Transmedia sells Asia-Pacific license.

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.

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