MediaNet Group Technologies Announces Financial Results for Fiscal Year 2010 First Quarter

FOR IMMEDIATE RELEASE
(Free-Press-Release.com) March 13, 2010 -- Revenues Rise More Than 175% to $8.1 Million; Net Income Reaches $765,516

BOCA RATON, FL – (Marketwire - February 22, 2010) MediaNet Group Technologies, Inc. (OTCBB: MEDG), a worldwide online trading firm, today announced financial results for the 2010 fiscal year first quarter period ending December 31, 2009.

For the first quarter ended December 31, 2009, the Company reported revenue of $8.1 million, and net income of $765,516. This compares to revenue in the first quarter of fiscal 2009 of $2.9 million and a net loss of $510,058 and revenues of $14.5 million for the fiscal year ended September 30, 2009. The increase in revenue was due primarily to sales of products and through our expanded base of new Business Associates particularly in the United States and Australia/New Zealand markets.
Gross profit for the first quarter of fiscal year 2010 reached $3.1 million versus gross profit of $985,918 for the first quarter of fiscal year 2009, a 212% increase. Gross profit margin increased to 38% from 34% in the 2010 first quarter from the 2009 first quarter as a result of the decrease of direct cost of revenue due to the increase in revenue and more efficient purchasing practices. At December 31, 2009, the Company had net cash of $3.9 million with no long term debt.

Michael Hansen, President and Chief Executive Officer of MediaNet Group Technologies said, "Our first quarter financial results are a strong reflection of our ability to execute our business plan on a global scale. Revenues in the first quarter increased more than 175% on a year over year basis due to the growth and acceptance of the reverse auction model coupled with our own growing customer loyalty as well as the quality of our products and service. As we move further into 2010, we intend to focus on the unique capabilities offered by our Cinch and Connect technologies, maximizing the ability for greater tracking and, thus, specific targeting for our products and services and BSP powered shopping malls."
Mr. Hansen continued, "We believe we are well positioned to take advantage of the world economies. Our distinctive platform provides us flexibility and adaptability to meet respective market demands quickly and offer our customers continued value by offering the products and services they require."
Read more: http://www.marketwire.com/mw/stock.jsp?Ticker=MEDG and http://www.medianetgroup.com/
Contact:
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