The new Oxygen Elements debit card offers four unique levels of rewards for consumers
SOMERSET, N.J.--(BUSINESS WIRE)--$DBDR #Cashback--CompoSecure Holdings, L.L.C. (“CompoSecure”), a leading provider of premium financial payment cards and an emergent cryptocurrency storage and security solution provider, today announced that it has partnered with Oxygen, a leading US neobank catering to the 21st century economy, to offer cards for Oxygen Elements, a four-tier debit card rewards program.
The Oxygen Elements rewards program comes at a pivotal turning point for the economy. According to Deloitte Insights’ United States Consumer Spending Forecast, a robust labor market and $1.6 trillion in increased savings have put more money in the pockets of US consumers, and spending is expected to rise 8.1% in 2021 and 3% in 2022, despite a rise in anxiety surrounding the spread of COVID-19 variants. Deloitte’s report states: “The reopening of the consumer service sector is likely to result in a burst of pent-up spending as people return to restaurants, theaters, sports events and travel.”
“Programs like Oxygen Elements empower users to earn rewards, manage their purchases and increase savings,” said Jon Wilk, CEO of CompoSecure, which recently announced it had signed a merger agreement with Roman DBDR Tech Acquisition Corp. (NASDAQ: DBDR), a special purpose acquisition company. “Our premium metal cards and excellence in manufacturing will enable Oxygen to get to market quickly and give consumers a taste of luxury each time they pull out their debit card, which builds brand loyalty and customer retention.”
The four Oxygen Elements rewards tiers – Earth, Water, Air and Fire - offer Oxygen cardholders a choice from an escalating menu of annual perks like increasing levels of cashback, escalating set of annual percentage yields (APYs), subscription savings from brands like Netflix and Peloton, retail and travel benefits in addition to premium metal cards for the top two tiers. The entry level tier, Earth, features no fees or qualifying criteria. Premium tiers (Water, Air and Fire) require meeting spend and deposit thresholds in addition to an annual fee, waived in subsequent years if spend and deposits thresholds are maintained. The savings feature offers APYs up to 17x1 the current national average, empowering cardholders to reach their individual and holistic financial goals by allowing them to create separate goals and set rules to automate percentage transfers to their savings account or designated individual goal.
“Elements sets the standard for the rewarding experience consumers will have now as travel, restaurants and shopping reopen,” said Hussein Ahmed, CEO of Oxygen. “CompoSecure’s premium metal cards differentiate our products and services, so they stand out in the consumer’s wallet.”
The Elements program gives Oxygen debit cardholders leading cashback rates of up to 6%2 at approved merchants and retail and travel perks like PriorityPass™ Global Lounge access and Global Entry/TSA precheck reimbursement, both available on premium tiers. The peer-to-peer “Friends” money feature enables both one-to-one as well as group payments, making it easier to split bills with friends by a fixed dollar amount or percentage. To learn more about the Oxygen Elements loyalty program, visit www.oxygen.us/elements.
The cards will use CompoSecure’s metal dual-interface construction that enables tap-to-pay purchases. CompoSecure was selected for this new card program because of its manufacturing capabilities and capacity, which expedites the time to market. For more information on metal payment card design and manufacturing, visit www.composecure.com.
On November 30, 2021, CompoSecure and Roman DBDR announced a special meeting of Roman DBDR stockholders to consider matters related to the proposed business combination with CompoSecure. The meeting will be held on December 23, 2021 at 10:00 a.m., Eastern Time, in a virtual format. Roman DBDR stockholders may attend and vote at the Special Meeting by visiting https://www.cstproxy.com/romandbdr/sm2021 and entering the control number found on their proxy card, voting instruction form or notice included in their proxy materials.
More information about voting and attending the Special Meeting is included in the definitive proxy statement filed by Roman DBDR with the Securities and Exchange Commission (the “SEC”) on November 30, 2021, which is available without charge on the SEC’s website at http://www.sec.gov or https://www.romandbdr.com/investor-relations.
Oxygen is a modern financial platform designed for the 21st century economy - providing digital natives, creators and entrepreneurs pushing everyday boundaries a banking partner that understands how they live and work by offering a seamless user experience for both personal and business accounts in a single application. Available on iOS and Android, Oxygen users enjoy early direct deposit, simple transfers, cashback rewards and robust savings options in addition to everyday retail and travel benefits. Businesses can start and scale their operations with simple, integrated solutions like nationwide LLC incorporation and custom invoicing. Reject ordinary. Banking for the Extraordinary.
Oxygen is a financial technology company, not a bank. Banking services provided by The Bancorp Bank, Member FDIC. The Oxygen Visa® Debit Card is issued by The Bancorp Bank pursuant to a license from Visa U.S.A. Inc. and may be used everywhere Visa debit cards are accepted.
Founded in 2000, CompoSecure is a pioneer and category leader in premium payment cards and an emergent provider of cryptocurrency and digital asset storage and security solutions. The company focuses on serving the affluent customers of payment card issuers worldwide using proprietary production methods that meet the highest standards of quality and security. The company offers secure, innovative, and durable proprietary products that implement leading-edge engineering capabilities and security. CompoSecure’s mission is to increase clients’ brand equity in the marketplace by offering products and solutions which differentiate the brands they represent, thus elevating cardholder experience. For more information, please visit www.composecure.com. Arculus™ was created with the mission to promote cryptocurrency adoption by making it safe, simple and secure for the average person to buy, sell and store cryptocurrency. With a strong background in security hardware and financial payments, the Arculus™ solution was developed to allow people to use a familiar payment card form factor to manage their cryptocurrency. For more information, please visit www.arculus.co.
About Roman DBDR Tech Acquisition Corp.
Roman DBDR is a special purpose acquisition company whose business purpose is to effect a merger, capital stock exchange, asset acquisition, stock purchase, reorganization, or similar business combination with one or more businesses or entities. While the company may pursue an initial business combination target in any stage of its corporate evolution or in any industry or sector, it intends to focus its search on companies in the technology, media and telecom (“TMT”) industries. The company is led by its Co-Chief Executive Officers, Dr. Donald G. Basile and Dixon Doll, Jr. The Company’s experienced board of directors includes former NVCA Chairman and longtime venture capitalist Dixon Doll, Global Net Lease (NYSE: GNL) CEO James L. Nelson, former fund manager Paul Misir, investment banker and investor Arun Abraham, and entrepreneur Alan Clingman. For more information, please visit www.romandbdr.com Roman DBDR raised $236 million in its initial public offering (inclusive of underwriter’s exercise of over-allotment option) in November 2020 and is listed on Nasdaq under the symbol “DBDR.”
Certain statements included in this Press Release that are not historical facts are forward-looking statements for purposes of the safe harbor provisions under the United States Private Securities Litigation Reform Act of 1995. Forward-looking statements include, but are not limited to statements regarding Roman DBDR’s or CompoSecure’s expectations, hopes, beliefs, intentions or strategies regarding the future, including, without limitation, statements regarding: (i) the ability of Roman DBDR and CompoSecure to complete the proposed merger described in the Press Release, (ii) the size, demand and growth potential of the markets for CompoSecure’s products and CompoSecure’s ability to serve those markets, (iii) the degree of market acceptance and adoption of CompoSecure’s products, (iv) CompoSecure’s ability to develop innovative products and compete with other companies engaged in the financial services and technology industry, and (v) CompoSecure’s ability to attract and retain clients. In addition, any statements that refer to projections, forecasts, or other characterizations of future events or circumstances, including any underlying assumptions, are forward-looking statements. Forward-looking statements generally are accompanied by words such as “believe,” “may,” “will,” “estimate,” “continue,” “anticipate,” “intend,” “expect,” “should,” “would,” “plan,” “predict,” “potential,” “seem,” “seek,” “future,” “outlook,” and similar expressions that predict or indicate future events or trends or that are not statements of historical matters. These forward-looking statements include, but are not limited to, statements regarding estimates and forecasts of other financial and performance metrics and projections of market opportunity. These statements are based on various assumptions, whether or not identified in this Press Release, and on the current expectations of CompoSecure’s and Roman DBDR’s management and are not predictions of actual performance. These forward-looking statements are provided for illustrative purposes only and are not intended to serve as, and must not be relied on by any investor as, a guarantee, a prediction or a definitive statement of fact or probability. Neither Roman DBDR nor CompoSecure gives any assurance that either Roman DBDR or CompoSecure will achieve its expectations. Actual events and circumstances are difficult or impossible to predict and will differ from assumptions. Many actual events and circumstances are beyond the control of CompoSecure and Roman DBDR. These forward-looking statements involve a number of risks, uncertainties (some of which are beyond Roman DBDR’s and CompoSecure’s control) or other assumptions that may cause actual results or performance to be materially different from those expressed or implied by these forward-looking statements. These factors include, among others: the inability to complete the proposed merger; the inability to recognize the anticipated benefits of the proposed merger, including due to the failure to receive required security holder approvals, or the failure of other closing conditions; and costs related to the proposed merger. You should carefully consider the risks and uncertainties described in the “Risk Factors” section of the definitive proxy statement on Schedule 14A (the “Proxy Statement”) relating to the proposed merger filed by Roman DBDR with the U.S. Securities and Exchange Commission (the “SEC”) and other documents filed by Roman DBDR from time to time with the SEC. These filings identify and address other important risks and uncertainties that could cause actual events and results to differ materially from those contained in the forward-looking statements. If any of these risks materialize or our assumptions prove incorrect, actual results could differ materially from the results implied by these forward-looking statements. There may be additional risks that none of Roman DBDR or CompoSecure presently know or that Roman DBDR or CompoSecure currently believe are immaterial that could also cause actual results to differ from those contained in the forward-looking statements. In addition, forward-looking statements reflect Roman DBDR’s and CompoSecure’s expectations, plans or forecasts of future events and views as of the date of this Press Release. Roman DBDR and CompoSecure anticipate that subsequent events and developments will cause Roman DBDR’s and CompoSecure’s assessments to change. However, while Roman DBDR and CompoSecure may elect to update these forward-looking statements at some point in the future, Roman DBDR and CompoSecure specifically disclaim any obligation to do so. These forward-looking statements should not be relied upon as representing Roman DBDR’s and CompoSecure’s assessments as of any date subsequent to the date of this Press Release. Accordingly, undue reliance should not be placed upon the forward-looking statements. Certain market data information in this Press Release is based on the estimates of CompoSecure and Roman DBDR management.
Additional Information about the Proposed Merger and Where to Find It
In connection with the proposed merger, Roman DBDR has filed a definitive proxy statement with the SEC. The documents relating to the proposed merger can be obtained free of charge from the SEC’s website at www.sec.gov. These documents can also be obtained free of charge by contacting CompoSecure at: Marc P. Griffin, ICR for CompoSecure, 646-277-1290, CompoSecure-IR@icrinc.com.
Participants in the Solicitation
This communication is not a solicitation of a proxy from any security holder of Roman DBDR. CompoSecure, Roman DBDR and our respective directors, executive officers, other members of management and employees may be deemed to be participants in the solicitation of proxies from Roman DBDR’s stockholders in connection with the proposed merger. Information regarding the names and interests in the proposed merger of Roman DBDR’s directors and officers is contained Roman DBDR’s filings with the SEC. Additional information regarding the interests of potential participants in the solicitation process has also been included in the definitive proxy statement relating to the proposed merger and other relevant documents filed with the SEC. These documents can be obtained free of charge from the sources indicated above.
1Based on the average Savings APY at Bankrate.com. Savings APY varies by Element. Variable annual fee, deposit and spend requirements may apply. No interest paid on balances over $20,000. Please refer to the oxygen.us/apy for full details.
26% Cashback applies to Fire Element. Cashback percentage varies by Element. Variable activation fee, deposit and spend requirements may apply. Please see Cashback Terms & Conditions for details.