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EXHIBIT 99
P R E S S R E L E A S E
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CONTACT:
Stephen Lerch Allan Jordan
Executive Vice President Vice President
Transmedia Network Inc. Golin/Harris International
(305) 892-3306 (212) 697-9191
TRANSMEDIA NETWORK ENDS SIGNATURE'S EXCLUSIVE RIGHT TO
MARKET DINING REWARDS PROGRAMS TO AIRLINE INDUSTRY
Transmedia Set to Market Directly to Frequent Flyer Members
North Miami, FL - January 8, 2001 - Transmedia Network Inc. (NYSE:TMN), the
leading provider of transaction-based dining rewards programs, announced today
that it had reached agreement with SignatureCard, Inc., a subsidiary of GE
Financial Assurance, Inc. (GEFA), to terminate SignatureCard's exclusive right
to market Transmedia's dining rewards program to the airline industry. The
agreement, which provides for a $3.8 million cash payment, terminates the 12 and
a half-year joint marketing and revenue sharing arrangement between Signature
and Transmedia, and extinguishes all contingent purchase price obligations
associated with Transmedia's acquisition of Dining a la Card from Signature in
1999.
"We are extremely pleased to have reached this agreement which allows us to
develop relationships directly with our airline partners," commented Gene
Henderson, President and Chief Executive Officer of Transmedia. "Our frequent
flyer members are clearly one of our most valuable demographic segments. With
the ability to market directly to those frequent flyers, the opportunities for
current and future members to earn miles will increase and the corresponding
revenue potential to both Transmedia and our airline partners is significant."
Under the original terms of Transmedia's 1999 purchase of Dining a la Card from
Signature, certain exclusive sponsor relationships, principally with airline
partners, were retained by Signature. Transmedia was delegated the
responsibility for administering the dining rewards business for the
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airlines, but Signature maintained the responsibility for the enrollment and
initial marketing to the frequent flyer members. With the termination of this
exclusivity arrangement, Transmedia will have the opportunity to significantly
expand marketing to its largest members constituency. As part of the agreement,
Transmedia cancelled 160,000 options of the original 400,000 issued as part of
the original Dining a La Card purchase price, leaving Signature with 240,000 at
a strike price of $4.00.
Presently, Transmedia offers up to 10 miles for every dollar spent by airline
members at its participating restaurants, one of the richest offers available
anywhere to frequent flyers. Transmedia's dining rewards program currently
includes United Airlines - Mileage Plus(R) Dining, American Airlines -
AAdvantage Dining(TM), Delta Air Lines - SkyMiles(R) Dining, U.S. Airways -
Dividend Miles Dining (SM), America West Airlines - FlightFund Dining(R),
British Airways - Executive Club(R) Dining, Continental Airlines - OnePass
Dining, and Northwest Airlines - WorldPerks(R) Dining For Miles(R).
About Transmedia Network Inc.
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Transmedia Network Inc. presently offers its 4.1 million members a variety of
dining savings and rewards programs at more than 7,000 restaurants throughout
the United States via means of a registered credit card. The dining savings are
offered through the Company's programs, newly re-branded under the name iDine,
and may be accessed through membership in airline frequent flyer programs, club
memberships or other partnerships that have been established. Transmedia Network
Inc. also offers rewards and loyalty programs through many well-known
cataloguers and/or outlets for leisure travel. It also markets specialized
credit card transaction processing systems to merchants.
Statements contained in this Press Release which are not historical facts are
forward-looking statements, as the term is defined in the Private Securities
Litigation Reform Act of 1995. Such forward-looking statements are subject to
risks and uncertainties which could cause actual results to differ materially
from those currently anticipated due to a number of factors, which include, but
are not limited to: recent history of operating losses of Transmedia Network
Inc., its recently adopted new business strategy, its possible difficulty of
meeting future cash needs, its ability to attract and retain desirable
merchants, its dependence on transaction processors, presenters and aggregators,
its ability to enter into marketing relationships, its ability to attract and
retain new members, its ability to stimulate member usage of its dining programs
and other factors that are discussed in Transmedia's filings with the Securities
and Exchange Commission.
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