BOCA RATON, Fla., April 27, 2011 /PRNewswire/ -- MediaNet Group Technologies, Inc. (OTCQB: MEDG), a global shopping and entertainment community, today announced it has launched its new shopping mall platform in the US. The new shopping mall platform is based on proprietary search technology and allows the Company to take advantage of consumer behaviors and will enable additional targeting, demographic and data mining capabilities. The shopping mall also has its own recommendation engine that captures and remembers where a consumer shops and their individual shopping preferences and recommends additional products and services from both the shopping mall and the Company's reverse auctions.
The new shopping mall platform is based on a price comparison model and uses sophisticated Business Intelligence to create a personal shopping experience based on historic and relevant results. In conjunction with the new search-based functionality, customers may also shop by merchant and/or category. The new US shopping mall provides access to over 30 million products and will be the platform used for the Company's Partner Program in the future.
Michael Hansen, President and Chief Executive Officer of MediaNet Group, stated, "The US shopping mall will allow us to demonstrate the strength of our technology platform with a wide and diverse base of merchant partners to further drive conversion rates. Following the successful launch of the new shopping mall in Germany in February, we have made some additional upgrades to the platform based on user experiences. These enhancements will allow us to drive greater revenue as well as replicate and introduce the model into new countries around the world at a more rapid pace. We expect to continue the rollout of the new shopping mall platform into other key markets during our third fiscal quarter."
Mr. Hansen continued, "Combining the shopping mall concept with our DubLi Reverse Auctions and Entertainment provides consumers a one-stop-shop for all their shopping and entertainment needs. The inherent tracking capability history and experience on each of our sites and platforms will enhance our efforts of capturing additional discretionary spending from our customers."
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 improve our 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.
SOURCE MediaNet Group Technologies, Inc.