MediaNet Group Technologies, Inc. Amends 10Q
MARGATE, FL – June 2, 2008 -- MediaNet Group Technologies, Inc. (OTCBB: MEDG), the largest online mall and affinity program platform through its BSP Rewards subsidiary, previously announced a first quarter net loss of $179,031 or a loss of $.01 per basic and diluted share. Our auditors determined that the issuance of 500,000 restricted common shares be expensed at the date of issuance rather that amortized over the 12 month period relative to the intent of the rendered services.
Therefore the Company has now expensed the additional non-cash amount of $46,950 resulting in a loss of $225,982 or $.01 per basic and diluted share in the quarter ended March 31, 2008.
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.
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“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.
Contacts:
MediaNet Group Contact
Martin Berns
Chief Executive Officer
954-974-5818 ext. 202
martin@medianetgroup.com
