The weekly newsletter for everyone interested in barter--the world's most versatile business tool!
February 4, 2003
Written by Bob Meyer, Editor of BarterNews
CASE Prevails In Unseating Directors At ITEX's Annual Shareholders Meeting
The Committee for the Advancement of Stockholder Equity (CASE) prevailed in their proxy battle to replace the outside board of directors of the ITEX Corporation (OTCBB:ITEX).
On December 3, 2002, CASE announced its intention to solicit proxies to elect a slate of four nominees: Steven White, Eric Best, John Wade and Alan Zimmelman to the board of directors of ITEX, at the Annual Meeting of Shareholders. The meeting, originally scheduled for January 28, was rescheduled and held on January 31, 2003.
The preliminary announcement at the ITEX annual shareholders meeting stated that the unofficial count for the CASE nominees was approximately 7.5 million votes versus less than half that figure for the outside ITEX directors. The election will be certified February 5 and a formal announcement on the official count will be made by CASE and ITEX at that time.
Bentley Names Savoy As President And Announces Alliance With Venture Capital Firm
In our December 31 issue we reported on Bentley Communications Corporation acquiring Exchangemall.com and Bartercard USA in a stock swap.
Last week Bentley made further announcements which included the appointment of Mark Savoy as its new president, and once the acquisition is completed he will become the company's CEO.
It was also reported that Bartercard USA, a subsidiary of Bentley, has entered into a relationship with Santa Ana (CA)-based Springboard Capital Corp. It's expected that Springboard will provide bridge capital and investment banking expertise to the subsidiary.
Bentley's focus is on developing internet payment methods, wherein barter transactions can be completely automated and settled at the point of sale. (ATM@Home is Bentley's patent-pending technology for online payments.)
Hoteliers Follow Airlines In Move To Web
The nation's largest hotel companies are setting up their own web site, similar to what the airlines have done with Orbitz, the giant online travel site that's jointly owned by the largest U.S. carriers.
The new hotel site, Travelweb.com, will be controlled by five companies that are normally fierce rivals—Marriott, Starwood, Hyatt, Hilton, and Six Continents.
More than 4,000 hotels have signed up to list with Travelweb so far. Such involvement is the latest indication of just how much online booking is affecting the $77 billion U.S. hospitality industry. (Online bookings are expected to make up 20% of total rooms booked by 2005, and that figure excludes big corporate travel agents. Last year the number was 9%.)
Currently hoteliers are dumping their empty rooms onto various discount web sites, which creates a remarkable windfall for travelers. But the move to cashing out at lower prices, via the web, reinforces the fact that a focus on trading rooms, at higher prices through the secondary barter marketplace, isn't very important to the hoteliers.
The commercial barter industry's lack of size and cohesiveness continues to create a drag on rapid expansionary efforts that could otherwise be made in today's global travel slump.
Economic Stimulus Package Would Help Small Business
President Bush's economic stimulus plan would help small businesses by:
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