MediaNet Group Technologies Announces Record Revenues in Second Quarter and First Half of 2008

MediaNet Group Technologies, Inc. (OTCBB: MEDG), operating the largest online mall and affinity program platform through its BSP Rewards subsidiary, today announced financial results for the second quarter and six months ended June 30, 2008.

For the second quarter ended June 30, 2008, gross revenues increased 219% to $700,793 as compared to $219,387 for the second quarter ended June 30, 2007. The Company also noted that gross revenue increased 42%, or $206,830, over the first quarter ended March 31, 2008. The second quarter 2008 net loss was $137,857, or a loss per basic and diluted share of $0.01, as compared to a net loss for the second quarter of 2007 of $246,204, or a loss per basic and diluted share of $0.02.

For the first six months of 2008 ended June 30, 2008, gross revenues increased 205% to $1,194,756 as compared to $391,917 in the same period of 2007. For the six month period ended June 30, 2008 the net loss was $363,839 or a loss per basic and diluted share of $0.02, as compared to a net loss for the first six months of 2007 of $450,076, or a loss per basic and diluted share of $0.04.

Shares outstanding were 19,376,148 at June 30, 2008 versus 11,901,164 in the prior year period. The increase in shares outstanding is directly related to the private placement of six million shares completed during the fourth quarter of 2007 and for other issuances of common shares related to stock-based compensation.

Commenting on the second quarter results, Martin Berns, Chief Executive Officer, stated, "Our financial performance is reflective of our growth strategy and sound business model. The revenue increase is indicative of enhanced transaction volume passing through the BSP platform, larger, revenue-producing clients and greater fees from hosting and administration. With the addition of several new programs coming onboard over the next few months, we expect this trend to continue throughout the balance of the year."

The Company processed $2.1 million of merchant transactions during the second quarter ended June 30, 2008 as compared to $1.8 million in transactions in the same period of 2007 but, as noted, revenue increased by 219%. The increase in revenue as compared to transaction volume reflects the change in the mix of revenue contribution to higher margin merchants.

At June 30, 2008 and since the end of the first quarter, the Company increased the number of merchants in the mall by 10 to 736. New merchants include such companies as Avis, Wynn Las Vegas, CompUSA and Kansas City Steak Company.

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 550,000 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. Current mall merchants include Sears, Target, Macy's, BP Oil, Office Depot, Bass Pro Shops, Best Buy, Budget and Chili's.

"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.