uTANGO's last dance |
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Mass High Tech
uTANGO's last dance
uTANGO is pulling the plug on its loyalty rewards program after about three years, citing the inability to raise capital in these tough economic times. According to a message on the company's Web site, uTANGO has sent the final reward checks to members and shredded the marriage licenses of those who participated in the program.
Married couples accrued "TANGO" points for making purchases with about 300 online retailers, with promises that the couples could get back $100,000 over 20 years and $1 million over 30 years.
I asked the logical question in a 2006 post: What happens if uTANGO isn't around in two or three decades?
Here was the response from the Web site at the time.
"In the unfortunate event that uTANGO is not here in 30 years, members will have at least been competitively compensated for their loyalty compared to other rewards programs," the company writes.
The demise of the Mercer Island service is not a surprise since my colleague Eric Engleman reported last month that Barokas Public Relations had sued the company for breach of contract for failing to pay about $10,000. At the time of the report, sources had told us that the company was closing down.
Founder and CEO Jim Miller said in a Jan. 16 story that the company was making adjustments to operating expenses and lowering the burn rate. But he said uTANGO was very much alive.
"We're still operating with all the merchants still in place, all the members still in place. It's still operating just as it has for two years," Miller said at the time.
uTANGO raised $1.1 million from angel investors in 2006, with the P-I reporting last year that it had between 15,000 and 50,000 members.
Below is the message from Miller, which was posted on the uTANGO Web site.
Dear uTANGO Members,
It is with great regret and sadness that we announce the closure of the uTANGO® LifeStage Visa® Rewards Program.
Our team has worked passionately to build and operate a revolutionary rewards program that would recognize extraordinary long-term loyalty and reward it with significant cash payouts to our most loyal members.
Unfortunately, this dismal economic climate has made it impossible for us to secure the growth capital needed to fund our operations and sustain the uTANGO program. So we are left with no choice but to shut it down.
--Reward checks have already been mailed to all members who had qualified for an Annual Cash Reward or Activation Bonus as of January 28th, 2009.
--A special message for uTANGO Visa® cardholders. Continue to use your uTANGO Visa card everywhere you shop where Visa is accepted. You’ll have the same great benefits including Zero Liability from unauthorized purchases and Instant Cash Worldwide access at 23 million ATM locations. Look for more information arriving soon about exciting changes to your credit card account.
--For those of you who sent in your marriage license please rest assure that they have been shredded.
We are honored by your active participation in the uTANGO program and grateful for your support.
Sincerely,
Jim Miller
Founder & CEO
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