Rewards Network Inc. Announces Switch to The NASDAQ Stock Market

  
    
  
  
    
      Rewards Network Inc. (AMEX:IRN), a leading provider of marketing 
      services and frequent dining programs to the restaurant industry, today 
      announced that its Board of Directors has approved the decision to 
      switch the listing of its common stock from the American Stock Exchange 
      to The NASDAQ Stock Market LLC®. 
      Effective on or about May 26, 2008, the company will trade under the 
      symbol NASDAQ:DINE.
    
    
      “This decision was reached after careful 
      consideration of capital market alternatives,” 
      said Ron Blake, President and CEO of Rewards Network. “We 
      believe that NASDAQ’s electronic multiple 
      market maker structure will provide our company with enhanced exposure 
      and liquidity, while at the same time providing investors with the best 
      prices, the fastest execution, and the lowest cost per trade. As we work 
      to grow Rewards Network, we have worked to better serve our partners, 
      members and restaurants. We believe the switch to NASDAQ is a way to 
      better serve our investors. We are proud to be a part of The NASDAQ 
      Stock Market.”
    
    
      Added Mr. Blake, “We extend our appreciation 
      to the American Stock Exchange and Cohen Specialists, LLC for the 
      services and support provided during our years on the American Stock 
      Exchange.”
    
    
      About Rewards Network
    
    
      Rewards Network (AMEX:IRN), headquartered in Chicago, IL, operates the 
      leading frequent dining programs in North America. Thousands of 
      restaurants and other merchants benefit from the company's restaurant 
      marketing efforts including email, and frequent dining Web sites. 
      Rewards Network also provides restaurant 
      ratings and other business intelligence as well as access to 
      capital. In conjunction with major airline frequent flyer programs and 
      other affinity organizations, Rewards Network provides over three 
      million members with incentives to dine at participating restaurants. 
      These incentives include airline miles, college savings rewards, reward 
      program points, and Cashback 
      Rewards(SM). For additional information about Rewards Network, visit www.rewardsnetwork.com 
      or call 1-877-491-3463.
    
    
      About NASDAQ
    
    
      NASDAQ® is the 
      largest U.S. electronic stock market. With approximately 3,200 
      companies, it lists more companies and, on average, its systems trade 
      more shares per day than any other U.S. market. NASDAQ is home to 
      companies that are leaders across all areas of business including 
      technology, retail, communications, financial services, transportation, 
      media and biotechnology. NASDAQ is the primary market for trading 
      NASDAQ-listed stocks. For more information about NASDAQ, visit the 
      NASDAQ Web site at http://www.nasdaq.com 
      or the NASDAQ NewsroomSM http://www.nasdaq.com/newsroom.
    
    
      Safe Harbor Statement
    
    
      Statements in this release that are not strictly historical are 
      "forward-looking" statements that are made pursuant to the safe harbor 
      provisions of the Private Securities Litigation Reform Act of 1995. 
      These statements are based on management's current expectation or 
      beliefs, and are subject to risks, trends and uncertainties. Actual 
      results, performance or achievements may differ materially from those 
      expressed or implied by the statements herein due to factors that 
      include, but are not limited to, the following: (i) our inability to 
      attract and retain merchants, (ii) our inability to obtain sufficient 
      cash and refinance the repurchase of our convertible subordinated 
      debentures, (iii) our dependence upon our relationships with payment 
      card issuers, transaction processors, presenters and aggregators, 
      (iv) changes to payment card association rules and practices, 
      (v) economic changes, (vi) our susceptibility to restaurant credit risk 
      and the risk that our allowance for losses related to restaurant credit 
      risk in connection with dining credits may prove inadequate, (vii) our 
      dependence on our relationships with airlines and other reward program 
      partners for a significant number of members, (viii) the concentration 
      of a significant amount of our rewards currency in one industry group, 
      the airline industry, (ix) our inability to attract and retain active 
      members, (x) the filing of class action lawsuits against us, 
      (xi) changes in our programs that affect the rate of rewards, (xii) our 
      inability to maintain an adequately-staffed sales force, (xiii) our 
      inability to maintain an appropriate balance between the number of 
      members and the number of participating merchants in each market, 
      (xiv) our minimum purchase obligations and performance requirements, 
      (xv) network interruptions, processing interruptions or processing 
      errors, (xvi) susceptibility to a changing regulatory environment, 
      (xvii) increased operating costs or loss of members due to privacy 
      concerns of our program partners, payment card processors and the 
      public, (xviii) the failure of our security measures, (xix) the loss of 
      key personnel, (xx) increasing competition, and (xxi) a shift toward 
      Marketing Services Program that may cause revenues to decline. A more 
      detailed description of the factors that, among others, should be 
      considered in evaluating our outlook can be found in the company's 
      annual report on Form 10-K for the year ended December 31, 2007, filed 
      with the Securities and Exchange Commission. We undertake no obligation 
      to, and expressly disclaim any such obligation to, update or revise any 
      forward-looking statements to reflect changed assumptions, the 
      occurrence of anticipated or unanticipated events, changes to future 
      results over time or otherwise, except as required by law.