BMJ Financial Edition: BenchmarkJournal.com Sector Analysis for PTSEF

May 21, 2008 (M2 PRESSWIRE via COMTEX) --

This Wednesday, during the early hours of trading, Points International was down 11.38 percent with a volume over 177,000.

This Wednesday, May 21st, 2008, Points International Ltd. and IAC/InteractiveCorp (the parent company of Points Investments, Inc.) stated that they have entered into a bought deal financing with a syndicate of underwriters led by RBC Capital Markets whereby Points Investments will sell 27,848,128 common shares of Points International at Cdn$1.65 and Points International will also issue and sell 1,591,322 common shares at the same price for aggregate gross proceeds of Cdn$48,575,093.

IAC, Points International and Points Investments have entered into a letter agreement whereby Points Investments will exercise its right to convert the Series Two and Series Four preferred shares in the capital of Points International into 29,439,450 common shares of Points International, sell the 27,848,128 common shares to the underwriters and then surrender 1,591,322 common shares to Points International for cancellation, and the nominees of Points Investments to the board of Points International will step down. The offering is scheduled to close on June 11, 2008 and is subject to certain conditions including, but not limited to, the receipt of all necessary approvals, including the approval of the Toronto Stock Exchange and applicable securities regulatory authorities.

Net proceeds of the offering from the sale of common shares held by Points Investments will be received by Points Investments and not by Points International. Net proceeds of the offering from the sale of treasury common shares by Points International will be used for working capital purposes.

The common shares to be distributed under this offering will be offered by way of a short form prospectus in all provinces of Canada and in the United States on a private placement basis pursuant to exemptions from the registration requirements of the U.S. Securities Act of 1933, as amended.