HispanicBusiness

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.

Presented below is selected financial information. Readers are encouraged to read the Company's Quarterly Report on Form 10-Q for the three and six months ended March 31, 2012 filed with the Securities and Exchange Commission.

MediaNet Group Technologies, Inc. and SubsidiariesCondensed Consolidated Balance Sheets - Unaudited                                                 March 31,    September 30,                                                    2012           2011                                               -------------  -------------Assets:Current Assets:  Cash and cash equivalents                    $   1,994,756  $   1,503,234  Restricted cash                                  4,055,677        448,161  Accounts receivable                                191,490        253,095  Inventories                                        138,810        168,846  Prepaid customer acquisition costs               6,628,110      6,958,894  Prepaid expenses                                   828,607      2,060,468                                               -------------  -------------Total Current Assets                              13,837,450     11,392,698Property and Equipment, net                          292,397        207,419Other Assets:  Restricted cash, net                                     -      1,864,293  Real estate contract, net                        3,129,346      3,203,847  Other                                               95,477         74,651                                               -------------  -------------Total Other Assets                                 3,224,823      5,142,791                                               -------------  -------------Total Assets                                   $  17,354,670  $  16,742,908                                               =============  =============Liabilities and Stockholders' Equity (Deficit):Current Liabilities:  Accounts payable                             $   1,800,063  $   1,650,540  Accrued and other liabilities                      190,196        229,118  Loyalty points payable                             219,445        318,653  Commissions payable                              1,887,287      1,128,355  Deferred revenue                                17,266,828     13,830,389  Note payable - related party                        23,801              -                                               -------------  -------------Total Current Liabilities                         21,387,620     17,157,055Stockholders' Equity (Deficit):  Preferred stock- $0.01 par value, 50 million   shares authorized, -0- and -0- outstanding,   respectively                                            -              -  Common stock -$.001 par value, 500 million   shares authorized 366,246,522 and   359,802,057 issued and outstanding,   respectively                                      366,246        359,802  Additional paid-in capital                      14,197,357     11,953,103  Accumulated other comprehensive loss               (71,195)       (85,923)  Accumulated deficit                            (18,525,358)   (12,641,129)                                               -------------  -------------Total Stockholders' Equity (Deficit)              (4,032,950)      (414,147)                                               -------------  -------------Total Liabilities and Stockholders' Equity (Deficit)                                     $  17,354,670  $  16,742,908                                               =============  =============MediaNet Group Technologies, Inc. and SubsidiariesCondensed Consolidated Statements of Operations - Unaudited                     For the Three Months ended   For the Six Months ended                              March 31,                   March 31,                     --------------------------  --------------------------                         2012          2011          2012          2011                     ------------  ------------  ------------  ------------Revenues             $ 29,361,662  $  4,193,181  $ 49,472,226  $  6,054,519Direct cost of revenues              29,133,972     2,069,019    48,835,635     2,391,087                     ------------  ------------  ------------  ------------Gross profit              227,690     2,124,162       636,591     3,663,432Selling, general and administrative         3,110,640     2,955,326     6,518,548     5,792,102Loss (gain) on sale of Asset                       -           999             -        (2,467)                     ------------  ------------  ------------  ------------Loss from operations   (2,882,950)     (832,163)   (5,881,957)   (2,126,203)Interest expense           (1,019)       (1,303)       (2,272)       (3,801)                     ------------  ------------  ------------  ------------Loss from operations before income taxes   (2,883,969)     (833,466)   (5,884,229)   (2,130,004)Income taxes - benefit (expense)              -             -             -             -                     ------------  ------------  ------------  ------------Net loss               (2,883,969)     (833,466)   (5,884,229)   (2,130,004)Foreign currency translation adjustment               (61,821)     (251,635)       14,728       329,418                     ------------  ------------  ------------  ------------Comprehensive loss   $ (2,945,790) $ (1,085,101) $ (5,869,501) $ (1,800,586)                     ============  ============  ============  ============Net loss per common share  Basic              $      (0.01) $      (0.00) $      (0.02) $      (0.01)  Diluted            $      (0.01) $      (0.00) $      (0.02) $      (0.01)Weighted average shares outstanding:  Basic               361,481,056   247,129,155   360,694,346   246,148,800  Diluted             374,563,284   249,696,480   370,691,443   248,645,221MediaNet Group Technologies, Inc. and SubsidiariesCondensed Consolidated Statements of Cash Flows - UnauditedFor the Six Months Ended March 31,                                                     2012          2011                                                 ------------  ------------Cash flows from operating activitiesNet loss                                         $ (5,884,229) $ (2,130,004)Reconcile net loss to net cash from operating activities:  Depreciation and amortization                        56,735       473,689  Real estate impairment                                    -       367,292  Recover restricted cash impairment allowance       (293,438)            -  Option agreement written off                              -       250,000  Stock based compensation                          2,936,767       560,876  Promotional DubLi Credits                            39,351        93,740Changes in operating assets and liabilities:  Restricted cash                                  (1,500,520)      (61,332)  Accounts receivable                                  56,175        35,474  Inventories                                          26,402       114,818  Prepaid customer acquisition costs                  180,588   (12,649,669)  Prepaid expenses                                     35,153        94,224  Accounts payable                                    727,031       119,822  Accrued and other liabilities                       (71,658)      505,566  Loyalty points payable                              (99,208)      (64,866)  Commission payable                                  744,296      (536,986)  Deferred revenue                                  3,736,764    11,605,524                                                 ------------  ------------Net cash used in operations                           690,209    (1,221,832)                                                 ------------  ------------Investing activities:  Purchases of equipment and software                (144,889)       (8,928)  Sale of equipment and software                        2,056             -  Payments on real estate contract                   (270,015)     (327,724)  Other assets                                        (20,826)      (26,127)  Restricted cash                                           -       256,888                                                 ------------  ------------Net cash provided by (used in) investing activities                                          (433,674)     (105,891)                                                 ------------  ------------Financing activities  Proceeds from note payable - related party                -       287,819  Repayments of note payable - related party         (202,312)     (263,666)  Proceeds from stock subscriptions                   468,643     1,146,117                                                 ------------  ------------Net cash provided by financing activities             266,331     1,170,270                                                 ------------  ------------Effect of exchange rate changes on cash               (31,344)       40,724Net increase (decrease) in cash and equivalents       491,522      (116,729)Cash at beginning of period                         1,503,234       487,171                                                 ------------  ------------Cash at end of period                            $  1,994,756  $    370,442                                                 ============  ============Supplemental cash flow information:  Cash paid for interest                         $      2,272  $      3,801  Cash paid for income taxes                                -             -Non-cash transactions  Foreign currency translation adjustment              14,668       329,418  Two step common share transfer                            -        63,394  Real estate loan from officer                       223,000             -

                            For the Three Months   For the Six Months ended                              ended March 31,              March 31,                          -----------------------  ------------------------                              2012        2011         2012         2011                          -----------  ----------  -----------  -----------Non-GAAP MeasuresNet income (loss)         $(2,883,969) $ (833,466) $(5,884,229) $(2,130,004)Depreciation and amortization                  23,094     196,066       56,735      473,689Stock based compensation    1,505,086     330,438    2,936,767      560,876                          -----------  ----------  -----------  -----------Non-GAAP net income (loss)                   $(1,355,790) $ (306,962) $(2,890,728) $(1,095,439)                          ===========  ==========  ===========  ===========