MediaNet Group Subsidiary Processed $1,446,292 in Transaction Volume in Third Quarter
Nine Month Transaction Volume $3,671,882 Compared to $91,159 in 2005
MARGATE, FL -- (www.AllPayNews.com) -- October 11, 2006 -- BSP Rewards, the primary operating subsidiary of MediaNet Group Technologies (OTCBB: MEDG), announced today that the company has processed $1,446, 292 of participating merchant transactions through its on-line mall platform in the third quarter of 2006, ended September 30, 2006. The nine month total of $3,671,882 is an increase of 3928% compared to the nine month total transactions of $91,159 reported for the first nine months of 2005.
"Since the launch of BSP Rewards in January of 2005, the company has continued to increase individual membership, the number of participating merchants in the network and the revenue and transactions generated through the platform," said Mr. Martin Berns, Chief Executive Officer of MediaNet Group. "We added 98 additional new merchants into our web mall in the past 30 days alone -- many of them among the nation's best known retailers such as Circuit City, Kodak, Enterprise Auto Leasing, Sheraton Hotels, Zales Jewelers and Staples. Although initial revenue generated from these transactions is nominal, the continuing growth in memberships, merchants and transactions reflect both the acceptance of our platform and validation of our business model."
BSP Rewards builds, brands, customizes and administers their proprietary loyalty/rewards/mall program for each client and organization and is also a value added element layered onto debit and stored value cards. Members receive up to 15% in rewards and up to 60% in discounts when purchasing merchandise and other products from the nation's best retailers through the BSP network.
Details about the program can be viewed at www.bsprewards.com
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, and changes in our business strategies.
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SOURCE: MediaNet Group Technologies Inc.