Building Our DubLi Brand with Unprecedented Growth

BOCA RATON, FL – May 11, 2012 — MediaNet Group Technologies, Inc. (OTCQB: MEDG), a global marketing company that provides consumers around the world with a variety of innovative, online shopping and entertainment opportunities, today announced financial results for the fiscal second quarter and six months ended March 31, 2012.

Michael Hansen, President and Chief Executive Officer of MediaNet Group stated “We further improved upon our first quarter surge in revenue growth by 46% during the second quarter as a result of the continued enthusiasm for our auctions. We continue to increase traffic and build our DubLi brand with unprecedented growth. The sales growth that began in the third and fourth quarters of 2011 has now grown to $29.4 million in the second quarter of 2012 and $49.5 million for the first half of fiscal year 2012. We are particularly pleased with our growth during this quarter, given that it is typically the weakest quarter of the year in all shopping segments. We expect our growth to continue to increase even more rapidly in the third quarter of 2012 due to the success of the new Xpress auction format, the growth of our network marketing associates and increased marketing efforts that include our new infomercial now airing in select markets in the U.S. Our strategy, to build sales volume and increase web traffic, is beginning to attract greater opportunities with business partners such as Publimedia, a division of Grupo Gestevision Telecinco, S.A., the top-rated television station in Spain. We are continuing to expand our investment in marketing, especially discounts and bonuses to consumers which are very effective in rapidly increasing our sales volume. Our investment in building our infrastructure is continuous and designed to support our future growth and development. We believe that our marketing efforts during 2012 will drive conversion to higher margin products and increased profitability.”

For the second quarter ended March 31, 2012, revenues increased 600% to $29.4 million compared to $4.1 million for the second quarter ended March 31, 2011This 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 $0.2 million, or 1.0% of revenue, down 89% compared to $2.1 million, or 51% of revenue, in the same period of 2011. 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. Net loss for second quarter was $2.9 million resulting in a loss per basic and fully diluted share of $0.01, as compared to a net loss of $0.8 million, or a loss per basic and fully diluted share of $0.00 in the second quarter of 2011. For the second quarter 2012, the weighted average number of basic and fully diluted shares outstanding was 361,481,056 and 374,563,284, respectively as compared to the same period of 2011, when the weighted average number of basic and fully diluted shares outstanding was 247,129,155 and 249,696,480, 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.

For the six months ended March 31, 2012, revenues increased 717% to $49.5 million compared to $6.1 million for the six months ended March 31, 2011. Gross profit for the half year was $0.6 million, or 1% of revenue, compared to $3.6 million, or 61% of revenue, in the same period of 2011. Net loss for the first half of fiscal 2012 was $5.9 million resulting in a loss per basic and fully diluted share of $0.02, as compared to a net loss of $2.1 million, or a loss per basic and fully diluted share of $0.01 in the first half of 2011. For the first six months of fiscal 2012, the weighted average number of basic and fully diluted shares outstanding was 360,694,346 and 370,691,443, respectively as compared to the same period of 2011, when the weighted average number of basic and fully diluted shares outstanding was 246,148,800 and 248,645,221, 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 second fiscal quarter 2012, the charge related to SBC was $1.5 million, compared to $0.3 in the second quarter of 2011 Depreciation and amortization was $0.02 million in the second quarter of 2012, compared to $0.2 million in 2011. The result is that Non-GAAP net loss for the second quarter ended March 31, 2012 was $1.4 million compared to Non-GAAP net loss of $0.3 million for the same period in 2011 or 4.6% and 7.3% of revenues, respectively. The non-GAAP measure is reconciled to the corresponding GAAP measures in the accompanying financial tables.

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 and six months ended March 31, 2012 filed with the Securities and Exchange Commission.

MediaNet Group Technologies, Inc. and Subsidiaries
Condensed Consolidated Balance Sheets – Unaudited

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

BOCA RATON, FL – May 16, 2011 - MediaNet Group Technologies, Inc. (OTCQB: MEDG), a global shopping and entertainment community, today announced  results for the second quarter and six months ended March 31, 2011.

For the second quarter ended March 31, 2011, revenues were $3.1 million compared to $6.3 million for the second quarter ended March 31, 2010.  Gross profit for the quarter was $1.8 million, or 56% of revenue, compared to $2.8 million, or 42% of revenue, in the same period of 2010.  The net loss for the second quarter was $1.4 million, resulting in a loss per basic share of $0.01 and fully diluted share of $0.00, compared to net income of $1.3 million, or earnings per basic and fully diluted share of $0.04 and $0.00, respectively, in the comparable 2010 period.  For the second quarter of 2011, the weighted average number of basic and fully diluted shares outstanding was 247,129,155 and 249,696,480, respectively, as compared to the same period of 2010, when the weighted average of basic and fully diluted shares outstanding was 28,484,206 and 339,037,717 respectively.

Revenue for the six month period ended March 31, 2011 was $6.5 million compared to $10.6 million reported in the six month period ended March 31, 2010.  Gross profit for period was $3.5 million, or 52% of revenue, compared to $3.9 million or 37% percent of revenue in the comparable 2010 period.  The net loss for the six month period was $1.9 million or $0.01 basic and $0.00 per fully diluted per share, compared to net income of $1.7million, or earnings per basic share of $0.06 and $0.01 on a fully diluted basis in the 2010 six month period.  For the six month period of 2011, the weighted number of basic and fully diluted shares outstanding was 246,148,800 and 248,645,221, respectively, as compared to the same period of 2010, when the weighted number of basic and fully diluted shares outstanding was 28,484,206 and 277,167,462, respectively.

Michael Hansen, President and Chief Executive Officer stated, “We have spent the last few years planning the makeover of the DubLi product line which was largely implemented during first half of fiscal 2011.  As such, revenues were in line with our expectations, which took into account the transition period for our new technology platforms and the extensive training, development and education of our global sales force in order to enhance their productivity with our new product offerings.”

Mr. Hansen continued, “Following the investment and efforts in developing our product offering during these last few quarters, we believe we are well-positioned to maximize and capitalize on our shopping concept and business strategy. We expect the improvements to our business model and technology platforms to facilitate the global market penetration and acceptance of our products.   In addition, we fully expect to not only cast a wider net, but also to garner greater loyalty and additional discretionary spending from our customers, Business Associates and partners around the world.”

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.

The following Table summarizes the Company’s results of operations for the second quarter and six month periods ended March 31, 2011 and March 31, 2010

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