BOCA RATON, Fla., Aug. 16, 2011 /PRNewswire/ -- MediaNet Group Technologies, Inc. (OTCQB: MEDG), a global shopping and entertainment community, today announced that early indications of its DubLi Xpress Gift Card Reverse Auctions have been favorable.
Since launching the new Gift Card Auctions on May 11, 2011, DubLi customers have purchased over 16,000 Gift Cards, of which almost 9,000 were purchased during the month of July alone.
Michael Hansen, President and Chief Executive Officer stated, "We are excited with the acceptance of our Gift Card concept. Our goal in creating this new type of shopping application, allowed us to put discretionary spending decisions back into the hands of consumers and we are encouraged by the demand we are realizing from our global customers. The DubLi model was built on a foundation of providing global shopping and entertainment alternatives, supported at a localized level by the depth and breadth of DubLi Network. In addition, we are experiencing increasing demand from our customers to provide even greater everyday shopping opportunities through our new shopping mall platform which we intend to further develop and improve as we enter fiscal 2012."
In conjunction with the launch of the New Xpress Gift Card auctions, DubLi announced a new eWallet system, powered by Paylution, which enables DubLi to transfer gift card funds, cash back rebates and Business Associate earnings electronically to its customers and network associates around the world, while also offering a wider variety of choices for recipients to access and use their funds. The Company is seeing organic growth from users who are keeping their money within the system and spending more on DubLi products and services.
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.
The Company also announced that on July 22, 2011, it launched a new DubLi Australian Shopping Mall under a new platform.
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 grounded in 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.
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) an inability to establish and/or maintain a large, growing base of business associates; (ii) an inability to develop and/or maintain brand awareness for our online auctions; (iii) a failure to maintain the competitive bidding environment for our online auctions; (iv) a failure to adapt to technological change; and (v) a failure to maintain adequate internal controls. 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.