SOURCE: Leverage Inc.

February 25, 2008 08:00 ET

Leverage Inc. Announces Bankruptcy Insurance Policy, Offers Complementary Balance Transfer to Holders of Gift Cards Purchased From Sharper Image and Other Bankrupt Merchants

New Policy Enables Consumers to Transfer Unredeemable Gift Card Balances to Other Leverage Merchant Cards

IRVINE, CA--(Marketwire - February 25, 2008) - Leverage Inc. today announced a new bankruptcy insurance policy that allows customers holding gift cards purchased via its LeverageCard.com destination from Sharper Image and other merchants filing for Chapter 11 bankruptcy protection to transfer remaining, unredeemable balances to gift cards from other retailers available on the Leverage site. Sharper Image gift cards not purchased through Leverage can also be registered on the site and customers will receive periodic updates as well as applicable assistance during bankruptcy proceedings.

First reported by the popular consumer advocacy blog Consumerist.com, Sharper Image has confirmed that it will no longer sell or honor gift cards in the wake of its bankruptcy filing on February 19. As a result, all Sharper Image gift card holders will lose the complete balance of their cards.

As part of a new bankruptcy insurance policy, Leverage now guarantees that all gift cards with a verifiable balance purchased through LeverageCard.com can be exchanged for a gift card of the same value from Leverage's merchant network in the event of bankruptcy.

"During difficult economic times, consumers may suffer when retailer policy changes leave them with unused gift cards, store credit and faulty products, among other things," said Mark Roberts, CEO of Leverage, Inc. "We believe people shouldn't have to pay, both literally and figuratively, when a retailer suffers the misfortune of having to file for bankruptcy and are extending this bankruptcy policy to provide some peace of mind to users of our service."

Sharper Image customers with gift cards purchased through LeverageCard.com can take advantage of Leverage's bankruptcy insurance policy by contacting customerservice@leveragecard.com.

Launched in December 2007, Leverage is a free personal web application that offers savvy consumers a virtual toolbox of ways to optimize their online retail relationship experience. Leverage offers an array of features to make shopping more efficient and enjoyable. Leverage members can:

-- Buy gift cards from top retailers, restaurants, and travel providers

-- Conveniently track gift card balances online

-- Earn interest on gift card balances

-- Swap gift cards with other Leverage members

-- Manage loyalty and rewards programs

-- Receive targeted offers and communications from top retailers

-- Maintain complete privacy of all personally identifiable information

About Leverage Inc.

Leverage Inc. provides a free personal web application for users to manage their offers and savings, gift cards, and loyalty/rewards programs online. Leverage customers have access to a single application that allows them to purchase, track and exchange gift cards, earn interest on gift card balances, manage loyalty and reward programs, and receive highly targeted offers and savings from retailers. Furthermore, Leverage allows businesses to deliver offers and marketing messages in a non-interruptive and completely transparent way at the very moment customers are preparing to shop. Privately held and based in Irvine, California, Leverage Inc. can be found at LeverageCard.com.

Contact Information

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