RecycleNet Corporation Reports Profitable First Quarter

May 16, 2000

Guelph, Ontario, May 16th, 2000 - Richard Ivanovick CA, Chief Financial Officer of RecycleNet Corporation (OTC GARM) announced a successful and profitable first quarter in 2000. In a recent 10-QSB SEC filing RecycleNet Corporation reported a sales increase exceeding 800% over the same period last year.

RecycleNet Corporation's dynamic Internet Portal Services have delivered consistent growth while still achieving profits of greater than 5% in this past quarter. Visitors to Recycler's World (www.recycle.net) have viewed over 22 million pages on the web site, which celebrated 5 years online earlier this month.

Paul Roszel, Chairman of RecycleNet Corporation, is pleased with the maturing of its business model reinforcing the strategy of getting it right, getting it profitable and then getting it big.

Dramatic developments since the beginning of the year such as Online Streaming Video, Job Listings, and Comprehensive Geographic Directories, invigorate RecycleNet Corporation's Internet Portal penetration world wide, which should continue to increase the Company's bottom line.

The Rhodium WebWeaver TurnKey E-Commerce System positions RecycleNet Corporation as a world leader in the ASP (Application Service Provider) market space, focusing on the power of integration of Internet content.

RecycleNet Corporation's profitable business model puts it in a position to pursue its aggressive plans of merger, acquisition, strategic alliance and rapid internal organic growth.

For further information contact:

Tom Hattle
RecycleNet Corporation

Tel. (519) 767-2913

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