Exhibit 99.37

     Not for Distribution outside of Canada

POINTS INTERNATIONAL LTD.

POINTS INTERNATIONAL ANNOUNCES THE SALE OF CONVERTIBLE DEBENTURE

IMPROVED TERMS FOR POINTS INTERNATIONAL

TORONTO -- Points International Ltd. (TSX: PTS, OTC: PTSEF), the owner and
operator of Points.com, the world's most popular site to earn and swap reward
program miles and points, announced today that CIBC Capital Partners, a division
of Canadian Imperial Bank of Commerce, has agreed to sell to a group of
institutional and accredited investors, the $6 million convertible debenture
issued by the Company to CIBC Capital Partners (CIBC) in 2001. The purchasers
will also acquire from CIBC Capital Partners the outstanding Series One
Preferred Share in the capital of Points International Ltd.

In connection with the purchase and sale of the debenture, the debenture will be
amended in a number of significant respects. Among these amendments, the
interest rate on the debenture will be reduced from 11% to 8%, all negative and
certain positive covenants under the debenture will be eliminated and all
security previously held by CIBC Capital Partners in connection with the
debenture will be released. In addition, unless previously repaid, the debenture
will convert into the previously disclosed 18,908,070 common shares of the
Company in April, 2006.

"This transaction better aligns the interests of the debenture holders with the
long-term objectives of shareholders and allows the company to focus its
resources on growing our business," said Rob MacLean, Points International's
CEO.

The Company also announced today that it has agreed to a private placement with
IAC/InterActiveCorp (NASDAQ: IACI), institutional and other accredited
investors. The Company expects to raise gross proceeds of approximately $15.8
million through the issuance of a convertible preferred share and the issuance
of common shares to the other investors. The purchasers of the debenture are the
same parties that are expected to participate in the private placement.



The closing of this transaction is anticipated this week and is subject to
customary closing conditions including receipt of applicable regulatory
approvals.

About Points International Ltd.

Points International Ltd. is the owner and operator of Points.com, the world's
most popular site to earn and swap reward program miles and points. Over 45 of
the world's leading programs participate on Points.com, including American
Airlines AAdvantage(R) program, Delta SkyMiles(R), eBay Anything Points(TM),
TripRewards(R), Priority Club(R) Rewards, Asia Miles(R) and S&H greenpoints.

Source: Points International Ltd (TSX Exchange: PTS, OTC: PTSEF)

FOR FURTHER INFORMATION

Investor Relations: Steve Yuzpe, Chief Financial Officer, Points International
Ltd., Direct: (416) 596-6382, Email: steve.yuzpe@points.com; or

Ed Lewis, CEOcast, Inc. for Points International, (212) 732-4300,
elewis@ceocast.com

Business Development Inquiries: Christopher Barnard, President, Points
International Ltd., Direct: (416) 596-6381, Email:
christopher.barnard@points.com