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FUT The Futura Loyalty Group Inc.

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Share Name Share Symbol Market Type
The Futura Loyalty Group Inc. TSXV:FUT TSX Venture Common Stock
  Price Change % Change Share Price Bid Price Offer Price High Price Low Price Open Price Shares Traded Last Trade
  0.00 0.00% 0 -

Futura Launches Search to Find Partner/Buyer

31/10/2012 4:33pm

Marketwired Canada


NOT FOR RELEASE OR DISTRIBUTION IN THE UNITED STATES OR DISSEMINATION TO U.S.
NEWS WIRE SERVICES


The Futura Loyalty Group Inc. (TSX VENTURE:FUT) ("Futura" or the "Company")
announces that it is seeking opportunities through a bidding process ending
November 30, 2012 supervised under the Companies Creditors Arrangement Act
("CCAA") for: (a) an investment in the Company that would allow it to execute a
business plan to achieve profitability; (b) a company with which to merge;
and/or (c) entities that would be interested in acquiring some or all of its
assets. Futura intends to select the successful bidder(s) by December 10, 2012
and complete a transaction by year end. 


"While we are going through this process, the Company will continue to operate
and transact issuance for existing and new customers, and execute on
opportunities for growth and monetization," said David Campbell, CEO.


The primary assets/attributes of the Company can be broken down into the
following business component categories: (a) a Canadian frequent flier currency
business, and related technology; (b) the Futura Rewards business and related
technology; (c) the Futura US coalition loyalty currency business, and related
technology; (d) a pool of approximately $26 million of non-capital tax losses
which may be utilized by companies in a like business, or another business; and
(e) a TSXV listing. 


As part of the sales process, the Company is currently contacting potential
investors and/or buyers. Interested buyers will become qualified bidders by
demonstrating financial capability to complete a full transaction within a
limited time period in order to proceed to the due diligence stage. Any
interested firm not contacted by Futura in the sales process may obtain further
information by contacting:




David Campbell                                                              
President & CEO, The Futura Loyalty Group Inc.                              
416-775-3161                                                                
dcampbell@tflg.ca                                                           
http://www.tflg.ca/                                                         



All bids for purchase and/or investment must be submitted in writing to the
Company and Harris & Partners Inc. (the "Monitor") and received no later than
noon (Toronto time) on November 30, 2012 (the "Bid Deadline"). Each potential
bidder must submit, before the Bid Deadline, a bid including the identification
of the bidder, evidence of corporate authority and proof of its financial
ability to perform the transaction to the satisfaction of Futura and the
Monitor. A bid should, among other things, be in the form of a binding offer
capable of acceptance, irrevocable until one day after closing of the successful
bid, and be accompanied by a refundable cash deposit in the form of a wire
transfer (to a bank account specified by the Monitor) in an amount equal to the
greater of 10% of the purchase price or investment contemplated therein or
CDN$100,000.


About The Futura Loyalty Group Inc.

The Futura Loyalty Group Inc. is an industry-leading provider of integrated and
stand-alone loyalty solutions for Canadian and American businesses. Futura
offers a comprehensive suite of loyalty products and services including access
to Aeroplan in Canada and four top frequent flyer programs in the United States.
Futura also develops custom programs for companies wishing to develop
proprietary loyalty solutions. Futura's loyalty services include member account
set up, management and reward redemption platform, a web-based program
transaction reporting interface for merchants, a robust offer management system,
retail POS Integration for card swipe issuance, loyalty analytics and a
proprietary web based reward issuance solution. For more information regarding
Futura, visit www.tflg.ca or www.futuraloyaltygroup.com. 


Information about Futura's CCAA proceeding, including copies of all Court Orders
made, will be available on the Monitor's website at
www.harrisreceivers.com/document_library.html.


Forward-Looking Information 

This news release includes certain forward-looking information that is based
upon current expectations, which involve, among other things, risks and
uncertainties associated with Futura's business and the restructuring process.
Forward-looking information in this news release includes, among other things,
statements with respect to the timing and continuance of CCAA protection, the
restructuring process and potential opportunities for the restructured business.
Any statements contained herein that are not statements of historical fact may
be deemed to be forward-looking information, including those identified by the
expressions "anticipate", "believe", "plan", "estimate", "expect", "intend",
"will", "may", "should", "could", and similar expressions to the extent they
relate to Futura or its management. Forward looking information is not
historical fact, but reflects Futura's current expectations regarding future
results or events. Forward-looking information is subject to a number of risks,
uncertainties and assumptions that may cause the actual results of Futura to
differ materially from those discussed in the forward-looking information, and
even if such actual results are realized or substantially realized, there can be
no assurance that they will have the expected consequences to, or effects on,
Futura. Factors that could cause actual results or events to differ materially
from current expectations include, among other things, changes in general
economic and market conditions; the uncertainty involved in court proceedings;
changes to regulations affecting Futura's activities; the level of merchant
participation in Futura's programs; uncertainties relating to the availability
and costs of financing needed in the future; the ongoing operation of Futura's
business and other factors, including without limitation, those listed under
"Economic Dependence" and "Risks and Uncertainties" in Futura's MD&A for the
three and twelve month periods ended December 31, 2011.


FOR FURTHER INFORMATION PLEASE CONTACT: 
The Futura Loyalty Group Inc.
David Campbell
President & CEO
416-775-3161
dcampbell@tflg.ca
www.tflg.ca

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