Founded in New York in 1984 under the name Transmedia Network Inc., Rewards Network Inc. emerged from a simple but powerful idea by entrepreneur Mel Chasen. Chasen identified and created a unique value proposition for both restaurant owners and consumers that allowed restaurants to barter for media exposure. Restaurant owners needed access to capital to help finance media promotion, and consumers were interested in saving money for their frequent dining activity. From this initial media barter concept, the company has now evolved to offer a variety of services to the restaurant community, which include extensive email, Internet and mobile technology marketing efforts; member ratings, feedback and reporting; and access to capital. Rewards Network remains committed to ongoing product and service innovation and delivering value to our customers.

Shortly after its inception, Transmedia branched out throughout the U.S. At the same time, significant investments were made in our technology infrastructure. This emphasis on technology and innovation continue to be the primary catalysts for delivering differentiated value to our clients and members.

In 1997, the company's potential was identified by Sam Zell, Chicago-based international investor and co-founder and Chairman of Equity Group Investments, a private investment firm. With capital funding from Zell and other shareholders, the company successfully acquired Dining a la Card, our major competitor, in 1999. This strategic acquisition enabled us to convert to our current registered card platform for administering the relationships we developed between clients and members. The acquisition also involved taking ownership of several airline relationships, and the company continues to expand its membership base by partnering with well recognized and highly regarded loyalty programs.

In 2000, we invested significantly in developing an online interface with our members, primarily by leveraging the appeal and growth of the Internet. Since that time, a variety of product and marketing innovations have been introduced to the marketplace that deliver value to our constituencies.

Our company has been headquartered in Chicago, IL, since 2003, with an operations facility in Florida. At present, we continue to prioritize online marketing channels, which include Web, email, mobile smartphone technology and social media networks, to promote the value to our participating restaurant owners, members and diners at large.