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TRANSMEDIA NETWORK INC. RECEIVES ADDITIONAL PAYMENT TO EXTEND CLOSING ON EUROPEAN LICENSE ARRANGEMENT

 NORTH MIAMI, Fla., July 13 /PRNewswire/ -- Transmedia Network Inc. (NASDAQ: TMNI), which owns and markets a restaurant charge card offering 25 percent savings on restaurant dining costs, today announced it has received an additional non-refundable payment of $150,000 which, based on an agreement announced Dec. 14, 1992, automatically extends until Dec. 14, 1993, the closing date on the license for the United Kingdom and Europe that was granted by the company to Conestoga Partners, Inc.
 As announced, the purchase price of the license is $1,125,000, $275,000 of which the company has now received, as agreed in the December, 1992 contract. Under the extension, the balance of $850,000 will become due at the closing on Dec. 14, 1993 or sooner, at the option of Conestoga Partners, Inc.
 Edward J. Guinan, president of Conestoga Partners, Inc., stated he anticipates the closing will take place before the end of July, 1993.
 More than 2,000 restaurants and 170,000 cardmembers have joined Transmedia's program to date. In addition to South Florida, company owned operations are in New York City and suburbs; Boston, and Philadelphia and surrounding area, including Delaware. Franchised areas include most of New Jersey; the Chicago metropolitan area; Washington- Baltimore, including most of Maryland and Northern Virginia; North and Sough Carolina, and California.
 -0- 7/13/93
 /CONTACT: Stephen Berg, 212-580-8760, or David Weinberg, 305-892-3300, both for Transmedia Network Inc./
 (TMNI)


CO: Transmedia Network Inc. ST: Florida IN: SU:

TS-LR -- NY015 -- 0765 07/13/93 09:26 EDT
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Publication:PR Newswire
Date:Jul 13, 1993
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