MediaNet Group Technologies’ BSP Rewards Division Reaches Half Million Active Member Mark
-Significant Growth in Mall Usage for Quarter and Year-Ended December 31, 2007-
-Growth Opportunities Abound for Unique Online Mall Shopping and Affinity Strategy-
MARGATE, FL – February 7, 2008 -- MediaNet Group Technologies, Inc. (OTCBB: MEDG), the largest online mall and affinity program platform, today announced significant growth in mall usage as a result of its proven business model, strategic partnerships and growth initiatives. Specifically, the Company reports today the following performance metrics used to measure business improvement:
- Members* in the BSP web malls increased 103% to 379,277 for the year ended 12/31/07 from 187,481 as of 12/31/06
- Clients/Partners enrolling members into the mall increased to 58 during the year, an increase of 94% from 30 at the end of 2006
- The number of merchants in the mall totaled 709 at 12/31/07, a 19% increase from 600 at the end of the prior year
- Total transactions processed through BSP web malls increased by 41% to $7.2 million for the year ended 12/31/07 from $5.1 million for all of 2006
The Company also announced today that as a direct result of its recent agreements with Challenger Sports Corporation, EDebitPay, LLC and other new clients, it has added 150,000 new members to the mall since the end of the year, increasing the mall to over 500,000 members. This substantial increase in new members confirms the Company’s strategy of establishing BSP Rewards as the “new standard” of loyalty reward programs through a network of member provider companies, organizations and retailers while building a continually expanding base of passive residual income for the Company, clients and resellers.
Martin Berns, Chief Executive Officer of MediaNet Group Technologies/BSP Rewards, commented, “These metrics confirm the importance of our business plan and our value-added products and services. Our approach to the loyalty market via our privately branded online malls is designed to achieve exactly this type of growth and we look forward to continued success. Today’s announcement is indicative of the leveragability of our business platform and sets the stage for future growth.”
As previously announced, MediaNet’s BSP Rewards division and Challenger Sports initiated a collaborative marketing effort in support of a new branded web mall www.USSoccerRewardMall.com to provide a platform for much needed fund raising campaigns for Challenger Sports’ nearly 2,000 soccer organizations which has a combined membership of five million members.
In December, the Company announced an agreement to build a private branded rewards mall for EDebitPay, LLC (www.edebitpay.com), one of the nation’s premier Prepaid Debit Card marketing companies. EDebitPay, which serves a large and underserved market of under-banked consumers, offers BSP Rewards as a value-added feature for their cards which allows cardholders to earn cash value rewards each time they make a purchase through the mall. The partnership with EDebitPay is expected to add 500-1,000 new members daily to MediaNet’s growing shopping network.
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 700 participating mall merchants including the nation’s largest retailers as well as gift cards and a large discount catalog. With over 50 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.
* These figures have been revised from earlier published numbers 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.
“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 Investor Relations Contact
Martin Berns Jordan Darrow
Chief Executive Officer Darrow Associates, Inc.
954-974-5818 ext. 202 631-367-1866
martin@medianetgroup.com jdarrow@darrowir.com
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BSP Rewards, Inc, is a wholly-owned company of MediaNet Group Technologies, Inc. MediaNet Group Technologies is a publicly held Company (OTCBB: MEDG) that encompasses an integrated group of operating divisions that revolve around the many aspects of technology and media including, branded rewards programs web portal programs, television and video production and intellectual properties.
Legal Notice Regarding Forward-Looking Statements: "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.
