This Day On The Street
Continue to site right-arrow
ADVERTISEMENT
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here
Cramer's Action Alerts PLUS - See his portfolio and get alerts BEFORE every trade. Learn more NOW!

MediaNet Group Technologies Wins Declaratory Judgment For The Return Of $2.13 Million

BOCA RATON, Fla., April 2, 2012 /PRNewswire/ -- MediaNet Group Technologies, Inc. (OTCQB: MEDG), a global marketing company that provides consumers around the world with a variety of innovative shopping and entertainment opportunities, today announced that it has won a declaratory judgment in favor of the Company and against National Merchant Center, Inc. (NMC) and First Data Merchant Services Corporation ("First Data") for the immediate return of $2.13 million.  The judgment was made in the United States District Court, Central District of California, Southern Division.

Michael Hansen, President and Chief Executive Officer of MediaNet Group stated, "We are extremely pleased that the Court quickly determined that NMC was unjustified in withholding our funds in reserve.  After having been denied the use of our own capital for an extended period of time, I am anxious and excited to redeploy these funds in support of our continued growth."

A declaratory judgment was entered in favor of MediaNet Group Technologies, Inc. and against defendants NMC and First Data on MediaNet's claim for Declaratory Relief regarding the issue of MediaNet's claim to the immediate return of $2,133,852 of MediaNet's funds, which were being held in a reserve account. MediaNet is entitled to immediate possession of the Reserve Funds.  The Court ordered the Clerk of Court to immediately release to MediaNet, all of the Reserve Funds which NMC deposited with the Court and NMC and First Data were ordered to immediately release to MediaNet the remaining amount of the Reserve Funds.

The Court ruled that MediaNet is the prevailing party on its claim for Declaratory Relief for the immediate return of the Reserve Funds, and that the Company may seek further relief based upon the Declaratory Judgment.

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.  MediaNet Group Technologies main focus is to provide consumers around the world with the highest online value for their shopping and entertainment opportunities.  The foundation of MediaNet Group 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 MediaNet Group 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.  MediaNet Group is emerging as a leading provider of innovative shopping and entertainment solutions to consumers in over 100 countries.

1 of 2

Check Out Our Best Services for Investors

Action Alerts PLUS

Portfolio Manager Jim Cramer and Director of Research Jack Mohr reveal their investment tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
Quant Ratings

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
Stocks Under $10

David Peltier uncovers low dollar stocks with serious upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
14-Days Free
Try it NOW
Only $9.95
Try it NOW
14-Days Free
Try it NOW

Check Out Our Best Services for Investors

Dividend Stock Advisor

David Peltier identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Updates with exact steps to take - BUY, HOLD, SELL
Trifecta Stocks

Every recommendation goes through 3 layers of intense scrutiny—quantitative, fundamental and technical analysis—to maximize profit potential and minimize risk.

Product Features:
  • Model Portfolio
  • Intra Day Trade alerts
  • Access to Quant Ratings
Options Profits

Our options trading pros provide over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.

Product Features:
  • Actionable options commentary and news
  • Real-time trading community
Try it NOW
Try it NOW
Try it NOW
To begin commenting right away, you can log in below using your Disqus, Facebook, Twitter, OpenID or Yahoo login credentials. Alternatively, you can post a comment as a "guest" just by entering an email address. Your use of the commenting tool is subject to multiple terms of service/use and privacy policies - see here for more details.
Submit an article to us!
SYM TRADE IT LAST %CHG

Markets

DOW 17,776.12 -200.19 -1.11%
S&P 500 2,067.89 -18.35 -0.88%
NASDAQ 4,900.8850 -46.5560 -0.94%

Partners Compare Online Brokers

Free Reports

Free Newsletters from TheStreet

My Subscriptions:

After the Bell

Before the Bell

Booyah! Newsletter

Midday Bell

TheStreet Top 10 Stories

Winners & Losers

Register for Newsletters
Top Rated Stocks Top Rated Funds Top Rated ETFs