TORONTO, Dec. 6, 2018 /CNW/ - Advantex Marketing International Inc. (CSE: ADX), a specialist in marketing loyalty-reward programs, has been informed by Canadian Imperial Bank of Commerce that their current partnership agreement will not be extended past its current expiry date of March 31, 2019. Advantex will engage discussions with CIBC in order to facilitate an orderly wind-down of the programs administered by Advantex under the partnership agreement.
Based on its financial forecast, the termination of its partnership with CIBC should not have a material impact on the Company's financial situation. The strength of Advantex's product – unsecured working capital and marketing services – for the small merchant market and the benefit its merchant portfolio offers to credit card customers of the TD Bonus Rewards Program should continue to drive revenue.
While CIBC was a long-term partner of ours, we are very excited by the growth opportunities presented by our current program with Toronto Dominion Bank, Canada's leading issuer of credit cards. Additionally, TD will become the primary credit card issuer for Air Canada's new loyalty program when it launches in 2020 presenting Advantex with the potential for further growth.
Advantex provides specialized marketing programs that enable members of affinity groups to earn frequent-flyer miles and other loyalty rewards through purchases at participating merchants.
Through partnerships with Aeroplan, Toronto-Dominion Bank, Canadian Imperial Bank of Commerce and Caesars Entertainment, Advantex has contractual access to millions of consumers with above-average personal and household income. Advantex also has partnerships with about 950 merchants in Canada and the US.
Advantex shares trade on the Canadian Securities Exchange under the symbol ADX. For more information, go to www.advantex.com
This news release contains "forward-looking statements" within the meaning of applicable securities laws relating to the future business and operations of Advantex, including its future business prospects with existing and new partners as well as its future financial viability based on the strength of its other operations. Actual results and developments may differ materially from those contemplated by these statements. The business and operations of Advantex described herein is dependent on a number of factors and is subject to a number of risks and uncertainties. Factors that could cause actual results to differ materially include those listed under "Working Capital and Liquidity Management", "General Risks and Uncertainties" and "Economic Dependence" in Advantex's Management's Discussion and Analysis for the three months ended September 30, 2018.
The statements in this news release are made as of the date of this release. Forward-looking statements are made based on management's beliefs, estimates and opinions on the date the statements are made and Advantex undertakes no obligation to update forward-looking statements if these beliefs, estimates and opinions or other circumstances should change, except as required by applicable law.
SOURCE Advantex Marketing International Inc.
For further information: Mukesh Sabharwal, Vice-President and Chief Financial Officer, Tel: 905-470-9558 ext. 249, Email: firstname.lastname@example.org