Exhibit 10.3(b)
                              Employment Agreement

AGREEMENT made as of the 1st day of October, 1999 by and between Transmedia
Europe, Inc., a Delaware corporation having offices at 11 St. James's Square
SW1Y 4LB, England (the "Company"), and Michael Chambrello residing at 504 Mt.
Vernon Road, Plantsville, Connecticut 06479 (the "Executive").

      WHEREAS, the Company and the Executive wish to set forth the terms and
conditions of the Executive's employment by the Company from and after the date
hereof ("Effective Date")

      NOW, THEREFORE, the parties hereto agree as follows:

      1.    Employment. The Company agrees to employ the Executive in the
            capacity herein after set forth, for the term specified in paragraph
            2, and the Executive agrees to accept such employment, upon the
            terms and conditions hereinafter set forth.

      2.    Term. This Agreement shall be for a term commencing on the Effective
            Date and, unless this Agreement is sooner terminated under the
            provisions hereof, expiring three years thereafter (the "Term").

      3.    Duties and Responsibilities.

            (a)   During the Term, the Executive shall serve as an officer of
                  the Company and shall have the title of President/Chief
                  Executive Officer.

            (b)   The Executive shall devote substantial business efforts to the
                  Company and to Transmedia Europe, Inc. ("TME"). Other business
                  activities of the Executive shall be limited in time and scope
                  and not conflict with the terms of this Agreement. The
                  Executive will (i) devote his best efforts, skill and ability
                  to promote the Company's interest; (ii) carry out his duties
                  in a competent and professional manner; (iii) work with other
                  employees of the Company in a competent and professional
                  manner and (iv) generally promote the best interests of the
                  Company.

            (c)   The Executive shall be permitted to serve as a Director and
                  President/Chief Executive Officer of TME.

      4.    Compensation.

            (a)   As compensation for services hereunder and in consideration of
                  his agreement not to compete as set forth in paragraph 10
                  below, during the Term, the Company shall pay the Executive in
                  accordance with the Company's normal payroll practices base
                  salary compensation at an annual rate of $150,000 (U.S.) less
                  required tax withholding amounts. The annual rate of salary
                  compensation may be reviewed and increased at the discretion
                  of the Board. Annual bonuses may be awarded at the sole
                  discretion of the Board.

            (b)   The Executive shall be entitled to receive, subject to
                  shareholder approval, non-qualified stock options having a
                  term of five years and covering a total of 1,250,000 shares of
                  the Company's common stock. Said options will be granted under
                  the terms of an Option Agreement dated the date hereof and
                  annexed hereto as Exhibit A at the exercises prices and on the
                  vesting terms set forth therein.

      5.    Expenses: Fringe Benefits.

            (a)   In addition to the compensation provided for under paragraph
                  4, the Company agrees to pay or to reimburse the Executive
                  during the Term for all reasonable, ordinary and

<PAGE>

                  necessary vouchered business or entertainment expenses
                  incurred in the performance of his services hereunder in a
                  manner established by the Company's policy as from time to
                  time in effect.

            (b)   During the Term the Executive shall be entitled to participate
                  in the health care, life insurance and 401K plans established
                  by the Company for the benefit of its employees generally and
                  currently in effect or put into effect subsequent to the date
                  of this Agreement.

            (c)   The Executive shall be entitled to a combined four (4) weeks
                  (20 business days) of paid vacation, including TME as well,
                  provided that no more than ten (10) consecutive days of
                  vacation shall be taken at any one time without the prior
                  approval of the Chairman of the Board.

      6.    Discharge by Company.

            (a)   The Company shall be entitled to terminate the Term and to
                  discharge the Executive for "cause". The term "cause" shall be
                  limited to the following.

                  (i)      The Executive's failure or unreasonable refusal to
                           perform his duties and responsibilities under this
                           Agreement.

                  (ii)     Dishonesty effecting the Company.

                  (iii)    Conviction of a felony or of any crime involving
                           fraud or misrepresentations.

                  (iv)     The Executive's failure to adequately perform his
                           responsibilities.

                  (v)      The commission of a willful or intentional act which
                           could injure the reputation, business or business
                           relationships of the Company.

                  (vi)     Any material breach of this Agreement, if such breach
                           is not cured within 30 days after receipt by the
                           Executive of written notice thereof from the Company,
                           and

                  (vii)    Disability pursuant to paragraph 7 hereof.

                  (viii)   If Executives employment is terminated by the Company
                           without cause, in addition to the salary and benefits
                           accrued through the date of termination Executive
                           will receive as severance an amount equal to 18
                           months base salary. Such severance payment shall be
                           payable in equal installments or as mutually agreed
                           by the Executive and the Company in a lump sum
                           discounted using the prime rate then in effect at
                           Citibank, N.A. In addition to his base salary the
                           Company will pay Executive the cost of continuing
                           medical insurance. Termination without cause shall
                           include action by the Company without Executive's
                           consent pursuant to which his duties or title are
                           materially reduced; assignment of duties become
                           materially inconsistent with duties stated herein; or
                           permanent relation of greater than a 50 mile radius
                           become required to fulfill duties and
                           responsibilities Executive will receive as severance
                           an amount equal to 18 months base salary.

      7.    Disability, Death.

                  (a)      If the executive shall be unable to perform his
                           duties hereunder by virtue of physical or mental
                           incapacity or disability (from any cause or causes
                           whatsoever) in substantially the manner and to the
                           extent required hereunder prior to the commencement
                           of such disability (all such causes being herein

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                           referred to as "disability") and the Executive shall
                           fail to have performed substantially such duti4es for
                           periods aggregating 90 days, whether or not
                           continuous, in any continuous period of 180 days, the
                           Company shall have the right to terminate the
                           Executive's employment hereunder as at the end of any
                           calendar month upon written notice to him. Said
                           notice of intention to terminate the Executive must
                           be given by the Company within 90 days following the
                           90th day of disability, in which case the Executive
                           shall be entitled to his base salary compensation to
                           the end of such calendar month and for a continuing
                           period of 3 months thereafter payable on the regular
                           payroll schedule.

                  (b)      In the case of the death of the Executive, this
                           Agreement shall terminate and the company shall be
                           obligated to pay to the Executive's estate or as
                           otherwise directed by the Executive's duly appointed
                           and authorized legal representative, his then base
                           salary compensation and all accrued benefits through
                           the date of death.

      8.    Voluntary Termination. If the Executive voluntarily terminates his
            employment prior to the term hereunder, he shall only be entitled to
            receive compensation accrued through the date of termination and
            shall not be entitled to any prorated amounts for vacation pay.

      9.    Confidential Information. The Executive recognizes that he will
            occupy a position of trust with respect to business and technical
            information of a secret or confidential nature which is the property
            of the Company and which has been and will be imparted to him from
            time to time in the course of his employment with the Company. In
            light of this understanding, the executive agrees that:

                  (a)      The Executive shall not at any time use or disclose,
                           directly or indirectly, any of the Company's
                           confidential information or trade secrets to any
                           person, except that he may use and disclose to
                           authorized Company personnel, licensees or franchises
                           in the course of his employment, and

                  (b)      within three (3) days from the date upon which his
                           employment with the Company is terminated, for any
                           reason or for no reason, or otherwise upon the
                           request of the Company, he shall return to the
                           company any and all documents and materials which
                           constitute or contain the Company's confidential
                           information or trade secrets.

                           For purposes of this Agreement, the terms
                           "confidential information" or "trade secrets" shall
                           include all information of any nature and in any form
                           which is owned by the company and which is not
                           publicly available or generally known to persons
                           engaged in businesses similar to that of the Company.

      10.   Non-Competition.

                  (a)      The Executive agrees that his services hereunder are
                           of a special character, and his position with the
                           Company places him in a position of confidence and
                           trust with the customers employees of the Company.
                           The Executive and the Company agree that in the
                           course of employment hereunder, the Executive has and
                           will continue to develop a personal acquaintanceship
                           and relationship with Company's customers, and a
                           knowledge of those customers' affairs and
                           requirements which may constitute the Company's
                           primary or only contact with such customers. The
                           executive consequently agrees that it is reasonable
                           and necessary for the protection of the goodwill and
                           business of the Company that the Executive makes the
                           convenants contained herein. Accordingly, the
                           executive agrees that while his is in the Company's
                           employ and for a period of 18 months thereafter the
                           Executive will not, without the prior written consent
                           of
<PAGE>

                           the Company, either directly or indirectly, or in any
                           capacity whether as a promoter, proprietor, partner,
                           joint venture, employee, agent, consultant, director,
                           officer, manager, shareholder (except as a
                           shareholder holding less than five percent (5%) of a
                           publicly traded company's issued and outstanding
                           capital stock, or otherwise) work for, act as a
                           consultant to or own any interest in any direct
                           competitor of the Company which operates in or
                           provides services essentially the same as the
                           Company. For purposes hereof, a "direct competitor"
                           is a business, or a division of a business, which is
                           engaged in providing discount dining or restaurant
                           services whether through use of barter, trade
                           credits, scrip or similar items or printing, selling,
                           distributing or soliciting of a charge card or
                           discount services and activities or promoting a
                           charge card or providing services the same or similar
                           to that sold or offered by the Company. The Executive
                           further agrees that he will not solicit, entice,
                           induce or persuade, either directly or indirectly,
                           any employee or customer of the Company to alter,
                           terminate or refrain from extending or renewing any
                           contractual or other relationship with the Company,
                           or commence a similar or substantially similar
                           relationship with the Executive or any direct
                           competitor of the Company.

                  (b)      As used in this paragraph 10, the term "Company"
                           shall include subsidiaries of the Company and the
                           term "customer" shall mean:

                           (i)  anyone who is then a customer of the company, or

                           (ii) anyone who was a customer at any time during the
                                one year period immediately preceding the date
                                of termination of the Executive's employment.

                  (c)      the parties hereto agree that the duration and area
                           for which the covenant not to compete set forth
                           herein is to be effective is reasonable. In the event
                           that nay court determines that the time period or
                           area, or both of them, are unreasonable and that such
                           covenant to that extent unenforceable, the parties
                           hereto agree that the covenant shall remain in full
                           force and effect for the greatest time period and in
                           the greatest area that would not render it
                           unenforceable.

                  (d)      If the Executive commits a breach or is about to
                           commit a breach, of any of the above provisions, the
                           Company shall have the right to temporary and
                           preliminary injunctive relief to prevent the
                           continuance or commission of such breach prior to any
                           hearing on the merits and to have the provisions of
                           this Agreement specifically enforced by any court
                           having equity jurisdiction without being required to
                           post bond or other security and without having to
                           prove the inadequacies of the available remedies at
                           law, it being acknowledges and agreed that any such
                           breach or threatened breach will cause irreparable
                           injury to the Company. In addition, the Company may
                           take all such other actions and remedies available to
                           it under law in equity and shall be entitled to such
                           damages as it can show it has sustained by reason of
                           such breach.

                  (e)      The existence of any claim or cause of action of the
                           executive against the company, whether predicated on
                           this Agreement or otherwise, shall not constitute a
                           defense to the enforcement by the Company of those
                           covenants and agreements.

                  (f)      For purposes of this paragraph 10 but only with
                           respect to the period following the termination of
                           the Agreement the term direct competitor shall not
                           include a separate noncompetitive corporate
                           subsidiary of a company which is a direct competitor,
                           if the Executive is employed solely to perform
                           services for the

<PAGE>

                           noncompetitive subsidiary and does not engage in or
                           assist said directly competitive company in any
                           aspect of its business.

      11.   Change of Control. In the event of a "change in control" in the
            Company, prior to the vesting date for any stock options provided to
            the Executive under this Agreement, that adversely impacts
            Executive's ability to vest in or to exercise such options, the
            company shall either accelerate the vesting date of the options such
            that the Executive may exercise them in timely fashion; or pay to
            Executive the cash value of the options to him (fair market value of
            shares less exercise price) immediately prior to the date of the
            change of control; or make some financial arrangement making
            executive whole that is mutually agreeable to the Company and the
            Executive. A "change in control" shall be deemed to occur when, a
            corporation, partnership, association or entity, directly or
            indirectly (through a subsidiary or otherwise), (i) acquires or is
            granted the right to acquire, directly or though merger or similar
            transaction, a majority of the Company's outstanding voting
            securities or shares, or (ii) all or substantially all of the
            company's assets.

            In addition, upon a change of control Executive shall have the
            option, exercisable in writing within 30 days after the effective
            date of the change in control, to terminate the Employment Agreement
            and to receive as a severance payment an amount equal to 18 months
            base salary. Such severance payment shall be payable in equal
            monthly installments or, at the option of the Company, in a lump sum
            payment discounted based on the then current prime rate of interest
            of Citibank N.A. In addition to his base salary the Company will pay
            Executive the cost of continuing medical insurance for the severance
            period.

      12.   Resolution of Disputes. Any dispute by and among the parties hereto
            arising out of or relying to this Agreement, the terms, conditions
            or a breach thereof, or the rights or obligations of the parties
            with respect thereto, shall be arbitrated in the City of New York,
            New York before and pursuant to then applicable commercial rules and
            regulations of the American Arbitration Association, or any
            successor organization. The arbitration proceedings shall be
            conducted by a panel of three arbitrators, one of whom shall be
            selected by the Company, one by the Executive (or his legal
            representative) and the third arbitrator by the first two chosen.
            The parties shall use their best efforts to assure that the
            selection of the arbitrators shall be completed within thirty (30)
            days and the parties shall use their best efforts to complete the
            arbitration as quickly as possible. In such proceeding, the
            arbitration panel shall determine who is a substantially prevailing
            party and shall award to such party its reasonable attorneys',
            accounts' and other professionals' fees and its costs incurred in
            connection with the proceeding. The award of the arbitration panel
            shall be final, binding upon the parties and non-appealable and may
            be entered in and enforced by any court of competent jurisdiction.
            Such court may add to the award of the arbitration panel additional
            reasonable attorneys' fees and costs incurred by the substantially
            prevailing party in attempting to enforce the award.

      13.   Enforceability. The failure of either party at any time to require
            performance by the other party of any provision hereunder in no way
            shall affect the right of that party thereafter to enforce the same,
            nor shall it affect any other party's right to enforce the same, or
            to enforce any of the other provisions of this Agreement; nor shall
            the waiver by either party of the breach of any provision hereof be
            taken or held to be a waiver of any subsequent breach of such
            provision or as a waiver of the provision itself.

      14.   Assignment. This Agreement is a personal contract and the
            Executive's rights and obligations hereunder may not be sold,
            transferred, assigned, pledged or hypothecated by the Executive. The
            rights and obligations of the Company hereunder shall

      15.   Modification. This Agreement cannot be cancelled, changed, modified,
            or amended orally, and no cancellation, change, modification or
            amendment shall be effective or binding, unless it is in writing,
            signed by both parties to this Agreement, and consented to in
            writing to the Purchaser.

<PAGE>

      16.   Severability: Survival. If any provision of this Agreement is held
            to be void and unenforceable by a court of competent jurisdiction,
            the remaining provisions of this Agreement nevertheless shall be
            binding upon the parties with same effect as though the void or
            unenforceable part has been severed and deleted.

      17.   Notice. Notices given pursuant tot he provisions of this Agreement
            shall be sent by certified mail, postage prepaid, or by overnight
            courier, or by telex, telecopier or telegraph, charges prepaid, to
            the following address:

                  To the Company

                  Transmedia Asia Pacific, Inc.
                  11 St. James's Square
                  London SW1Y 4LB
                  England
                  Fax:  011 44 171 839-5727

                  with a copy to:

                  Davis & Gilbert LLP
                  1740 Broadway
                  New York, NY  10019
                  Attention:  Walter Epstein, Esq.
                  Fax:  212 468-4888

                  It the Executive

                  504 Mt. Vernon Road
                  Plantsville, CT 06479
                  Fax:  860 620-9326

      18.   Applicable Law. This Agreement shall be governed by and construed in
            accordance with the laws of the State of New York.

      19.   No Conflict. The Executive represents and warrants that he is not
            subject to any agreement, instrument, judgement order or decree of
            any kind, or any other restrictive agreement of any character, which
            would prevent him from entering into this Agreement or which would
            be breached by the Executive upon his performance of his duties
            pursuant to this Agreement.

      20.   Entire Agreement. This Agreement represents the entire agreement
            between the Company and the Executive with respect to the subject
            matter hereof.

<PAGE>

IN WITNESS WHEREOF, the parties have set their hands and seals on and as of the
day and year first written above.

                                          TRANSMEDIA ASIA PACIFIC, INC.


                                          ______________________________________
                                          Joseph Vittoria
                                          Chairman

                                          EXECUTIVE


                                          ______________________________________
                                          Michael Chambrello

<PAGE>

                          TRANSMEDIA ASIA PACIFIC, INC.

                      NON-QUALIFIED STOCK OPTION AGREEMENT

            AGREEMENT made as of October 1, 1999, by and between TRANSMEDIA ASIA
PACIFIC, INC., a Delaware corporation with its principal place of business at 11
St. James's Square, London SW1Y 4LB England (the "Company"), and the undersigned
(the "Optionee").

                              W I T N E S S E T H:

      WHEREAS, the Company considers it desirable and in its best interests that
the Optionee be encouraged to acquire an ownership interest in the Company, and
thereby have an added incentive to advance the interests of the Company, by the
grant of an option to purchase shares of the Company's common stock, par value
$.00001 per share (the "Common Stock"), on the terms and conditions hereinafter
set forth; and

      NOW, THEREFORE, in consideration of the premises and of the mutual
covenants and agreements contained herein, the Company and the Optionee hereby
agree as follows:

1.    Grant of Option.

      The Company hereby grants to the Optionee, subject to shareholder
approval, the right, privilege and option (the "Option") to purchase 1,250,000
shares of the Company's Common Stock (the "Shares") at the exercise prices
("Exercise Prices") and on the vesting terms ("Vesting Terms") set forth in
Appendix A. Such number of Shares issuable upon exercise of the Option shall be
subject to adjustment as provided in Section 7 below. The Option is not intended
to be an incentive stock option meeting the requirements of Section 422 of the
Internal Revenue Code of 1986, as amended (the "Code").

2.    Time of Exercise of Option.

      Subject to the provisions of Section 4 below, the Option shall vest as
provided Appendix A, provided, however, that upon a Change in Control (as
defined in the Plan) of the Company, the Option shall be immediately
exercisable. To the extent the Option is not exercised by the Optionee when it
becomes exercisable, it shall continue in full force and effect until the
Expiration Date (as hereinafter defined).

3.    Method of Exercise.

      The Option shall be exercised by written notice in the form of Appendix B
hereto directed to the Company at the Company's address set forth above, duly
executed by the Optionee, specifying the number of shares being purchased and
accompanied by either (i) cash or check payable to the order of the Company in
full payment of the Purchase Price for the number of Shares being purchased, or
(ii) certificate(s), duly endorsed for transfer to the Company with signature
guaranteed, for that number of previously acquired Shares having an

<PAGE>

aggregate fair market value as determined in accordance with the Plan ("Fair
Market Value"), on the date of exercise equal to the full Purchase Price for the
number of Shares being purchased, or (iii) a combination of (i) and (ii).

      The Option shall not be exercisable at any time in an amount less than 100
Shares (or the remaining fraction of a Share then covered by and purchasable
under the Option if less than 100 Shares).

4.    Term of Options; Exercisability.

      1. This Option shall expire 5 years from the date hereof of this Agreement
(the "Expiration Date"), subject to earlier termination as herein provided.

      2. Except as otherwise provided in this Section 4, if the Optionee's
employment by the Company is terminated for any reason, the Option shall
terminate on the earlier of (i) three months after the date the Optionee's
employment is terminated, or (ii) the date on which the Option expires by its
terms.

      3. If the Optionee's employment by, of, or to, the Company is terminated
by the Company for cause (as such term is defined in his employment agreement),
the Option will to the extent not terminated be deemed to have terminated on the
date immediately preceding the date the Optionee's employment by, or retention
as an agent, director of, or consultant to, the Company is terminated by the
Company and its subsidiaries.

      4. If the Optionee's employment by the Company is terminated because of
disability or death, the Option shall terminate on the earlier of (i) one year
after termination, or (ii) the date on which the Option expires by its terms.

5.    Non-Transferability.

      The right of the Optionee to exercise the Option shall not be assignable
or transferable by the Optionee otherwise than by will or the laws of descent
and distribution, and the Option may be exercised during the lifetime of the
Optionee only by the Optionee. The Option shall be null and void and without
effect upon the bankruptcy of the Optionee or upon any attempted assignment or
transfer, except as hereinabove provided, including without limitation, any
purported assignment, whether voluntary or by operation of law, pledge,
hypothecation or other disposition contrary to the provisions hereof, or levy of
execution, attachment, trustee process or similar process, whether legal or
equitable, upon the Option.

6.    Representation Letter and Investment Legend.

      A. Notwithstanding the provisions of Sections 3 and 4 hereof, the Option
cannot be exercised, and the Company may delay the issuance of the Shares
covered by the exercise of the Option and the delivery of a certificate for the
Shares, until one of the following conditions shall be satisfied:

<PAGE>

      1. The Shares with respect to which the Option has been exercised are at
the time of the issuance of the Shares effectively registered or qualified under
applicable federal and state securities acts now in force or as hereafter
amended; or

      2. Counsel for the Company shall have given an opinion, which opinion
shall not be unreasonably conditioned or withheld, that the issuance of the
Shares is exempt from registration and qualification under applicable federal
and state securities acts now in force or as hereafter amended.

      B. In the event that for any reason the Shares to be issued upon exercise
of the Option shall not be effectively registered under the Securities Act of
1933, as amended (the "1933 Act"), upon any date on which the Option is
exercised in whole or in part, the Optionee shall give a written representation
to the Company in the form attached hereto as Exhibit A and the Company shall
place an "investment legend," so-called, as described in Exhibit A, upon any
certificate for the Shares issued by reason of such exercise. In the event that
the Company shall, nevertheless, deem it necessary or desirable to register
under the 1933 Act or other applicable statutes the Shares with respect to which
the Option shall have been exercised, or to qualify the Shares for exemption
from the 1933 Act or other applicable statutes, then the Company may take such
action and may require from the Optionee such information in writing for use in
any registration statement, supplementary registration statement, prospectus,
preliminary prospectus, offering circular or any other document that is
reasonably necessary for such purpose and may require reasonable indemnity to
the Company and its officers and directors from the Optionee against all losses,
claims, damages and liabilities arising from such use of the information so
furnished and caused by any untrue statement of any material fact therein or
caused by the omission to state a material fact required to be stated therein or
necessary to make the statements therein not misleading in the light of the
circumstances under which they were made.

      C. The Company shall be under no obligation to qualify the Shares or to
cause a registration statement or a post-effective amendment to any registration
statement to be prepared for the purposes of covering the issue of the Shares or
to cause the issuance of the Shares to be exempt from registration and
qualification under applicable federal and state securities acts now in force or
as hereinafter amended, except as otherwise agreed to by the Company in writing
in its sole discretion and, accordingly, the Company may delay the issuance of
the Shares covered by the exercise of the Option and the delivery of a
certificate for the Shares until the Company shall have determined that all
conditions to the issuance of the Shares shall have been satisfied.

7.    Adjustment in and Changes in Common Stock.

      Subject to the Plan, if the outstanding shares of the Common Stock are
changed into or exchanged for a different number or kind of shares or other
securities of the Company by reason of any reorganization, recapitalization,
reclassification, stock split, combination of shares, or dividends payable in
capital stock, appropriate and equitable adjustment shall be made by the Board
of Directors of the Company, in its sole discretion, in the number and kind of
shares as to which the Option or portion thereof then unexercised shall be
exercisable. Such adjustment in the Option shall be made without change in the
total price applicable to the unexercised portion of such the Option and with a
corresponding adjustment in the Option price per share.

<PAGE>

8.    Effect on Other Rights.

      This Agreement shall in no way affect the Optionee's participation in or
benefits under any other plan or benefit program maintained or provided by the
Company. Nothing in this Agreement shall be construed to give the Optionee any
right to any additional options other than in the sole discretion of the Board
of Directors of the Company or to confer on the Optionee any right to continue
in the employ of the Company or any subsidiary thereof or to continue to be
retained as an agent, director of, or consultant to, the Company, or to be
evidence of any agreement or understanding, express or implied, that the Company
will employ or continue to retain the Optionee in any particular position or at
any particular rate of remuneration, or for any particular period of time or to
interfere in any way with the right of the Company or a subsidiary thereof (or
the right of the Optionee) to terminate the employment or retention of the
Optionee at any time, with or without cause, notwithstanding the possibility
that the Option may thereby be terminated entirely.

9.    Rights as a Stockholder.

      The Optionee shall have no rights as a stockholder with respect to any
Shares which may be purchased by exercise of the Option until (x) the Option
shall have been exercised with respect thereto (including payment to the Company
of the Purchase Price), and (y) the earlier to occur of (i) delivery by the
Company to the optionee of a certificate therefor or (ii) the date on which the
Company is required to deliver a certificate pursuant to the Plan and this
Agreement. Except as otherwise expressly provided in the Plan, no adjustment
shall be made for dividends or other rights for which the record date is prior
to the date such certificate is issued or required to be issued in accordance
with the Plan.

10.   Governing Law.

      THIS AGREEMENT SHALL BE GOVERNED BY THE LAWS OF THE STATE OF DELAWARE
APPLICABLE TO CONTRACTS TO BE MADE AND PERFORMED ENTIRELY THEREIN WITHOUT
REFERENCE TO CONFLICT OF LAWS PRINCIPLES.

11.   Withholding Taxes.

      Whenever Shares are to be issued upon exercise of the Option, the Company
shall have the right to require the Optionee to remit to the Company an amount
sufficient to satisfy all federal, state and local withholding tax requirements,
if any, prior to the delivery of any certificate or certificates for such
Shares. The Company may agree to permit the Optionee to withhold Shares
purchased upon exercise of this Option to satisfy the above-mentioned
withholding requirement.

<PAGE>

12.   Headings.

      The headings contained in this Agreement are for convenience of reference
only and in no way define, limit or describe the scope or intent of this
Agreement or in any way affect this Agreement.

13.   Binding Effect.

      This Agreement shall inure to the benefit of and be binding upon the
parties hereto and their respective heirs, executors, administrators, successors
and assigns.

      IN WITNESS WHEREOF, the Company has caused this Agreement to be executed,
and the Optionee has hereunto set his or her hand and seal, all as of the day
and year first above written.

                                    TRANSMEDIA ASIA PACIFIC, INC.


                                    By: /s/ Joseph Vittoria
                                        ----------------------------------------
                                    Title: Chairman and director

                                    OPTIONEE:


                                    /s/ Michael R. Chambrello
                                    --------------------------------------------
                                    Michael Chambrello

<PAGE>

                                   APPENDIX A
                            TO STOCK OPTION AGREEMENT

Options granted and vesting period:

Set forth below are the options granted to the Optionee and the vesting schedule
with respect thereto.

Number of Shares        Exercise Price                            Vesting Date
----------------        --------------                            ------------

250,000                 $0.875                                    10/1/1999
250,000                 $0.875                                    10/1/2000
187,500                 110% of market price 2/1/2000             2/1/2001
187,500                 110% of market price 2/1/2000             2/1/2002
187,500                 110% of market price 2/1/2001             2/1/2002
187,500                 110% of market price 2/1/2001             2/1/2003

<PAGE>

                                   APPENDIX B
                            TO STOCK OPTION AGREEMENT

Date:______________________

Transmedia Asia Pacific, Inc.
11 St. James's Square
London SW1Y 4LB
England

Ladies and Gentlemen:

      I hereby elect to purchase ____ shares of the Common Stock, par value
$.00001 per share, of Transmedia Asia Pacific, Inc. (the "Company") under the
option granted to me pursuant to the Stock Option Agreement, dated October 1,
1999.

      Enclosed is [cash] [a check] in the amount of $______.___ [______ shares
of the Company's Common Stock] in full payment of the shares being purchased
($________ per share x shares).

      Please deliver certificates representing the shares being purchased to me
at:

      _____________________________

      _____________________________

      _____________________________

      I hereby acknowledge that I have been informed as follows:

      1. The shares of common stock of the Company to be issued to me pursuant
to the exercise of said option have not been registered under the Securities Act
of 1933, as amended (the "1933 Act"), and accordingly, must be held indefinitely
unless such shares are subsequently registered under the 1933 Act, or an
exemption from such registration is available.

      2. Routine sales of securities made in reliance upon Rule 144, if
applicable, under the 1933 Act can be made only after the holding period and in
limited amounts in accordance with the terms and conditions provided by that
Rule, and in any sale to which that Rule is not applicable, registration or
compliance with some other exemption under the 1933 Act will be required.

<PAGE>

      3. The Company is under no obligation to me to register the shares or to
comply with any such exemptions under the 1933 Act.

      4. The availability of Rule 144, if applicable, is dependent upon adequate
current public information with respect to the Company being available and, at
the time that I may desire to make a sale pursuant to the Rule, the Company may
neither wish nor be able to comply with such requirement.

      In consideration of the issuance of certificates for the shares to me, I
hereby represent and warrant that I am acquiring such shares for my own account
for investment, and that I will not sell, pledge, transfer or otherwise dispose
of such shares in the absence of an effective registration statement covering
the same, except as permitted by the provisions of Rule 144, if applicable, or
some other applicable exemption under the 1933 Act. In view of this
representation and warranty, I agree that there may be affixed to the
certificates for the shares to be issued to me, and to all certificates issued
hereafter representing such shares (until in the opinion of counsel, which
opinion must be reasonably satisfactory in form and substance to counsel for the
Company, it is no longer necessary or required) a legend as follows:

      "The shares of common stock represented by this certificate have not been
      registered under the Securities Act of 1933, as amended (the "Act"), and
      were acquired by the registered holder, pursuant to a representation and
      warranty that such holder was acquiring such shares for his or her own
      account and for investment, with no intention to transfer or dispose of
      the same, in violation of the registration requirements of the Act. These
      shares may not be sold, pledged, transferred or otherwise disposed of in
      the absence of an effective registration statement under the Act, or an
      opinion of counsel, which opinion is reasonably satisfactory to counsel to
      the Company, to the effect that registration is not required under the
      Act."

      I further agree that the Company may place a stop order with its Transfer
Agent, prohibiting the transfer of such shares, so long as the legend remains on
the certificates representing the shares.

                                                  Very truly yours,


                                                  ______________________________
                                                  Optionee: