MEDG now on Pink Sheets

Due to failure to comply with NASD rule 6530 (late filing to SEC three times in a row in the past 24 months), MediaNet Group Technology Inc's stock has been delisted from the OTCBB (Over The Counter Bulletin Board) quoting service as of Feb. 16, 2011.

At OTCBB they had ticker symbol MEDG.OB (or MEDGE.OB when they were in the "grace period" for delinquent/late filing to SEC).

MEDG stock is now being quoted on the "Pink Sheets" list under ticker MEDG.PK

The difference between being quoted on the OTCBB and Pink Sheets is explained here:
http://www.investopedia.com/ask/answers/201.asp

"What does it mean when a stock trades on the Pink Sheets or the OTCBB?"

"A stock that doesn't trade on a major exchange is said to trade over the counter (OTC). This means that the stock is dealt between individuals connected by telephone and computer networks."

"Companies will typically be listed on the OTCBB for one of two reasons:

(1) The company has been delisted from a major exchange. When a company is facing tough times and is unable to meet the requirements for continued listing on the Nasdaq or NYSE, it will be delisted."

"(2) The company may be listed on the OTCBB because it is unable to meet the initial listing requirements of the Nasdaq or NYSE. In such a case, a company may choose to test the waters of the OTCBB, using it as a stepping stone before leaping into the larger exchanges and markets."

"The Pink Sheets are different from the OTCBB. Companies on the Pink Sheets are not required to meet minimum requirements or file with the SEC."

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Will MEDG resume their filings to the SEC? We'll have to see. In their latest FORM NT 10K they stated that
"the Company anticipates restating its financial statements for each of the quarters for the year ended September 30, 2010 and for the fiscal year ended September 30, 2009. As a result of such anticipated restatements, among other potential changes the Company anticipates significant change in results of operations from the corresponding period for the last fiscal year".

If they do resume filing to the SEC they will have to timely (and accurately) file all necessary data for at least a year before they can apply for OTCBB quoting again. (see third paragraph of http://www.sec.gov/answers/eadded.htm).

All MEDG's filings to SEC up to date can be found here:
http://www.sec.gov/cgi-bin/browse-edgar?company=MediaNet+Group+Technologies&match=contains&CIK=&filenum=&State=&Country=&SIC=&owner=exclude&Find=Find+Companies&action=getcompany

MEDG's Pink Sheet quotes can be found here:
http://finance.yahoo.com/q?s=MEDG.PK

MediaNet Group Technology Inc's own updates about this important news for MEDG investors and Dubli Business Associates should appear on their website (http://www.medianetgroup.com/), e.g. in the "Investor Relations" or "Latest News and Events" section.


In case you're an old-time investor in the original "Dubli-units" (Euro 1.00 in 2006, up to Euro 1.30 in 2007, up to US$ 2.50 a piece in 2009) you might also want to check the original Dubli-invest site:
http://www.dubli-invest.com/




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