RecycleNet Announces Improved Sales and Earnings For First Quarter 2004
World’s Largest Recycling Community Posts 23% Sales Increase, Returns to Profitability

SALT LAKE CITY, UTAH, May 6, 2004 — RecycleNet Corporation (OTC-BB: GARM) today reported continued improvement in sales, expanded use of its trading platform and a return to profitability for the first quarter ended March 31, 2004.

RecycleNet (www.recycle.net), which operates the leading online trading platform for recyclable industrial materials, reported net earnings of $16,110 on net revenues of $526,630 for the first quarter, compared with a net loss of $23,249 on net revenues of $427,819 for the same period of last year.

“We are seeing an increase in customers subscribing to our services due to improved economic conditions and a greater willingness of customers to pay for Internet services,” said Richard Ivanovick, Chief Financial Officer of RecycleNet Corporation. “Over the first three months of 2004 we have been focused on fueling growth through the addition of new services into the RecycleNet network. Within our business model, a large percentage of revenue from our portal product falls directly to our bottom line. We are currently utilizing cash to grow the top-line of this high-margin business.”

The Company cited wider use and acceptance of its trading platform as a key sales driver. Portal sales increased 86 percent over the first quarter. Sales for third and fourth quarters of 2003 increased 61 percent and 52 percent respectively. Driven by increased sales from the high-margin Internet portal product, gross profit increased 86% over first quarter ended last year.

“We are seeking a capital injection over the next 12-24 months to help take our business plan to the next level. Once secured, this capital will allow us to ramp up marketing to drive wide-scale adoption of our portal product and pursue opportunities such as real-time pricing indexes of materials and the first electronic clearinghouse for secondary materials,” said Paul Roszel, Chairman and CEO of RecycleNet. “The $300 billion global market for recyclable materials is expanding at a rapid rate. As a first-mover in the online recyclable trading market, we are in a unique position to solidify our model as the online trading system of choice in this industry. ”

Over the course of the first quarter, the Company launched several important initiatives to expand value- added services improving global access to recycling markets and cultivate additional revenue streams. In February 2004, RecycleNet announced the official launch of EquipFinder.com (www.equipfinder.com), a free online service that helps users find balers, compactors, lift trucks and other types of waste handling or recycling equipment.

Also in February 2004, RecycleNet launched OldWebSites.com (www.oldwebsites.com), which allows owners to easily list and sell their websites directly to RecycleNet. In April 2004, the Company launched Waste.net (www.waste.net), an umbrella that networks regional waste exchanges.

Most recently, the Company unveiled at the Institute of Scrap Recycling Industries (ISRI) annual convention a real-time scrap index system, which is published on over 15 online market portals such as Recycler’s World (www.recycle.net), Global Recycling Network (www.grn.com) and The Canadian RecycleXchange (www.recycleXchange.com).

About RecycleNet: RecycleNet Corporation, founded in 1995, primarily operates an online trading system for recyclable materials. The Company has grown its network of trading sites into the largest online trading system for recyclable materials in the world, serving more than 1.8 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 www.recyclenet.com.

For further information contact:

Paul Roszel
RecycleNet Corporation

Tel. (801) 531-0404

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