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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>UNITED STATES</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>SECURITIES AND EXCHANGE COMMISSION</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Washington, D.C. 20549</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>FORM 8-K</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>CURRENT REPORT</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Pursuant to Section&nbsp;13 or 15(d)<BR>
of the Securities Exchange Act of 1934</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Date of Report (Date of earliest event
reported): August 16, 2012</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>MEDIANET GROUP TECHNOLOGIES, INC.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>(Exact name of registrant as specified
in its charter)</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

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    <TD STYLE="vertical-align: top; font-weight: bold; text-align: center">Nevada</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: top; font-weight: bold; text-align: center">0-49801</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: top; font-weight: bold; text-align: center">13-4067623</TD></TR>
<TR>
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    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: top; border-top: black 1pt solid; text-align: center">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: top; border-top: black 1pt solid; text-align: center">&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: top; text-align: center">(State or other jurisdiction of <BR> incorporation)</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: center">(Commission File Number)</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: center">(IRS Employer<BR> Identification No.)</TD></TR>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>5200 Town Center Circle, Suite 601</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 10pt"><B>Boca Raton,
FL 33486<BR>
</B>(Address and zip code of principal executive offices)</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">Registrant&rsquo;s telephone number, including
area code: <B> (561) 417-1500</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">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):</P>

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    <TD>&nbsp;</TD>
    <TD STYLE="text-indent: 10.3pt">Written communications pursuant to Rule&nbsp;425 under the Securities Act (17 CFR 230.425)</TD></TR>
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    <TD>&nbsp;</TD>
    <TD STYLE="text-indent: 10.3pt">Soliciting material pursuant to Rule&nbsp;14a-12 under the Exchange Act (17 CFR 240-14a-12)</TD></TR>
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    <TD>&nbsp;</TD>
    <TD STYLE="padding-left: 10.3pt">Pre-commencement communications pursuant to Rule&nbsp;14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))</TD></TR>
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    <TD>&nbsp;</TD>
    <TD STYLE="padding-left: 10.3pt">Pre-commencement communications pursuant to Rule&nbsp;13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))</TD></TR>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Item 1.01&#9;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Entry into a Material Definitive Agreement.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Board of Directors of MediaNet Group
Technologies, Inc. (the &ldquo;Company&rdquo;) has determined that it is advisable and in the best interest of the Company and
its stockholders to create a voting capital stock structure that is designed (i) for management stability, with appropriate Board
supervision, over a critical period of the next five years of the Company&rsquo;s development to provide the Company&rsquo;s management
with the time and independence to concentrate on long-term objectives, including but not limited to the effectuation of the Company&rsquo;s
innovative business plan, and (ii) to act as an impediment to outside parties attempting to take over or influence the Company,
and thereby distract management from focusing on the Company&rsquo;s short-term and long-term goals.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Accordingly, as of August 16, 2012, the
Company entered into a Purchase Agreement (the &ldquo;Purchase Agreement&rdquo;) with Michael B. Hansen, the Company&rsquo;s President
and Chief Executive Officer. Pursuant to the Purchase Agreement, the Company agreed to sell Mr. Hansen 185,000 shares of &ldquo;Super
Voting Preferred Stock&rdquo; (as defined below) upon the Company filing the Certificate of Designation (as defined below) for
$0.38 per share, which was the closing price of the Company&rsquo;s common stock, par value $0.001 per share (&ldquo;Common Stock&rdquo;)
as reported on the Over-the-Counter Markets (OTCQB) on the date prior to the date the Board of Directors (the &ldquo;Board&rdquo;)
of the Company approved the Certificate of Designation and the Purchase Agreement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">As more fully described in Item 5.03 below,
unless earlier converted into shares of Common Stock, each share of outstanding Super Voting Preferred Stock will automatically
convert into one share of Common Stock on August 17, 2017.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Company has no present plans or intentions
to issue shares of Super Voting Preferred Stock to any other person or entity.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The foregoing description of the Purchase
Agreement does not purport to be complete and is qualified in its entirety by reference to the Purchase Agreement attached hereto
as Exhibit 10.1 and incorporated herein by reference.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Item 3.02&#9;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Unregistered Sales of Equity Securities.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The disclosure set forth in Item 1.01 of
this report is incorporated herein by reference.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The sale of the Super Voting Preferred
Stock was exempt from registration under the Securities Act of 1933, as amended, in reliance on an exemption provided by Section
4(2) of such Act. The Company did not pay any commissions or finder&rsquo;s fees in connection with the sale to Mr. Hansen.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Item 3.03 &#9;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Material Modification
to Rights of Security Holders.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The disclosure set forth in Item 5.03 of
this report is incorporated herein by reference.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Item 5.01 &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Changes in Control of Registrant</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The disclosure set forth in Item 3.02 of this report is incorporated
herein by reference.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Prior to the issuance of the shares of
Super Voting Preferred Stock to Mr. Hansen, he held 16.81% of the voting power of the Company&rsquo;s issued and outstanding securities
and equal economic interest in the Company. As a result of Mr. Hansen&rsquo;s acquisition of the shares of Super Voting Preferred
Stock, Mr. Hansen now holds securities representing 56.59% of the voting power of the Company&rsquo;s issued and outstanding voting
securities and a 16.85% economic interest in the Company, assuming conversion of the Super Voting Preferred Stock prior to any
dividend distribution. There are no arrangements or understandings among the Company and Mr. Hansen with respect to the election
of directors or other matters. Mr. Hansen used personal funds to pay the purchase price for the shares of Super Voting Preferred
Stock acquired.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Item 5.03 &#9;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Amendment to Articles of Incorporation or Bylaws;
Change in Fiscal Year</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">On August 20, 2012, the Company filed an
amendment to the Company&rsquo;s Articles of Incorporation, as amended (the &ldquo;Articles of Incorporation&rdquo;), in the form
of a Certificate of Designation that authorized for issuance of up to 300,000 shares of a new series of preferred stock, par value
$0.01 per share, of the Company designated &ldquo;Super Voting Preferred Stock&rdquo; and established the rights, preferences and
limitations thereof. The Board authorized the Super Voting Preferred Stock pursuant to the authority given to the Board under the
Articles of Incorporation, which authorizes the issuance of up to 25,000,000 shares of preferred stock, par value $0.01 per share,
and authorizes the Board, by resolution, to establish any or all of the unissued shares of preferred stock, not then allocated
to any series into one or more series and to fix and determine the designation of each such shares, the number of shares which
shall constitute such series and certain preferences, limitations and relative rights of the shares of each series so established.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Mr. Hansen is entitled 2,000 votes per
share of Super Voting Preferred Stock held at the record date for the determination of shareholders entitled to vote at each meeting
of shareholders of the Company or action by written consent in lieu of meetings with respect to any and all matters presented to
the shareholders of the Company. Mr. Hansen will vote shares of Super Voting Preferred Stock together with the holders of Common
Stock, as a single class, except (i) as provided by Nevada Statutes and (ii) with regard to the amendment, alteration or repeal
of the preferences, rights, powers or other terms of the Super Voting Preferred Stock, as to which Mr. Hansen will vote the shares
of Super Voting Preferred Stock as a separate class.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Until the Super Voting Preferred Stock
is converted into Common Stock, Mr. Hansen is not entitled to receive any dividends declared by the Company on his shares of Super
Voting Preferred Stock. Each share of the Super Voting Preferred Stock will participate pari passu with the Common Stock of the
Company in the proceeds available to the Company&rsquo;s shareholders upon the liquidation, dissolution, or winding up of the Company.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Upon the earlier of (i) the consummation
of a &ldquo;Change in Control Transaction&rdquo; (as defined below) approved by the shareholders of the Company and (ii) August
17, 2017, each share of Super Voting Preferred Stock then outstanding will automatically be converted into one share of Common
Stock. In the event the shares of Super Voting Preferred Stock are converted into Common Stock upon the consummation of such Change
in Control Transaction, such conversion will be deemed to have occurred immediately prior to the consummation of such Change in
Control Transaction. &ldquo;Change in Control Transaction&rdquo; means the occurrence of either of the following events, if such
event has not been approved by the then majority of the Board of the Company: (a) the sale, encumbrance or disposition by the Company
of all or substantially all of the Company&rsquo;s assets; or (b) the merger or consolidation of the Company with or into any other
corporation or entity, other than a merger or consolidation that would result in the voting securities of the Company outstanding
immediately prior thereto continuing to represent more than fifty percent (50%) of the total voting power represented by the voting
securities of the Company or such surviving entity or its sole parent entity outstanding immediately after such merger or consolidation.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Each share of Super Voting Preferred Stock
will automatically convert into one share of Common Stock upon a &ldquo;Transfer&rdquo; of such share, where &ldquo;Transfer&rdquo;
means any sale, assignment, transfer, conveyance, hypothecation or other transfer or disposition of such share or any legal or
beneficial interest in such share, whether or not for value and whether voluntary or involuntary or by operation of law. Subject
to certain exceptions, a &ldquo;Transfer&rdquo; also includes a transfer of a share of Super Voting Preferred Stock to a broker
or other nominee, or the transfer of, or entering into a binding agreement with respect to, voting control over a share of Super
Voting Preferred Stock by proxy or otherwise.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The summary of the rights, privileges and
preferences of the Super Voting Preferred Stock described above is qualified in its entirety by reference to the Certificate of
Designation, a copy of which is attached as Exhibit 3.1 to this report and is incorporated herein by reference.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Item 9.01&nbsp;&nbsp;&#9;Financial Statements and Exhibits.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">(d)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Exhibits.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE ALIGN="CENTER" CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 90%">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 9%; border-bottom: Black 1pt solid">Number</TD>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 90%; border-bottom: Black 1pt solid">&nbsp;Description</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>3.1</TD>
    <TD>&nbsp;</TD>
    <TD>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Certificate of Designation filed with the
        Nevada Secretary of State on August 20, 2012.</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>10.1</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: justify">Purchase Agreement dated August 16, 2012 between the Company and Michael B. Hansen.&nbsp;</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>SIGNATURES</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 22.55pt">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.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 54%; text-align: right">&nbsp;</TD>
    <TD STYLE="width: 46%">MediaNet Group Technologies, Inc.</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>(Registrant)</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>Date:&nbsp; August 21, 2012</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>By<I>: <U> /s/ Michael B. Hansen</U></I></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Michael B. Hansen</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp; President and Chief Executive Officer</TD></TR>
</TABLE>
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{"company-data": {"conformed-name": "MEDIANET GROUP TECHNOLOGIES INC", "cik": "0001097792", "assigned-sic": "7389", "irs-number": "134067623", "state-of-incorporation": "NV", "fiscal-year-end": "0930"}, "filing-values": {"form-type": "8-K", "act": "34", "file-number": "000-49801", "film-number": "121048409"}, "business-address": {"street1": "5200 TOWN CENTER CIRCLE", "street2": "SUITE 601", "city": "BOCA RATON", "state": "FL", "zip": "33486", "phone": "561-362-7704"}, "mail-address": {"street1": "5200 TOWN CENTER CIRCLE", "street2": "SUITE 601", "city": "BOCA RATON", "state": "FL", "zip": "33486"}, "former-company": {"former-conformed-name": "CLAMSHELL ENTERPRISES INC", "date-changed": "19991026"}}
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): August 16, 2012
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):
¨
Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
¨
Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240-14a-12)
¨
Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
¨
Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
Item 1.01	      Entry into a Material Definitive Agreement.
The Board of Directors of MediaNet Group
Technologies, Inc. (the "Company") has determined that it is advisable and in the best interest of the Company and
its stockholders to create a voting capital stock structure that is designed (i) for management stability, with appropriate Board
supervision, over a critical period of the next five years of the Company's development to provide the Company's management
with the time and independence to concentrate on long-term objectives, including but not limited to the effectuation of the Company's
innovative business plan, and (ii) to act as an impediment to outside parties attempting to take over or influence the Company,
and thereby distract management from focusing on the Company's short-term and long-term goals.
Accordingly, as of August 16, 2012, the
Company entered into a Purchase Agreement (the "Purchase Agreement") with Michael B. Hansen, the Company's President
and Chief Executive Officer. Pursuant to the Purchase Agreement, the Company agreed to sell Mr. Hansen 185,000 shares of "Super
Voting Preferred Stock" (as defined below) upon the Company filing the Certificate of Designation (as defined below) for
$0.38 per share, which was the closing price of the Company's common stock, par value $0.001 per share ("Common Stock")
as reported on the Over-the-Counter Markets (OTCQB) on the date prior to the date the Board of Directors (the "Board")
of the Company approved the Certificate of Designation and the Purchase Agreement.
As more fully described in Item 5.03 below,
unless earlier converted into shares of Common Stock, each share of outstanding Super Voting Preferred Stock will automatically
convert into one share of Common Stock on August 17, 2017.
The Company has no present plans or intentions
to issue shares of Super Voting Preferred Stock to any other person or entity.
The foregoing description of the Purchase
Agreement does not purport to be complete and is qualified in its entirety by reference to the Purchase Agreement attached hereto
as Exhibit 10.1 and incorporated herein by reference.
Item 3.02	      Unregistered Sales of Equity Securities.
The disclosure set forth in Item 1.01 of
this report is incorporated herein by reference.
The sale of the Super Voting Preferred
Stock was exempt from registration under the Securities Act of 1933, as amended, in reliance on an exemption provided by Section
4(2) of such Act. The Company did not pay any commissions or finder's fees in connection with the sale to Mr. Hansen.
Item 3.03 	      Material Modification
to Rights of Security Holders.
The disclosure set forth in Item 5.03 of
this report is incorporated herein by reference.
2
Item 5.01       Changes in Control of Registrant
The disclosure set forth in Item 3.02 of this report is incorporated
herein by reference.
Prior to the issuance of the shares of
Super Voting Preferred Stock to Mr. Hansen, he held 16.81% of the voting power of the Company's issued and outstanding securities
and equal economic interest in the Company. As a result of Mr. Hansen's acquisition of the shares of Super Voting Preferred
Stock, Mr. Hansen now holds securities representing 56.59% of the voting power of the Company's issued and outstanding voting
securities and a 16.85% economic interest in the Company, assuming conversion of the Super Voting Preferred Stock prior to any
dividend distribution. There are no arrangements or understandings among the Company and Mr. Hansen with respect to the election
of directors or other matters. Mr. Hansen used personal funds to pay the purchase price for the shares of Super Voting Preferred
Stock acquired.
Item 5.03 	     Amendment to Articles of Incorporation or Bylaws;
Change in Fiscal Year
On August 20, 2012, the Company filed an
amendment to the Company's Articles of Incorporation, as amended (the "Articles of Incorporation"), in the form
of a Certificate of Designation that authorized for issuance of up to 300,000 shares of a new series of preferred stock, par value
$0.01 per share, of the Company designated "Super Voting Preferred Stock" and established the rights, preferences and
limitations thereof. The Board authorized the Super Voting Preferred Stock pursuant to the authority given to the Board under the
Articles of Incorporation, which authorizes the issuance of up to 25,000,000 shares of preferred stock, par value $0.01 per share,
and authorizes the Board, by resolution, to establish any or all of the unissued shares of preferred stock, not then allocated
to any series into one or more series and to fix and determine the designation of each such shares, the number of shares which
shall constitute such series and certain preferences, limitations and relative rights of the shares of each series so established.
Mr. Hansen is entitled 2,000 votes per
share of Super Voting Preferred Stock held at the record date for the determination of shareholders entitled to vote at each meeting
of shareholders of the Company or action by written consent in lieu of meetings with respect to any and all matters presented to
the shareholders of the Company. Mr. Hansen will vote shares of Super Voting Preferred Stock together with the holders of Common
Stock, as a single class, except (i) as provided by Nevada Statutes and (ii) with regard to the amendment, alteration or repeal
of the preferences, rights, powers or other terms of the Super Voting Preferred Stock, as to which Mr. Hansen will vote the shares
of Super Voting Preferred Stock as a separate class.
Until the Super Voting Preferred Stock
is converted into Common Stock, Mr. Hansen is not entitled to receive any dividends declared by the Company on his shares of Super
Voting Preferred Stock. Each share of the Super Voting Preferred Stock will participate pari passu with the Common Stock of the
Company in the proceeds available to the Company's shareholders upon the liquidation, dissolution, or winding up of the Company.
3
Upon the earlier of (i) the consummation
of a "Change in Control Transaction" (as defined below) approved by the shareholders of the Company and (ii) August
17, 2017, each share of Super Voting Preferred Stock then outstanding will automatically be converted into one share of Common
Stock. In the event the shares of Super Voting Preferred Stock are converted into Common Stock upon the consummation of such Change
in Control Transaction, such conversion will be deemed to have occurred immediately prior to the consummation of such Change in
Control Transaction. "Change in Control Transaction" means the occurrence of either of the following events, if such
event has not been approved by the then majority of the Board of the Company: (a) the sale, encumbrance or disposition by the Company
of all or substantially all of the Company's assets; or (b) the merger or consolidation of the Company with or into any other
corporation or entity, other than a merger or consolidation that would result in the voting securities of the Company outstanding
immediately prior thereto continuing to represent more than fifty percent (50%) of the total voting power represented by the voting
securities of the Company or such surviving entity or its sole parent entity outstanding immediately after such merger or consolidation.
Each share of Super Voting Preferred Stock
will automatically convert into one share of Common Stock upon a "Transfer" of such share, where "Transfer"
means any sale, assignment, transfer, conveyance, hypothecation or other transfer or disposition of such share or any legal or
beneficial interest in such share, whether or not for value and whether voluntary or involuntary or by operation of law. Subject
to certain exceptions, a "Transfer" also includes a transfer of a share of Super Voting Preferred Stock to a broker
or other nominee, or the transfer of, or entering into a binding agreement with respect to, voting control over a share of Super
Voting Preferred Stock by proxy or otherwise.
The summary of the rights, privileges and
preferences of the Super Voting Preferred Stock described above is qualified in its entirety by reference to the Certificate of
Designation, a copy of which is attached as Exhibit 3.1 to this report and is incorporated herein by reference.
Item 9.01  	Financial Statements and Exhibits.
(d)           Exhibits.
Number
Description
3.1
Certificate of Designation filed with the
        Nevada Secretary of State on August 20, 2012.
10.1
Purchase Agreement dated August 16, 2012 between the Company and Michael B. Hansen.
4
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:  August 21, 2012
By
:
/s/ Michael B. Hansen
Michael B. Hansen
President and Chief Executive Officer
5