(Source: MARKETWIRE)MediaNet Group Technologies, Inc. (OTCBB: MEDG), operating the largest online mall and affinity program platform through its BSP Rewards subsidiary, announced that effective today it has completed its reverse merger with CG Holdings Limited, a privately-held, European-based holding company for the DubLi companies, a worldwide online trading firm ("DubLi"). Upon completion of the merger, DubLi became a wholly-owned subsidiary of MediaNet, and DubLi's Chief Executive and Operating Officers will assume the same positions with MediaNet. MediaNet's board of directors will also be controlled by directors nominated by DubLi. Additional details of the merger transaction appear in MediaNet's reports on Form 8-K filed with the Securities and Exchange Commission on August 14 and September 30, 2009.

As previously disclosed in the amended merger agreement filed with the Commission on September 30, at closing MediaNet issued 5,000,000 shares of Series A Convertible Preferred Stock to DubLi shareholders and no common stock. The Series A Convertible Preferred Stock automatically converts into 90% of the shares of common stock of MediaNet to be issued and outstanding after the conversion and has 90% of the voting power of MediaNet's shareholders. MediaNet will file proxy material with the Commission to increase its authorized common shares to 500,000,000 and its authorized preferred shares to 25,000,000. Upon completion of the increase in authorized shares, the fully diluted common shares of MediaNet will be 299,016,520, of which DubLi shareholders will own 269,114,868 shares.

Michael Hansen, President of the newly combined company, said, "We are delighted to be a part of this unique business combination. The uniting of the DubLi and BSP platforms combines two shopping alternatives, both of which are recognized leaders in their respective areas, and offers a one of a kind shopping program unparalleled in the industry. Our technology combined with MediaNet Group's long term relationship with top brand vendors will make it possible to set new standards within the industry. We believe that the business combination offers the doorway to a totally unique method of international shopping and sets the stage for world wide expansion."

Martin Berns, Chief Executive Officer of BSP Rewards, Inc., stated, "During the past months we have had the opportunity to become intimately involved with DubLi's vision and progress. Their goal of expanding as a world leader in the international shopping and auction market is extremely exciting. It offers a major opportunity for the company and our shareholders.