-----BEGIN PRIVACY-ENHANCED MESSAGE----- Proc-Type: 2001,MIC-CLEAR Originator-Name: webmaster@www.sec.gov Originator-Key-Asymmetric: MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB MIC-Info: RSA-MD5,RSA, Qht4XvHOLsMavk3pkKEX+Ye6rogKK8jwOMJj084HYuHUQvM0uEj6ytbBLPtxl1Wa 3x+8IrOLZ8ATHPi1rZByaw== 0001144204-10-059387.txt : 20101112 0001144204-10-059387.hdr.sgml : 20101111 20101112083220 ACCESSION NUMBER: 0001144204-10-059387 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 1 CONFORMED PERIOD OF REPORT: 20101027 ITEM INFORMATION: Other Events FILED AS OF DATE: 20101112 DATE AS OF CHANGE: 20101112 FILER: COMPANY DATA: COMPANY CONFORMED NAME: MEDIANET GROUP TECHNOLOGIES INC CENTRAL INDEX KEY: 0001097792 STANDARD INDUSTRIAL CLASSIFICATION: SERVICES-BUSINESS SERVICES, NEC [7389] IRS NUMBER: 134067623 STATE OF INCORPORATION: NV FISCAL YEAR END: 0930 FILING VALUES: FORM TYPE: 8-K SEC ACT: 1934 Act SEC FILE NUMBER: 000-49801 FILM NUMBER: 101182897 BUSINESS ADDRESS: STREET 1: 5200 TOWN CENTER CIRCLE STREET 2: SUITE 601 CITY: BOCA RATON STATE: FL ZIP: 33486 BUSINESS PHONE: 561-362-7704 MAIL ADDRESS: STREET 1: 5200 TOWN CENTER CIRCLE STREET 2: SUITE 601 CITY: BOCA RATON STATE: FL ZIP: 33486 FORMER COMPANY: FORMER CONFORMED NAME: CLAMSHELL ENTERPRISES INC DATE OF NAME CHANGE: 19991026 8-K 1 v202093_8-k.htm
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

FORM 8-K

CURRENT REPORT

Pursuant to Section 13 or 15(d)
of the Securities Exchange Act of 1934

Date of Report (Date of earliest event reported): October 27, 2010

MEDIANET GROUP TECHNOLOGIES, INC.
(Exact name of registrant as specified in its charter)

         
Nevada
  
0-49801
  
13-4067623
(State or other jurisdiction of
incorporation)
  
(Commission File Number)
  
(IRS Employer
Identification No.)

5200 Town Center Circle, Suite 601
Boca Raton, FL 33486
(Address and zip code of principal executive offices)

Registrant’s telephone number, including area code: (561) 417-1500

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):

   
o
Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
   
o
Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240-14a-12)
   
o
Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
   
o
Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))


 
SECTION 8 – OTHER EVENTS
 
Item 8.01  Other Events.
 
The Registrant has historically relied upon two service providers to process credit card transactions arising from purchases of the Registrant's services and products.  Disagreements have emerged between the Registrant and one such service provider, National Merchant Center ("NMC"), as to the permitted amount of reserves, if any, that NMC is eligible to maintain.  On September 22, 2010 certain of the Registrant’s subsidiaries instructed NMC to return to them all of the cash held in reserve with respect to the Registrant's account.  In response to such demand, on November 1, 2010, NMC informed the Registrant that it was terminating the Registrant's merchant account with NMC and holding all of the Registrant's funds and deposits for a period of 180 days after the last chargeback (which have averaged less than 1.2% of sales since the account was established in December 2009). 

On October 27, 2010, DUBLICOM Limited and DubLi Network Limited, both of which are wholly owned subsidiaries of the Registrant, initiated legal action against NMC to seek recovery of the  approximately $2,164,000 of reserves (which is approximately 37% of such sales) held at the direction NMC plus various other awards, costs and expenses.  NMC’s legal counsel has since informed the Registrant that NMC is in bankruptcy, the subject funds are being held by a third party in a bank account and such funds are not involved in the NMC bankruptcy case.  The Registrant anticipates that it will continue to pursue some form of legal action against NMC for the purpose of recovering the funds.
 
The Registrant is now using another service provider to process substantially all of its credit card transactions and is exploring the engagement of an additional service provider.
 

 

SIGNATURES
 
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

 
MediaNet Group Technologies, Inc.
  
 
(Registrant)
  
     
Date:  November 12, 2010
    
 
By:
/s/ Michael Hansen
  
   
Michael Hansen
  
   
Chief Executive Officer
  
 






-----END PRIVACY-ENHANCED MESSAGE-----