TORONTO, ONTARIO--(Marketwired - Oct. 2, 2014) - Advantex Marketing International Inc. (CSE:ADX), a specialist in marketing loyalty-reward programs, has renewed its credit facility with Accord Financial Inc. for one year to December 2015.
The renewal agreement gives Advantex continuing access to the facility with a limit of $8.5 million. Advantex will continue using the facility to expand its popular advance purchase marketing (APM) program, which makes a significant contribution to the company's business.
Under the APM program, Advantex purchases future designated credit card sales at participating merchants at a discount to face value. Advantex's revenue comes from the spread between these transactions and the cost of acquiring the pre-purchase rights. The revenue is recognized when consumers use a qualifying credit card at merchants enrolled in the program. Advantex receives the proceeds of the transaction and applies a pre-determined portion to reduce the amount owed by the merchant.
Accord Financial Inc. is a subsidiary of Accord Financial Corp. (TSX:ACD) and has been a valued Advantex partner since 2007. The current credit facility was due to expire in December 2014.
About Advantex:
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 our partnerships with Aeroplan, Toronto-Dominion Bank, Canadian Imperial Bank of Commerce and Caesars Entertainment, we have contractual access to millions of consumers with above-average personal and household income. We also have partnerships with about 1,700 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.
Contact Information:
Vice-President and Chief Financial Officer
905-470-9558 ext. 249
mukesh.sabharwal@advantex.com