RecycleNet Announces Improved Third-Quarter Results

Dec 3, 2003

SALT LAKE CITY, UTAH, Dec. 3, 2003 — RecycleNet Corporation (OTC-BB: GARM) today announced improved operating results for the third quarter ended September 30, 2003.

RecycleNet (www.recycle.net), which operates the leading online trading platform for recyclable industrial materials, reported net earnings of $27,800 on net revenues of $496,600 for the third quarter, compared with a net loss of $3,800 on net revenues of $495,600 for the same period of last year.

For the nine months ended September 30, 2003, the Company reported net earnings of $23,600 on net revenues of $1,506,000 compared with net earnings of $9,000 on total net revenues of $1,231,000 for the same period of 2002.

RecycleNet said revenues from the company’s Internet portal product increased 61% this quarter over last year’s comparable period, the second quarter in a row of robust growth. Traffic at the portal also hit an all time high as more than 1.5 million unique users per month visited the online recycling exchange. The growth in the portal had a positive impact on gross profit, which grew by 28% over the same period of last year.

“The last several quarters have shown a steady growth of our portal product, an online trading system that serves the $300 billion recyclables market,” said Richard R. Ivanovick, CFO of RecycleNet. "Moving forward we will seek additional capital to fuel the growth of our portal business, as well as opportunities to tell our story to a wider audience within our markets and the investment community.”

As disclosed in the Company’s most recent 10-Q filing, RecycleNet hired consultants to help with the Company’s corporate branding, marketing and investor relations efforts. As the consultants were paid in stock, the Company anticipates a $120,000 non-cash expense for its operating results in the fourth quarter ending December 31, 2003.

RecycleNet Corporation (OTC-BB: GARM) was founded in 1995 as an online trading system for recyclable materials. The Company has grown its network of trading sites to serve more than 1.5 million unique users per month, including generators, brokers, dealers, processors and consumers of recyclable materials such as glass, metal, rubber, paper, wood and plastic, along with used vehicles and equipment.

RecycleNet does not buy or sell recyclable materials; instead the Company earns fees for use of its trading network and other services. For more information about the company visit the corporate site www.recyclenet.com or Recycler’s World, the hub of its online trading network, at www.recycle.net.

For further information contact:

Paul Roszel
RecycleNet Corporation

Tel. (519) 767.2913

2003 News Releases
2002 News Releases
2001 News Releases
2000 News Releases
1999 News Releases