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TRANSMEDIA NETWORK COMPLETES PRIVATE PLACEMENT FOR MORE THAN $5 MILLION

TRANSMEDIA NETWORK COMPLETES PRIVATE PLACEMENT FOR MORE THAN $5 MILLION
 NORTH MIAMI, Fla., June 16 /PRNewswire/ -- Transmedia Network, Inc. (NASDAQ: TMNI), which owns and markets a restaurant charge card offering 25 percent savings on meals, today announced it has completed a private placement of 507,989 shares of common stock for an amount in excess of $5 million. The placement agent was Janney Montgomery Scott Inc.
 Commenting on the use of these funds, Melvin Chasen, Transmedia's chairman, said "The company intends to remain focused in its objective of aggressively expanding Transmedia's concept in its existing markets as well as into new areas throughout the United States."
 In line with this expansion, Transmedia also announced it has sold its fifth franchised territory: the cities of Washington, D.C. and Baltimore which also includes most of the state of Maryland and six counties in Northern Virginia (see note). The franchise was awarded to Gustavo L. Bessalel and Thomas E. Gorman, principals of Potomac Dining Limited Partnership, Washington, D.C.
 James M. Callaghan, executive vice president of Transmedia, said, "Our move to the Washington-Baltimore area is a logical step in that we're now able to offer Transmedia's service throughout the Washington, D.C. - New York corridor. Obviously, restaurants will benefit by the great amount of travel taking place from within this area as well as from Transmedia cardmembers visiting from other areas around the United States. Cardmembers, of course, will soon enjoy an even greater list of restaurants, as the new franchise begins to operate."
 Transmedia Network, Inc., established in 1984, derives its income from membership fees and cardmembers' use of the Executive Savings Card which makes available to cardmembers food and beverage credits issued to the company by restaurants in return for cash advances used by these dining establishments for a wide variety of needs.
 More than 1,400 restaurants and 100,000 cardmembers have joined the Transmedia program to date. Transmedia maintains two facilities: an executive, sales and marketing office in New York City where the company serves the New York metropolitan area and an executive and sales as well as Cardmember Service Center in North Miami, Fla., where the company is headquartered and serves the Florida market.
 Other franchised territories, in addition to the Washington and Baltimore area, include (1) most of New Jersey; (2) Philadelphia and surrounding area, including the state of Delaware; (3) Chicago and surrounding area, and, pending completion of a financing, (4) the state of California.
 -0- 6/16/92
 /NOTE TO EDITORS: The Washington-Baltimore franchised territory also includes - The state of Maryland excluding Garret and Allegheny counties and, in Virginia, the following counties: Loudoun, Fairfax, Arlington, Prince William, Stafford, and Fauquier. All cities within these counties are included as well as the city of Fredericksburg, Va. For more details, please call Stephen Berg, 212-580-8760./
 /CONTACT: David Weinberg of Transmedia Network, 305-892-3300, or 800-422-7066, or Stephen Berg of Stephen Berg Public Relations, 212-580-8760, for Transmedia/
 (TMNI) CO: Transmedia Network, Inc. ST: Florida IN: FIN SU: FNC


TQ-OS -- NY055 -- 0710 06/16/92 13:34 EDT
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Publication:PR Newswire
Date:Jun 16, 1992
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