NORTH MIAMI, Fla. -- Transmedia Network Inc., the marketer of discount dining cards, announced it completed a licensing agreement with a London company to operate the Transmedia card business in Australia, New Zealand, and Asia.
Transmedia completed a $1.25 million sale of a license to London-based Conestoga Partners II Inc., an investment banking firm, on June 6.
As part of the licensing agreement, Transmedia receives 5% ownership of the Transmedia Asia-Pacific licensee, with the right to approve sublicenses of that region.
The Asia-Pacific region covers at least 16 countries, including Japan, China, Hong Kong, Taiwan, Korea, and India.
Conestoga has the option to purchase a franchise for Hawaii.
Transmedia markets a charge card offering 25% savings on restaurant dining costs.
The company says that more than 3,000 restaurants have joined its program, as have 310,000 Visa, MasterCard, and Discover cardholders.