(February 1 – 10:00 ET) – Advantex Marketing International Inc. and CIBC today announced that they have signed agreements for new credit card loyalty programs, that may eventually see CIBC take substantial control of the firm.

Under the terms of the deal, Advantex will launch an online program for CIBC Aerogold VISA, continue the current Advantex Offline Benefit Program, and will develop new programs. Advantex and CIBC plan to commence launching the new loyalty programs throughout 2001.

Advantex has agreed to issue to each of CIBC and Air Canada warrants to purchase 7.5 million Advantex common shares, at a price of $1.08 per share, exercisable over a five-year period. It has also agreed to issue to CIBC and Air Canada over a five-year period, additional five-year warrants to purchase up to 55 million Advantex common shares.

Christine Croucher, executive vice president for CIBC VISA cards products division stated, “We are very pleased to be working with Advantex to create additional value for the holders of CIBC Aerogold VISA and our other premium cards. Advantex has proven its ability as a partner in meeting the needs of our cardholders. Advantex’s new online loyalty programs will provide our cardholders with significant opportunities to earn further rewards as they use the Internet.”

“The signing of these agreements is a very exciting step forward for Advantex,” said Randall Munger, chairman and CEO of Advantex. “The depth and breadth of our relationship with CIBC has expanded significantly. We look forward to developing new and innovative programs for CIBC and the holders of its premium credit cards, as we have successfully done for the past five years for the holders of CIBC Aerogold VISA.”
-IE Staff