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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.