Student Advantage Sells CollegeClub.com BOSTON, Nov. 14 /PRNewswire-FirstCall/ -- Student Advantage, Inc. (BULLETIN BOARD: STUA) announced today that it has sold substantially all of the assets related to its CollegeClub.com business to Alloy, Inc. for $600,000 in cash, a performance based earnout and the assumption of certain related liabilities. The Company expects proceeds from the earnout to offset the cost of certain transition services it agreed to provide to Alloy, Inc. through February 2004. (Logo: http://www.newscom.com/cgi-bin/prnh/19991201/STADLOGO ) About Student Advantage Student Advantage, Inc. (OTCBB: STUA) is a leading integrated media and commerce company focused on the higher education market. Student Advantage works with hundreds of colleges, universities and campus organizations, and more than 15,000 merchant locations to develop products and services that enable students to make purchases less expensively and more conveniently on and around campus. The company reaches its consumer base offline through the Student Advantage Membership and online through its Web sites, studentadvantage.com and CollegeSports.com, the hub site for its Official College Sports Network. This announcement may contain 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 associated with the failure of the company to reach agreement with third parties for the acquisition of the business, the failure of the company to obtain the requisite stockholder approval, doing business with colleges and universities, the uncertain nature of the regulatory structure of the SA Cash offerings, the company's need to raise additional capital, the seasonality of the company's revenues, the cyclical nature of the company's business, economic and other conditions in the company's markets, the competitive environment, the failure to achieve the anticipated benefits of acquisitions and strategic partnerships for any reason, the company's progress to profitability and uncertainties and other risks discussed in documents filed by the company with the Securities and Exchange Commission including, without limitation, under "Factors that May Affect Future Results" set forth in Student Advantage's Form 10-Q for the nine months ended September 30, 2003. 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. http://www.newscom.com/cgi-bin/prnh/19991201/STADLOGO http://photoarchive.ap.org/ DATASOURCE: Student Advantage, Inc. CONTACT: Student Advantage, Inc. Investor Relations, +1-617-880-7737, or Web site: http://www.studentadvantage.com/ http://collegesports.com/

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