607 % Increase in Q-1 Earnings for RecycleNet

May 22, 2001

Richard R. Ivanovick, CA, the Chief Financial Officer of RecycleNet Corporation (OTC GARM) is pleased to report the quarterly results for Q-1 2001.

RecycleNet's sales revenues of just over $ 390,000 USD have increased over 32 % for the three months ended March 31, 2001 compared to the same period last year. Earnings of $ 45,000 USD have increased 607% compared to Q-1 2000.

RecycleNet Corporation has scheduled its annual meeting date for June 28, 2001. The meeting will be held at 10:00 am EST at the Holiday Inn in Guelph, Ontario Canada.

RecycleNet chairman and founder Paul Roszel, announced this month the sixth year anniversary of RecycleNet being on-line providing Global Access to Recycling Markets. May 2001 also marked the expansion of the "auto.recycle.net" used vehicle exchange program with "www.kwautoexchange.com" and "www.AUTOchange.net" , used car exchanges in Ontario Canada.

RecycleNet has distinguished itself among an elite group of companies that have developed a business model that derives a profit from the Internet. Looking forward, RecycleNet is well positioned to execute its strategy of getting it right, getting it profitable and then getting it big.

RecycleNet Corporation is a world leader in turnkey b2b software distribution through the "Rhodium WebWeaver Turnkey E-Commerce System". RecycleNet is pleased to welcome DrUsed.com, Inc. as a new user of the Rhodium WebWeaver System. DrUsed.com operates Rhodium WebWeaver as the platform for "www.DrUsed.com", a used medical equipment exchange.

RecycleNet Corporation continues to pursue its aggressive plans of merger, acquisition, joint ventures, strategic alliance and rapid internal organic growth.

For further information contact:

Tom Hattle
RecycleNet Corporation

Tel. (519) 767-2913

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