RECYCLENET CORPORATION SIGNS MERGER AGREEMENT

Thursday March 4, 1999

RecycleNet Corporation and Garbalizer Machinery Corporation, signed an agreement to merge the two companies with RecycleNet as the operating company following the merger.

RecycleNet Corporation will not carry on any of Garbalizer’s existing machinery operations. Garbalizer’s machinery operations will be carried on by Garb-Oil & Power Corporation, a sister company to Garbalizer.

As a result of the merger, the name Garbalizer Machinery Corporation will be changed to RecycleNet Corporation, and will continue to trade publicly over the OTC-BULLETIN BOARD as GARM.

RecycleNet Corporation is recognized internationally as a pioneer and leader at providing dynamic and business critical Internet based information technology services to the world wide waste/recycling industry.

RecycleNet Corporation (Global Access to Recycling Markets - GARM) operates two waste/recycling focussed Internet web sites:

Each web site is a leader in its specific industry niche; serving the commercial/industrial and municipal waste & recycling sectors – worldwide.

Each of the industry specific web sites functions as a business to business trading resource and a source of information for the worldwide waste and recycling industry.

RecycleNet Corporation operates the dynamic online waste/recycling materials, scrap and equipment trading system:

The Recycler's Exchange is a Free electronic information exchange designed to promote the trade of recyclable commodities, by-products and used or surplus items. Anyone, worldwide can BUY / SELL / TRADE the entire spectrum of recyclable materials including:

RecycleNet’s services offered via the Internet are primarily focused around the trading and handling of secondary commodities or scrap materials. Services developed by RecycleNet target all companies throughout the world which generate or consume scrap or waste materials.

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