DubLi Corp.: “MediaNet Group Technologies Announces Financial Results for Fiscal Year 2010 First Quarter”

Let the games begin!  We’ll find out what the free market thinks tomorrow morning, since this info was released near the end of today.  Red highlights and bolding belong to Antipaper. http://finance.yahoo.com/news/MediaNet-Group-Technologies-iw-2279919258.html?x=0&.v=1  MediaNet Group Technologies Announces Financial Results for Fiscal Year 2010 First Quarter Revenues Rise More Than 175% to $8.1 Million; Net Income Reaches $765,516 Press Release Source:  MediaNet Group Technologies, Inc. On Monday February 22, 2010, 5:17 pm EST BOCA RATON, FL–(Marketwire – 02/22/10) – MediaNet Group Technologies, Inc. (OTC.BB:MEDG – News), a worldwide online trading firm, today announced financial results for the 2010 fiscal year first quarter period ending December 31, 2009. For the first quarter ended December 31, 2009, the Company reported revenue of $8.1 million, and net income of $765,516. This compares to revenue in the first quarter of fiscal 2009 of $2.9 million and a net loss of $510,058 and revenues of $14.5 million for the fiscal year ended September 30, 2009. The increase in revenue was due primarily to sales of products and through our expanded base of new Business Associates particularly in the United States and Australia/New Zealand markets. Gross profit for the first quarter of fiscal year 2010 reached $3.1 million versus gross profit of $985,918 for the first quarter of fiscal year 2009, a 212% increase. Gross profit margin increased to 38% from 34% in the 2010 first quarter from the 2009 first quarter as a result of the decrease of direct cost of revenue due to the increase in revenue and more efficient purchasing practices. At December 31, 2009, the Company had net cash of $3.9 million with no long term debt. Michael Hansen, President and Chief Executive Officer of MediaNet Group Technologies said, “Our first quarter financial results are a strong reflection of our ability to execute our business plan on a global scale. Revenues in the first quarter increased more than 175% on a year over year basis due to the growth and acceptance of the reverse auction model coupled with our own growing customer loyalty as well as the quality of our products and service. As we move further into 2010, we intend to focus on the unique capabilities offered by our Cinch and Connect technologies, maximizing the ability for greater tracking and, thus, specific targeting for our products and services and BSP powered shopping malls.” Mr. Hansen continued, “We believe we are well positioned to take advantage of the world economies. Our distinctive platform provides us flexibility and adaptability to meet respective market demands quickly and offer our customers continued value by offering the products and services they require.” About MediaNet Group Technologies, Inc.: MediaNet Group Technologies is a publicly held Company (OTC.BB:MEDG – News). The main emphasis of the company operations rests in our DubLi.com, Dubli Network and BSP Rewards divisions. DubLi is a worldwide online auction portal. It is composed of two very unique and individual business models; DubLi.com — a reverse auction portal for high level branded merchandise offered at highly competitive prices and DubLi Network — the business opportunity where individuals around the world can establish their own business in a competitive market. The success behind DubLi.com’s ‘reverse auction’ lies in the formula of being able to drive down prices incrementally with bids placed by consumers. It is a value based proposition where a consumer will buy when the price reaches a point of interest to the buyer. BSP Rewards is an extremely affordable Private Branded “customer relationship marketing program” and “communications solution” that utilizes our proprietary loyalty and internet rewards mall platform and applications. The BSP Rewards Mall licenses our proprietary rewards online mall platform, and builds “merchant funded” private branded programs both for profit and non-profit organizations. “Forward-looking statements” as defined in the Private Securities Litigation Reform Act of 1995 may be included in this news release. These statements relate to future events or our future financial performance. These statements are only predictions and may differ materially from actual future results or events. MediaNet Group Technologies, Inc. disclaims any intention or obligation to revise any forward-looking statements whether as a result of new information, future developments or otherwise. There are important risk factors that could cause actual results to differ from those contained in forward-looking statements, including, but not limited to risks associated with changes in general economic and business conditions (including in the information technology and financial information industry), actions of our competitors, the extent to which we are able to develop new services and markets for our services, the time and expense involved in such development activities, the level of demand and market acceptance of our services, changes in our business strategies, and the purchasing activity or lack thereof by registered web mall members. SELECTED RESULTS OF OPERATIONS: For the three months ended December 31, 2009 2008 ----------- ------------ Sales: $8,119,531 $2,905,962 Direct Cost of Revenues: 5,044,457 1,920,044 Operating Expenses: 1,798,931 810,397 Income from Operations: 1,276,143 175,521 Other Income (Expenses): (1,627) - Income Taxes: 509,000 - Net Income: 765,516 (510,058) Other Comprehensive Income: - 1,869 Total Comprehensive Income: 765,516 (508,190) Contact: MediaNet Group Technologies, Inc. Michael Hansen Chief Executive Officer mha@DubLi.com Investor Relations: Cameron Associates John McNamara john@cameronassoc.com 212-554-5485

DubLi SEC Filing Delay

By DrangonHorse Two days ago, DubLi informed the SEC its financial filing due this week will be delayed.  This, according to Investopedia and others in the know, is a normal occurrence: “The form 10-Q is required to be filed within 45 days following the end of each of a company’s first three fiscal quarters. If the 10-Q cannot be filed in a timely manner, the company must file a Form 10-QT with the commission. A very common reason for an NT 10-Q is a merger or acquisition, which prevents results from being incorporated in time for the filing. The SEC provides for “unreasonable effort and expense”, with explanation, as part of the application for relief.” The SEC rule says: “The subject annual report, semi-annual report, transition report on Form 10-K, Form 20-F, Form 11-K, Form N-SAR or Form N-CSR, or portion thereof, will be filed on or before the fifteenth calendar day following the prescribed due date; or the subject quarterly report or transition report on Form 10-Q or subject distribution report on Form 10-D, or portion thereof, will be filed on or before the fifth calendar day following the prescribed due date …” And the official statement from DubLi says: “The registrant is unable to file its Form 10-Q Report for the period ended December 31, 2009 as a result of the recent effective change of control on October 19, 2009 pursuant to the completion of a merger agreement dated August 10, 2009. Due to the complexity the registrant has not yet completed the information required to be included in the Form 10-Q Report. Such information is being assimilated and the Report will be filed within the required period.” The guess is that DubLi has another 10 days to file, so we’re looking at next week.

DubLi Corp.: Shareholder Letter Feb. 9, 2010

Newsletter | 02/09/2010 The DubLi team is extremely proud to inform that we are now part of a Public Company. DubLi and our affiliated companies merged with MediaNet Group Technologies, Inc., a publicly-traded company. MediaNet Group Technologies is listed on the United States OTC Bulletin Board with the stock symbol of MEDG. Our primary goal and focus has always been to create long-term shareholder value and a company for which we can all be proud. Being a publicly-traded company allows us the opportunity to further expand this mission and gives way for us to truly create a worldwide shopping enterprise that creates significant worth to our shareholders, business associates and loyal team of employees. The following is important for your investment understanding: The merger closed in the fourth quarter 2009. As a result, we must now comply with the United States Securities and Exchange Commission (SEC) rules, regulations, financial and informational guidelines. There are many filings to be fulfilled by us with the SEC in the next several months and we are in the process of meeting these regulations. The timing of acceptance by the SEC is not exact and we will keep you updated. Upon the completion of certain regulatory obligations, you will be issued “restricted” common shares at a ratio of approximately 2.7 of MEDG shares for each DubLi share. In accordance with the SEC, the common shares issued to you will be “restricted”, as defined by the SEC, and therefore a holding period of 12 months is mandatory after which time you can request your common shares to become unrestricted and thereby “free-trading”. Your common shares are expected to be distributed to you in the second quarter of 2010 as we fulfill the requirements of the SEC and in accordance with our agreements. We will now be filing quarterly reports of operations with the SEC on a timely basis and in accordance with SEC regulations. Our initial filing of operational results will be in mid-February, 2010, reflecting our three months of operations for the period ended December 31, 2009. Following our first report of operations as a combined entity, the market should begin to understand the full potential and value of our company. Our management team at DubLi has sincerely valued your investment and partnership with us. In the coming months, as permitted by the SEC, our story of growth, success and economic potential will come to light and we look forward to your continued participation in creating long-term shareholder value. I want to personally thank you for all your support and partnership in creating DubLi’s success in the past and the future. Respectfully, Michael Hansen, President and Chief Executive Officer DUBLI NETWORK Ltd. 197 Main Street Road Town, Tortola British Virgin Islands Contact: Contact / Support