Scrap China Spin-off.

January 17, 2006

Scrap China Corporation held its Annual Meeting of Shareholders on January 12, 2006 for the purpose of electing three directors of the Company and to ratify the appointment of the Company’s independent auditors.

 RecycleNet Corporation (OTC-BB: GARM) will complete the spin-off of Scrap China Corporation by issuing a dividend to all shareholders of record as of the close of business on January 20, 2006.  The Company believes that the dividend is deemed as a taxable event and shareholders are advised that they should consult their personal financial advisor. 

 

Additional details regarding the spin-off can be found at www.recyclenet.com/scrapchina/

About RecycleNet

RecycleNet operates an Online Secondary Commodities Exchange http://www.recycle.net . Founded in 1995, RecycleNet created a powerful platform to facilitate the international trade of secondary commodities.

RecycleNet Corporation enables trade on a local, national and international basis with customized sites locating markets around the world in many different commodities. On any given day, there are in excess of $200 million in new items listed within our exchanges.

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

If it's Scrap or Used it's http://www.recycle.net!

For further information contact:

Paul Roszel
RecycleNet Corporation

Tel. (519) 767-2913

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