SOURCE: MediaNet Group Technologies, Inc.
BOCA RATON, FL--(Marketwire - Aug 22, 2012) - MediaNet Group Technologies, Inc. (OTCQB: MEDG) (PINKSHEETS: MEDG), a global marketing company that provides consumers around the world with a variety of innovative, online shopping and entertainment opportunities, today announced that its Board of Directors has determined that it is in the best interest of the Company and its stockholders to create a voting capital stock structure. The new voting capital stock structure is designed to ensure management stability over the next five years of the Company's development to provide the Company's management with the time and independence to concentrate on long-term objectives, including but not limited to the effectuation of the Company's innovative business plan. Furthermore, the Board's also expects the new voting capital stock structure to act as an impediment to outside parties attempting to take over or influence the Company, and thereby distract management from focusing on the Company's short-term and long-term goals.
Niels B. Theusen, Chairman of the Board of Directors of MediaNet Group Technologies, Inc. stated, "The Company's Board credits the significant growth and development of the Company over recent years is a direct result of the creativity, vision and leadership of Michael Hansen. As such, we believe it is not only prudent but necessary for the Company and its shareholders to allow Michael to continue this role without any unfounded or unnecessary distractions. The creation of a voting capital stock structure secures and substantiates Michael's value to the Company."
Accordingly, as of August 16, 2012, the Company entered into a Purchase Agreement with Michael B. Hansen, the Company's President and Chief Executive Officer. Pursuant to the Purchase Agreement, the Company agreed to sell Mr. Hansen 185,000 shares of "Super Voting Preferred Stock" upon the Company filing the Certificate of Designation for $0.38 per share, which was the closing price of the Company's common stock, par value $0.001 per share as reported on the Over-the-Counter Market on the date prior to the date the Board of Directors of the Company approved the Certificate of Designation and the Purchase Agreement. The Company has no present plans or intentions to issue shares of Super Voting Preferred Stock to any other person or entity.
About MediaNet Group Technologies, Inc.:
MediaNet Group Technologies, Inc. (OTCQB: MEDG), through its wholly-owned subsidiaries under the DubLi brand addresses consumer needs both online and offline through innovative engagement models, as well as virtual shopping experiences. Through its DubLi.com website, the company also creates tremendous opportunities by helping entrepreneurs both large and small create micro-distributor organizations by joining Dublinetwork.com. DubLi's main focus is to provide consumers around the world with the highest online value for their shopping and entertainment opportunities. The foundation of DubLi was built upon an innovative business concept, a global presence and a consumer-centric business model that seeks to capitalize on global economic trends and changing consumer behaviors. The central hub of the DubLi, Inc. universe is DubLi.com, a comprehensive online shopping and entertainment community. DubLi Network is the sales and marketing engine for DubLi.com that is driven by a marketing network of Business Associates who use word-of-mouth advertising, the most effective form of direct selling, to sell a variety of memberships and packages that generate traffic to DubLi.com. DubLi Partner offers a white-label version of its DubLi.com platform giving participating organizations a professional, reliable web presence while providing access to DubLi's global online shopping and entertainment community. BSP Rewards, also known as DubLi Shopping, is responsible for the management and operations of DubLi's Shopping Mall platforms around the world. DubLi is emerging as a leading provider of innovative shopping and entertainment solutions to consumers in over 100 countries.
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 productive 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; (v) a failure to comply with governmental laws and regulations applicable to our business; and (vi) a failure to maintain 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 fiscal year ended September 30, 2011.