TRANSMEDIA NETWORK ANNOUNCES INFORMATION ON ITS FORTHCOMING CALIFORNIA FRANCHISEE
TRANSMEDIA NETWORK ANNOUNCES INFORMATION
ON ITS FORTHCOMING CALIFORNIA FRANCHISEE
NEW YORK, Nov. 13 /PRNewswire/ -- Transmedia Network Inc. (NASDAQ: TMNI), which owns and markets the Executive Savings Card, entitling holders to 25 percent savings on meals, and operates in the New York City metropolitan area, New Jersey, Pennsylvania and Southern Florida, today announced that it had been informed by TM West Corp., the company that agreed in principle in October 1991 to purchase a franchise for the state of California, of the following:
-- The stockholders of TM West, a privately held company, had entered into an agreement in principle with Vigilance Systems Corp. (OTC), to conclude an exchange offer pursuant to which Vigilance would acquire all of the stock of TM West, and
-- Vigilance would change its name to TM West Capital Corp. or a similar name to reflect its new business.
As previously announced, the Transmedia Network franchise agreement with TM West is subject to California regulatory approval and minimum equity financing by May 31, 1992, of $1,350,000. Upon the closing of the franchise transaction, Transmedia would receive an equity interest in Vigilance.
/CONTACT: David Weinberg, vice president-finance of Transmedia, 305-892-3300, or Stephen Berg of Stephen Berg Public Relations, 212-580-8760, for Transmedia/
(TMNI) CO: Transmedia Network Inc.; TM West Corp. ST: New York, California IN: SU: KD-SH -- NY059 -- 3999 11/13/91 13:42 EST