Vesdia Announces Divestiture of BabyMint College Savings Program
15 9월 2005 - 12:00AM
PR Newswire (US)
Sale of Company's Flagship Brand Signals Shift in Focus to
Providing Loyalty Marketing Programs and Services to Financial
Services Industry ATLANTA, Sept. 14 /PRNewswire/ -- Vesdia
Corporation, the global leader in loyalty marketing, technology,
and services, announced today that it has signed a definitive
agreement to sell its BabyMint College Savings Program to
Collegiate Funding Services, LLC (NASDAQ:CFSI), one of the nation's
largest providers of education loans. Originally launched in March
2000, the BabyMint program enables consumers to receive up to a 30%
rebate on everyday purchases made through a network of hundreds of
top-name brick-and-mortar, online, and catalog retailers. Merchant
rebates are automatically tracked and can be deposited into
virtually any 529 college savings plan or Coverdell Educational
Savings Account of the consumer's choosing. "The sale of BabyMint
represents a significant shift in our development as a company. We
are strategically moving from owning consumer brands towards
further establishing Vesdia as a world-class provider of
private-label loyalty marketing programs and services to the
financial services industry. Leveraging our intellectual property
and expertise in developing extensive merchant- funded rewards
networks, we can help organizations identify and grow their most
loyal customers," said Peter Davis, Vesdia's Chief Executive
Officer. "What's more, because Vesdia will continue to provide
support to CFS through a simultaneously executed, multi-year
servicing agreement, this transaction also represents the
acquisition of a significant new relationship for our company.
Clearly, we are excited to add CFS to our client roster of leading
financial institutions," added Davis. "The acquisition of BabyMint
by Collegiate Funding Services is important because it acknowledges
that student loans will be a reality for millions of families --
even with significant college savings through 529 plans or other
means," said Luis Fleites, Senior Analyst at Cerulli Associates.
"Bringing together two important aspects of educational funding in
a unique and innovative way will help ease some of the pain for
students and families." About Vesdia Corporation Vesdia
Corporation, a privately-held company headquartered in Atlanta, is
widely recognized as the global leader in loyalty marketing,
technology, and services. Through its network of top-name retailers
and name brands, Vesdia's patent-protected technology enables
consumers to earn rebates and similar rewards through their
everyday spending. In addition to serving as the "rewards engine"
behind its own award-winning coalition loyalty programs, the
company's services and proprietary technology are also utilized by
retailers, financial institutions such as Citibank, Collegiate
Funding Services, and MBNA America, and other membership or
affinity organizations in the U.S. and Canada to facilitate
customer loyalty. Aspects of Vesdia's loyalty programs are covered
by one or more of the following patents: U.S. Patent No. 6,631,358;
U.S. Patent No. 6,345,261; U.S. Patent No. 4,941,090; U.S. Patent
No. 5,117,355; U.S. Patent No. 5,202,826; and U.S. Patent No.
5,287,268. For more information please visit
http://www.vesdia.com/. DATASOURCE: Vesdia Corporation CONTACT:
Peter Davis of Vesdia Corporation, +1-404-442-3960 Web site:
http://www.vesdia.com/
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