RecycleNet Launches E-Commerce Clearinghouse & Exceeds 13 Million

July 22, 1999

Mikael Prydz, CEO of RecycleNet Corporation (Guelph, Ontario) is pleased to announce the launch of SEC-MAT (The Secondary Materials & Commodity Clearinghouse). SEC-MAT is a physical clearinghouse for secondary or recyclable commodities, by-products, used materials & surplus items. Based upon statistical information, RecycleNet estimates this to be a $ 300 billion/year market and growing.

SEC-MAT. www.sec-mat.com

SEC-MAT is an integral planned part of RecycleNet' s E-commerce strategy. This past week RecycleNet established its first SEC-MAT clearinghouse, located in New York, with intentions of expanding to additional sites across North America and certain foreign sites that fit the proper profile.

Today, RecycleNet Corporation formed a strategic alliance with Guelph Suburban Metals Ltd., a scrap metal recycling company located in Ontario, Canada. This strategic alliance has resulted in the establishment of the second SEC-MAT Clearinghouse, located in Ontario. With sites already established in New York and Ontario, management is confident that other sites will be established as rapidly as it is practical to do so.

The SEC-MAT Clearinghouse system was designed to provide physical support to RecycleNet's Internet based electronic trading system. Traffic to RecycleNet's trading system has now hit a new milestone, recently exceeding 13 million.

RecycleNet Corporation provides "Global Access to Recycling Markets" (GARM) through Recycler’s World, a dynamic Internet portal that facilitates e-commerce trading.

RecycleNet Corporation trades OTC BB: GARM
Recycler's World: www.recycle.net

For further information contact:

Mikael Prydz - CEO
RecycleNet Corporation

Tel. (519) 767-2913

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