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August 19, 2008

Written by Bob Meyer, Editor of BarterNews

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From the desk of Bob Meyer...08/19/2008

Record Month For IRTA’s Universal-Currency Use

Trade exchange owners used the International Reciprocal Trade Association’s “Universal Currency” in the month of July to close $403,419.53 in sales. besting the previous best month’s record of $367,782.51 back in July 1999.

For more information on the Universal Currency system see: http://www.ucci.biz.

Steven White Gives Presentation At Technology Conference

Steven White has the honor of presenting at the 4th Annual Summer Technology Conference hosted by Security Research Associates, on Monday, August 18, 2008. The conference is being held at the Omni Hotel in San Francisco.

During the presentation, White will provide insight about the ITEX web-based trading platform, business strategy and initiatives. The presentation will also be broadcast live over the internet, and a replay will be archived in the Investor Relations section of the ITEX web site http://www.itex.com.

Over 80% Of Workers Saving Too Little For Retirement

According to the Hewitt Associates study, four of five workers save too little to maintain their lifestyle after retirement. The study looked at the projected retirement levels of nearly 2 million current workers of varying ages at 72 large U.S. companies and used actual employee balances.

People need to save from 10% to 12% of their income throughout their career to keep up the same lifestyle after retirement, the study reported. (Most people contribute an average of 8% of their income into savings plans.)

One-Third Of Homeowners Are “Under Water”

According to www.Zillow.com, about one-third of U.S. homeowners who bought homes in the last five years now owe more on their mortgages than their properties are worth. (For those who bought at the 2006 apex of the housing market, 45% are now under water.)

Zillow is a Seattle-based service that offers values on more than 80 million homes.

 All back issues of "From the Desk...” can be accessed by clicking here.

(Please feel free to forward our newsletter to your friends and colleagues. We have a “box” at the end of the newsletter for your convenience. See you next week. . .)


Marc DiBella Joins National Trade Banc As VP Operations

National Trade Banc announced that Marc DiBella, a prominent Chicago manufacturer, real estate investor and developer, has joined NTB as Vice President-Operations to help drive NTB’s acquisitions and other strategic initiatives. “Over the years, National Trade Banc has acquired numerous trade exchanges from New York to California, benefiting members and exchange owners alike,” said NTB President Heidi Flis. “With Marc DiBella on board, these efforts are moving forward with even greater energy than before.”

Mr. DiBella spearheaded numerous real estate projects throughout the Chicago region, serving variously as investor, developer and general contractor. He was an executive of both Continental Windows, a leading Illinois window manufacturer and supplier for construction projects nationwide, and the Lifetime group of companies, which handled distribution and general contracting plus management of publicly funded projects. At Continental and Lifetime, Mr. DiBella established barter divisions that saved these companies hundreds of thousands of dollars annually.

“In the process,” DiBella recalled, “I came to know many trade exchange owners throughout the United States. I look forward to furthering these relationships and forging new ones.” He will also contribute his industry knowledge and management expertise to National Trade Banc’s corporate trading division and other initiatives.

For more information go to nationaltradebanc.com, or e-mail office@ntbmail.com.



ITEX Acquires Media Services Business

ITEX Corporation (OTCBB: ITEX), a leading marketplace for cashless business transactions in North America, has acquired the media trading system Intagio Media Services, with its client base and advertising credit assets, of Intagio Corporation of San Francisco. The advertising and media sector is currently the largest component of transaction volume in the ITEX Marketplace. With the new media services, ITEX intends to expand its capability in this market sector. 

The Intagio Services were procured on August 1, 2008, and the data migration into ITEX’s web-based trading and payment systems platform has been completed. The acquired accounts will be managed from ITEX’s corporate-owned office in Chicago (IL). Doug Hayner and Asimina Georgiou will join the ITEX team from Intagio, bringing with them valuable client relationship experience.

“We are pleased to greatly enhance the most active sector of our trading community with potentially high-volume media and hospitality clients,” said Chairman/CEO Steven White. “With this acquisition, we now have the ability to offer a variety of new and exciting media opportunities directly to the ITEX Marketplace.

“Our media managers will offer enhanced media planning and execution services, expanding our clients’ budgets by enabling them to fund part of their media plan through the trading of excess goods and services. In addition, we plan to use our expanded media base to register more member businesses in the hospitality, travel, and restaurant industries.

“This is a low-risk acquisition with great upside potential,” White pointed out. “Our expansion into media trading services compliments our current business model and we believe it provides ITEX a significant growth opportunity.” 

Transaction Terms

The purchase price of approximately $750,000 included the following:

  • A cash payment of $ 51,468;

  • A $687,500 secured promissory note financed by the seller at 8% APR for 12 months;

  • Assumption of certain liabilities.

The acquired assets include the following:

  • $4,000,000 in media inventory;

  • 300 client relationships;

  • Historical transactional data and associated accounts;

  • Accounts receivable.

ITEX's cash and cash equivalents exceeded $1.0 million as of July 31, 2008.

For more information on ITEX visit www.itex.com.


Looking Back—Barter Happenings From Past Tuesday Reports

One Year Ago—

Tax-free Exchanges On Vacation Homes, plus Domain-Name Barter Marketplace Launched and others.  Click here

Two Years Ago—

Barter To Play Prominent Role In 2008 Beijing Olympic Games. (One of many articles.)  Click here

Three Years Ago—

Real Estate Boom (Now Bust) Was Built On 1997 Taxpayer Relief Act. (One of many articles.)  Click here

Four Years Ago—

The Largest Private Currency In The World (Frequent Flyer Miles) Lacks Fulfillment. (One of many articles.) Click here


 

IMS Top Sponsor At IRTA’s Annual Barter Conference

 

International Monetary Systems (OTCBB:INLM), a worldwide leader in business-to-business barter services, announced that it has been awarded the top sponsorship position of the 29th Annual Barter Convention held by the International Reciprocal Trade Association (IRTA) in September.

 

Don Mardak, CEO of IMS, commented, “IMS is fortunate to have this opportunity to support the international barter industry in this way. The IRTA has worked diligently for many years to educate businesses and inform governments about the proper and prudent operations of reputable barter networks. IMS recognizes the value of this work and is proud to support IRTA as their Platinum Sponsor for 2008.”

 

Ron Whitney, Executive Director of IRTA, added, “IRTA is delighted that International Monetary Systems is participating and supporting IRTA in such a significant way. It is evidence of their on-going commitment to the highest ethical conduct and consistent promotion of a healthy barter industry overall.”

 

The IRTA annual conference will welcome trade exchanges from around the world to participate in discussions relative to industry trends and ethical standards. The event will be held September 22 through September 24 in Orlando, Florida.


Money-Making Reports Available From BarterNews


Sirri Simsek, CEO Turk Barter,

2008 Barter Hall Of Fame Inductee

Ron Whitney Executive Director of the International Reciprocal Trade Association reported that Sirri Simsek will be formally recognized as the 2008 inductee into the Barter Hall of Fame in September, during IRTA’s 29th Annual Barter Convention to be held at the Westgate River Ranch near Orlando Florida.

“Sirri Simsek has truly contributed to the trade and barter industry in a universally recognized manor,” asserted Whitney. “The industry is very proud to honor him.”

The Barter Hall of Fame is the supreme honor bestowed by the industry. The accolade recognizes individuals of the highest professional character and ethical conduct who are regarded as indisputable leaders of the industry. An inductee must have a minimum of ten years of continuous industry service, and have made recognizable and specific contributions to the industry as a whole.

Mr. Simsek is CEO of Turk Barter located in Istanbul, Turkey. The company has over 10,000 participating business clients that are active in domestic and international barter transactions through the Turk Barter system.

As an active global speaker Simsek has addressed and educated audiences about the economic benefits of modern bartering during several international conferences, including the Eurasia Economic Summit, Conference of the Stroheim Foundation, the Kalder International Association and the ESBAS Conference.

His other industry accomplishments include:

  • Authoring an educational book titled “Moneyless Trade: Barter”

  • Serving several years on the IRTA Global Board of Directors and Ethics Committee

  • Applying swipe technology to barter transactions (the first)

  • Working with the Turkish government securing standards of barter system operations for the benefit of all barter clients.

“We congratulate Sirri for earning and receiving the Barter Hall of Fame Award” said IRTA President David Wallach. “He exemplifies all of the best qualities our industry has to offer.”

Current Members Of The Barter Hall Of Fame

1997:        Paul Suplizio, Bob Meyer, Mac McConnell, Paul Enz
                  and Werner Zimmerman
1998:        Susan Groenwald, Colonel Bill Austin            
1999:        Alan Elkin
2000:        Steve Webster
2001:        Allan Hackel
2002:        Art Wagner
2003:        Steve Goldbloom, Wayne Sharpe
2004:        Andrew Federowski
2006:        David Wallach
2007:        Art Goehring


Hotel General Managers

Work With Audio/Visual Vendor On Barter

Collect cash, as usual, from the guest accounts staying at your facility that require the use of professional AV services. And rather than shouldering your ongoing employee costs, or your current vendor’s cash agreement for AV services, here’s a much better alternative:

Work with a proven national vendor (a sterling 25-year track record) who will provide all of the AV services for your hotel on a 100% TRADE BASIS! (Payment to be in the form of trade dollars.)

Your hotel’s annual AV billings must be a minimum of $200,000, and this offer is available only in the continental United States.

For a confidential introduction contact Bob Meyer via e-mail: bmeyer@barternews.com.

Attention Trade Exchange Owners:

If your member hotel(s) have a minimum of 10,000 sq. feet of meeting space and annual billings of at least $200,000 for AV services this is a great opportunity to earn substantial cash service fees on the hundreds of thousands of trade dollars your hotel member will be paying the vendor. Contact Bob Meyer at the above e-mail.


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