Advantex Renews Credit Facility
October 16 2013 - 4:08PM
Marketwired Canada
Advantex Marketing International Inc. (CNSX:ADX) ("Advantex"), a leading
specialist in marketing services industry, today announced that it has renewed
its agreement with Accord Financial Inc.(Accord) a subsidiary of Accord
Financial Corp. (TSX:ACD) for a one year term expiring in December, 2014.
Under the agreement, Advantex will continue to have access to a credit facility
with a limit of $8.5 million. Advantex will continue to use the credit facility
solely to expand its Advance Purchase Marketing (APM) program.
Under its APM program Advantex provides marketing, loyalty services, and also
pre-purchases future designated credit card sales at a participating merchant.
In this program Advantex acquires the rights to future designated credit card
transactions at a discount from the face value. The spread between the future
credit card transactions and the costs to acquire the rights (transaction
credits) represents the revenue that Advantex will ultimately earn. The revenue
is recognized, on a pro-rata basis, at the time a consumer makes a purchase,
using designated credit card, from a participating merchant enrolled in this
program. Proceeds from the customer transactions on designated credit cards is
received by Advantex and a predetermined portion is applied to reduce the
transaction credits balance that the merchant owes.
About Advantex Marketing International Inc.
Advantex is a specialist in the marketing services industry. Advantex partners
with CIBC, and Aeroplan. On a combined basis, Advantex has contractual marketing
access to more than five million Canadian consumers with above-average personal
and household income. Advantex's merchant partner base currently consists of
about 2,000 merchants operating restaurants; golf courses; independent inns,
resorts and selected hotels; spas; retailers of men's and ladies fashion,
footwear and accessories; retailers of sporting goods; florists and garden
centres; book and newspaper stores; health and beauty centres; dry cleaners;
gift stores; home decor; automotive dealers, service centers; and tire
dealerships; many of which are leaders in their respective categories.
Advantex is traded on the Canadian National Stock Exchange under the symbol
"ADX". For additional information on Advantex, please visit www.advantex.com.
FOR FURTHER INFORMATION PLEASE CONTACT:
Advantex Marketing International Inc.
Mukesh Sabharwal
Vice-President and Chief Financial Officer
905-470-9558 ext. 249
Mukesh.sabharwal@advantex.com
www.advantex.com
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