping and entertainment arena and I look forward to enhancing Michael’s vision and executing new strategies for growth.”

About MediaNet Group Technologies, Inc.:

MediaNet Group Technologies, Inc. has created a global online shopping community that includes its reverse auction concept, Shopping Mall platform and Entertainment portal.  The Company’s unique operating strategy combines online shopping with its distribution network to reach customers directly on a global scale.

The foundation of MediaNet Group is grounded in innovative technology, a global platform and an expertise in understanding and capitalizing on global economic trends and changing consumer behaviors.  The central hub of the MediaNet Group community is DubLi.com from which all other components of the business model are derived.  Additional information about the Company is available in its filing with the Securities and Exchange Commission at www.sec.gov.

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 maintain adequate internal controls. The Company is also subject to the risks and uncertainties described in its filings with the Securities and Exchange Commission, including its Annual Report on Form 10-K for the year ended September 30, 2010.

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DubLi Launches First-Ever Global Shopping Mall

November 1st, 2011  |  Published in BSP Rewards, DubLi Network, DubLi Partner, DubLicom Ltd., MediaNet Group

BOCA RATON, FL – November 1, 2011 - MediaNet Group Technologies, Inc. (OTCQB: MEDG), a global shopping and entertainment community, today announced that it has launched its Global Shopping Mall to serve DubLi customers all over the world.

DubLi’s Global Shopping Mall includes over 10 million products from 400 merchants that ship to 214 countries. The DubLi Global Shopping Mall draws its merchant base from the US and the UK.  When a customer visits the Global Shopping Mall from anywhere in the world, it immediately determines their IP address and displays all prices in their local currency. The Global Shopping Mall also displays only products and merchants that will ship to the customer’s country of residence. Like DubLi’s Shopping Malls in Germany, the US, Spain, Australia and Denmark, the Global Shopping Mall allows customers to shop by merchant name and category.

Michael Hansen, President and Chief Executive Officer stated, “DubLi’s strategy has always been to offer our global customers access to all things DubLi on a localized level and the Global Shopping Mall certainly accomplishes this mission. We are excited about developing the Global Shopping Mall concept even further in 2012 with the addition of new merchants and more products.  In conjunction with the launch of the Global Shopping Mall, we have also debuted our Mall Daily Deals and Current Specials page to deliver specialized offers to our customers around the world and drive repeat traffic to our websites.”

About MediaNet Group Technologies, Inc.:

MediaNet Group Technologies, Inc. has created a global online shopping community that includes its reverse auction concept, Shopping Mall platform and entertainment portal.  The Company’s unique operating strategy combines online shopping with its distribution network to reach customers directly on a global scale.

The foundation of MediaNet Group is built on innovative technology, a global platform and an expertise in understanding and capitalizing on global economic trends and changing consumer behaviors.  The central hub of the MediaNet Group community is DubLi.com from which all other components of the business model are derived.  Additional information about the Company is available in its filing with the Securities and Exchange Commission at www.sec.gov.

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. Statements contained herein regarding our plans for developing the Global Shopping Mall concept even further in 2012 with the addition of new merchants and more products are examples of 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) our inability to establish and maintain a large, growing base of business associates; (ii) our inability to maintain the initial success of our Xpress Gift Card concept, (iii) our inability to develop and maintain successful new shopping opportunities which are accepted by our customers (iv)an inability to develop and/or maintain brand awareness for our online auctions; (v) a failure to maintain the competitive bidding environment for our online auctions; and (vi) a failure to adapt to technological change. The Company is also subject to the risks and uncertainties described in its filings with the Securities and Exchange Commission, including its Annual Report on Form 10-K for the year ended September 30, 2010.

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DubLi Reaches 50,000 Xpress Gift Card Reverse Auction Sold

October 5th, 2011  |  Published in DubLi Network, DubLi Partner, DubLicom Ltd., MediaNet Group

BOCA RATON, FL – October 3, 2011 - MediaNet Group Technologies, Inc. (OTCQB: MEDG), a global shopping and entertainment community, today announced that it has sold 50,000 of its DubLi Xpress Gift Card Reverse Auctions since the launch on May 11, 2011.

Michael Hansen, President and Chief Executive Officer stated, “Reaching 50,000 Xpress Gift Cards sold is an exciting milestone, one that demonstrates the validity of the concept.  We will continue to review, evaluate and enhance our reverse auctions, both Xpress and Unique. The Gift Card concept is illustrative of our plans and goals for the future of the Company, to create new and dynamic shopping opportunities that put our global customers on equal footing wherever in the world they reside.”

Consumers around the world bid on six different Gift Card categories, concurrently.  Each time a consumer bids on a Gift Card, the current price of that Gift Card is revealed and its price, simultaneously, is lowered by 0.20 (USD, AUD or Euro.)  Successful bidders may purchase the Gift Card for the displayed price and then use the proceeds to purchase goods and services from virtually anywhere they choose including the DubLi Shopping Malls.  Consumers who wish to participate in the new Xpress Gift Card auctions must first register for the DubLi VIP Member package, a complete access pass to everything DubLi.

About MediaNet Group Technologies, Inc.:

MediaNet Group Technologies, Inc. has created a global online shopping community that includes its reverse auction concept, shopping mall platform and entertainment portal.  The Company’s unique operating strategy combines online shopping with its distribution network to reach customers directly on a global scale.

The foundation of MediaNet Group is built on innovative technology, a global platform and an expertise in understanding and capitalizing on global economic trends and changing consumer behaviors.  The central hub of the MediaNet Group community is DubLi.com from which all other components of the business model are derived.  Additional information about the Company is available in its filing with the Securities and Exchange Commission at www.sec.gov.

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. Statements contained herein regarding the validity of our Xpress and Unique gift card concepts and our plans for new and unique shopping opportunities are examples of  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) our inability to establish and maintain a large, growing base of business associates; (ii) our inability to maintain the initial success of our Xpress Gift Card concept, (iii) our inability to develop and maintain successful new shopping opportunities which are accepted by our customers (iv)an inability to develop and/or maintain brand awareness for our online auctions; (v) a failure to maintain the competitive bidding environment for our online auctions; and (vi) a failure to adapt to technological change. The Company is also subject to the risks and uncertainties described in its filings with the Securities and Exchange Commission, including its Annual Report on Form 10-K for the year ended September 30, 2010.

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