BOSTON, September 25, 2000 - Student Advantage, Inc. (Nasdaq:STAD), the nation's leading offline and online portal to the higher education community, and Wells Fargo & Company, have signed an agreement under which Wells Fargo will offer co-branded Student Advantage/Wells Fargo Membership Cards as premiums to new student customers at selected locations in Colorado, Minnesota, South Dakota, Texas and Wyoming.
The membership purchase agreement is the first Student Advantage has signed with a financial services provider and the first since the company announced recently it had loosened its exclusivity arrangement regarding distribution of the membership as a premium for new customer acquisition with AT&T.
"This is a significant step forward for Student Advantage in that it opens the door for us for greater distribution of our membership card and it underscores the success we are having in reaching the coveted student market," said Student Advantage Chairman and Chief Executive Officer Ray Sozzi.
"It is also a vote of confidence in the benefits the Student Advantage Membership Program delivers to students that one of the nation's leading financial services companies would offer our membership as a value-added premium for new customers," he added.
"This agreement represents one more way that Wells Fargo is demonstrating its commitment to the college market and investing in our customers of the future," said Darrell Coleman, Vice President and Marketing Manager of Student Marketing at Wells Fargo. The Wells Fargo Student ComboSM package, introduced in 1998, offers college students a full suite of products - such as free checking, free online account access, and more -- designed just for college students.
Under the agreement, Wells Fargo will offer the co-branded cards as a premium to students who register for one or more Wells Fargo banking products. New student customers will receive a one-year membership, which begins on September 1, 2000, (valued at $20) as part of their Student ComboSM package in the selected
The Student Advantage/Wells Fargo One-Year Free Membership offers will be promoted at Wells Fargo branches in selected areas.
About Student Advantage, Inc.
Named to the Fast 50 list of New England's technology companies by Deloitte and Touche and "Best of the Web" by Forbes magazine, Student Advantage, Inc. is the leading offline and online portal to the higher education community. Founded in 1992, Student Advantage, Inc. reaches their constituents through its Student Services, University Services and Business Services groups. The mission of the company is to help students save money, work smarter, and make more informed life decisions.
Today, Student Advantage, Inc. reaches millions of students through its online Web site www.studentadvantage.com and offline Student Advantage® Membership Program. The Company has proprietary commerce relationships with nearly 50 national retailers and 15,000 local participating locations in 125 cities throughout the country, including AT&T, Amtrak®, Staples, Textbooks.com and Tower Records.
About Wells Fargo
Wells Fargo & Company is a $234 billion diversified financial services company providing banking, insurance, investments, mortgage and consumer finance through about 5,300 stores, the industry's largest Internet banking site (wellsfargo.com) and other distribution channels across North America, including all 50 states, and elsewhere internationally.
This announcement contains forward-looking statements, which are based on current expectations and involve a number of risks and uncertainties. There are a number of important factors that could cause actual results to differ materially from those expressed in any forward-looking statements made by Student Advantage. Investors are directed to consider the risks of doing business on the Internet, the volatility of Internet stocks in general, the cyclical nature of Student Advantage's business and other risks and uncertainties discussed in documents filed by Student Advantage with the Securities and Exchange Commission including, without limitation, under "Risk Factors" set forth in Student Advantage's Form 10-K and other periodic reports. We undertake no obligation to publicly release the result of any revisions to these forward-looking statements, which may be made to reflect events or circumstances after the date hereof or to reflect the occurrence of unanticipated events.
# # #
For more information, contact: