BOCA RATON, Fla., Oct. 3, 2011 /PRNewswire/ -- MediaNet Group Technologies, Inc. (OTCQB: MEDG), a global shopping and entertainment community, today announced that it has sold 50,000 of its DubLi Xpress Gift Card Reverse Auctions since the launch on May 11, 2011.
Michael Hansen, President and Chief Executive Officer stated, "Reaching 50,000 Xpress Gift Cards sold is an exciting milestone, one that demonstrates the validity of the concept. We will continue to review, evaluate and enhance our reverse auctions, both Xpress and Unique. The Gift Card concept is illustrative of our plans and goals for the future of the Company, to create new and dynamic shopping opportunities that put our global customers on equal footing wherever in the world they reside."
Consumers around the world bid on six different Gift Card categories, concurrently. Each time a consumer bids on a Gift Card, the current price of that Gift Card is revealed and its price, simultaneously, is lowered by 0.20 (USD, AUD or Euro.) Successful bidders may purchase the Gift Card for the displayed price and then use the proceeds to purchase goods and services from virtually anywhere they choose including the DubLi Shopping Malls. Consumers who wish to participate in the new Xpress Gift Card auctions must first register for the DubLi VIP Member package, a complete access pass to everything DubLi.
About MediaNet Group Technologies, Inc.:
MediaNet Group Technologies, Inc. has created a global online shopping community that includes its reverse auction concept, shopping mall platform and entertainment portal. The Company's unique operating strategy combines online shopping with its distribution network to reach customers directly on a global scale.
The foundation of MediaNet Group is built on innovative technology, a global platform and an expertise in understanding and capitalizing on global economic trends and changing consumer behaviors. The central hub of the MediaNet Group community is DubLi.com from which all other components of the business model are derived. Additional information about the Company is available in its filing with the Securities and Exchange Commission at www.sec.gov.
Except for historical matters contained herein, statements made in this press release are forward-looking. Without limiting the generality of the foregoing, words such as "may," "will," "to," "plan," "expect," "believe," "anticipate," "intend," "could," "would," "estimate," or "continue" or the negative other variations thereof or comparable terminology are intended to identify forward-looking statements. Statements contained herein regarding the validity of our Xpress and Unique gift card concepts and our plans for new and unique shopping opportunities are examples of forward- looking statements.
Investors and others are cautioned that a variety of factors, including certain risks, may affect our business and cause actual results to differ materially from those set forth in the forward-looking statements. These risk factors include, without limitation, the risk of (i) our inability to establish and maintain a large, growing base of business associates; (ii) our inability to maintain the initial success of our Xpress Gift Card concept, (iii) our inability to develop and maintain successful new shopping opportunities which are accepted by our customers (iv)an inability to develop and/or maintain brand awareness for our online auctions; (v) a failure to maintain the competitive bidding environment for our online auctions; and (vi) a failure to adapt to technological change. The Company is also subject to the risks and uncertainties described in its filings with the Securities and Exchange Commission, including its Annual Report on Form 10-K for the year ended September 30, 2010.
MediaNet Group Technologies, Inc.:
SOURCE MediaNet Group Technologies, Inc.