Business
CIBC to be awarded shares in Advantex; Rights cancelled under warrant agreement
CIBC to be awarded shares in Advantex; Rights cancelled under warrant agreement.
About this update from Advantex Marketing International Inc.
[{"type":"text","content":"\n\n\n\n\nADX: TSX\n\nTORONTO, July 20 /CNW/ - Advantex Marketing International Inc. (TSX: ADX)\ntoday announced that in consideration of the signing of a long-term agreement\nwith CIBC to continue Advantex's merchant-based loyalty programs for premium\nCIBC VISA cards, and the cancellation of CIBC's right under a separate\nagreement between Advantex and CIBC to earn any future incentive warrants to\nacquire certain common shares of Advantex, Advantex has agreed to issue to\nCIBC 500,000 Advantex common shares.\nCIBC Advantex programs are a fully integrated feature of premium CIBC\nVISA cards, automatically awarding cardholders with bonus miles/points on\npurchases at over 400 restaurants, golf courses, inns, resorts and spas across\nCanada. Importantly, the new agreement continues to enable Advantex to expand\nthe scope of its activities beyond its current categories to include retail\nmerchants. The retail category represents a market several times larger than\nthe merchant categories in which Advantex currently operates.\nThe current Advantex program features hundreds of participating\nmerchants, including many of Canada's finest restaurants. Complete listings of\nparticipating establishments are available at www.aerogold-advantex.com,\nwww.aventuraadvantex.com and www.cibcbonusrewards.com.\n\"We are looking forward to increasing the depth and scope of our CIBC\nprograms over the next year and beyond,\" said G. Randall Munger, Chairman and\nChief Executive Officer of Advantex. \"There is a significant opportunity for\nrevenue growth as Advantex expands its merchant partner base to include\nCanadian retailers. As well, we are exploring a series of new promotional and\nevent concepts, designed to increase cardholders and merchant participation.\"\n\nAbout Advantex Marketing International Inc.\nAdvantex Marketing International Inc. is a leading loyalty marketing\ncompany, specializing in merchant-based customer loyalty and rewards programs.\nAdvantex programs build new and repeat business for participating merchants\nfrom the most desirable customers of leading North American companies. The\nCompany offers a comprehensive range of turn-key marketing services,\nincluding: strategic planning; program design, development and execution;\nmulti-media communications; Internet and database services; data capture and\naward processing i...