Advantex and CIBC extend agreement
Advantex and CIBC have signed an agreement for continuing Advantex's merchant-based loyalty marketing programmes for premium CIBC Visa cards until the end of 2009.
CIBC Advantex programmes are a fully integrated feature of premium CIBC Visa cards, automatically awarding cardholders with bonus miles/points on purchases at over 400 restaurants, golf courses, inns, resorts and spas across Canada.
Importantly, the new agreement continues to enable Advantex to expand the scope of its activities beyond its current categories to include retail merchants. The retail category represents a market several times larger than the merchant categories in which Advantex currently operates. The current Advantex programme features hundreds of participating merchants, including many of Canada's finest restaurants.
Shares for CIBC At the same time, Advantex said that in consideration of the signing of this long-term agreement with CIBC, and the cancellation of CIBC's right under a separate agreement between Advantex and CIBC to earn any future incentive warrants to acquire certain common shares of Advantex, Advantex has agreed to issue to CIBC 500,000 Advantex common shares.
New concepts According to G. Randall Munger, chairman and CEO for Advantex: "We are looking forward to increasing the depth and scope of our CIBC programmes over the next year and beyond. We are also exploring a series of new promotional and event concepts, designed to increase cardholders and merchant participation".
Ernie Johannson, senior vice president of CIBC's Card Products Division, said: "CIBC is strongly committed to providing its customers with enhanced value through our premium credit cards. Advantex is an important partner in this respect, enabling our cardholders to significantly increase the rate at which they earn Aeroplan Miles and other loyalty currencies through card purchases at a selection of high calibre, popular establishments. We are very pleased with Advantex's continuing efforts on our behalf and look forward to working with them to deliver additional cardholder value over the next few years."
Card line-up Premium CIBC Visa cards include the CIBC Aerogold Visa card, CIBC Aero Corporate Visa card, CIBC Aero Classic Visa card, CIBC Aventura Gold Visa card, CIBC Dividend Platinum Card, CIBC Gold Visa card, and CIBC Vacationgold Visa card.
Advantex loyalty partners include CIBC, United Mileage Plus, Delta Air Lines, The New York Times, Alaska Airlines, US Airways, and other major North American corporations, as well as a growing list of restaurants, retailers, golf courses, small inns and resorts.