October 20, 2009
by Bob Meyer, Editor of BarterNews
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From the desk of Bob Meyer...10/20/2009
Rum Maker Barters With St. Croix (Virgin Islands)
Spirits maker Fortune Brands Inc. has cemented a barter deal
with the U.S. Virgin Islands to continue making rum on St.
Croix in exchange for marketing and other incentives. Thus
expanding the Cruzan Rum Distillery and building a
state-of-the-art wastewater-treatment facility with a value
projected to exceed $1 billion over 30 years.
Restaurant Industry Reports Declining Sales
The National Restaurant Association reports continued
declines in sales for August, the most recent month for
which it has data. Only 17% of restaurant operators reported
a same-store sales gain between August 2008 and August 2009.
Some 68% of operators reported a same-store sales decline in
August, up from 58% who reported negative sales in July.
Customer traffic levels also dropped off in August.
TeleTrade International Earnings Update
Gary Lasater, CEO of TeleTrade international, reports $44.4
million of trading volume for the trading platform�s first
nine months of 2009. (The eValues system posted $34.2
million of TTi�s totals.)
Barter Industry Convention Scheduled
The National Association of Trade Exchanges (NATE) 25th
Annual Convention will be held October 25-27 at the Golden
Nugget in Las Vegas, Nevada.
For more convention information
back issues of "From the Desk...� can be accessed by
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. . .)
following article was submitted to BarterNews from David Wallach on
behalf of the International Reciprocal Trade Association.)
IRTA 2009 Legends Of
Barter Convention An Unqualified Success
�I want to thank
you again for putting on a great conference in Dallas. I saw a
lot of relationships being made, and a lot of business getting
done. Not only for me, but for just about everyone else that
(Barry Cohen, BCL
Executive Director), you did a amazing job at that convention
and just to let you know, people could not stop talking about
you and how much good you are doing for UC and IRTA. I enjoyed
myself and met some great people, I am really glad I went!
�I enjoyed the
Dallas convention and congratulate you on a fine show�
�I found all of
the conference seminars and panel discussions very informative.�
Brzozowiec, BCI Poland)
�I just wanted to
say thank you for hosting a wonderful convention for IRTA last
week. The Dallas Magnolia Hotel was the perfect venue. The staff
was impressive and the hotel was impeccable. Everyone had a
�Thank you Ron
for inviting me to such wonderful gathering, my head is still
spinning with new barter ideas.�
October 1, over 100 Modern Trade and Barter industry members from
all parts of the world converged upon the beautiful Magnolia Hotel
in Dallas to attend the historic 30th IRTA Legends of Barter
convention. Barter industry representatives came from Singapore,
Turkey, Russia, Brazil, France, Poland and North America to
celebrate the past, gain information, form business relationships
and plan for the future.
�The fact that so many traveled so far to be here and participate,�
declared IRTA Executive Director Ron Whitney, �emphasizes the world
wide acceptance of the modern trade and barter process that
capitalizes business and creates additional employment within our
Barter Hall-of-Famer and CEO of Active International, the world�s
largest corporate barter company, Alan Elkin lead off the convention
by introducing the keynote speaker Paul Suplizio. Paul, an IRTA
founder and its first executive director, was primarily responsible
for obtaining legal recognition for the trade credit with U.S. tax
authorities that provides the very foundation of the modern trade
and barter industry. His keynote address focused on and encouraged
the industry to create a platform that would provide one card access
to all of the world�s commercial barter exchanges.
keynote address was followed with introductions of all present and
the annual business meeting. During his �State of IRTA� speech, IRTA
President David Wallach said, �It is my pleasure to report to you
that IRTA is in excellent condition and continuing its 30-year
tradition of providing substantial programs and services to all
sectors of the Modern Trade and Barter Industry.� IRTA Treasurer
Mary Ellen Rosinski found IRTA in exceptional financial condition,
having cash on hand and with no debts either trade or cash.
remainder of the first day was filled with various educational
seminars and panels. Subjects included a panel discussion on �The
Future of Universal Currency� led by Scott Whitmer, a �Seminar on
Sales Techniques� chaired by Gary Field, a session �Positioning Your
Exchange in a Recessionary Marketplace� moderated by Harold Rice and
a �Broker Training Session� hosted by Lisa Mullen and Elizabeth
Powell. That evening attendees enjoyed past friendships and made new
connections in the relaxed atmosphere of a delicious Hawaiian Luau
sponsored by Annette Riggs of Community Connect Trade located in
Thomas Greco, community currency guru and author of �The End of
Money and the Future of Civilization,� was the lead-off speaker on
Saturday morning with his presentation �The Next Big Leap in
Cashless Trading.� His presentation chronicled the current economic
meltdown and the important role the modern trade and barter industry
will play in transcending the current economic system. �I was very
impressed with Tom�s presentation,� commented Michael Mercier (IRTA
Vice President), �the content was extremely informative and he
delivered his message in a very clear and understandable way.�
afternoon was filled with seminars and training sessions including
�Certified Trade Broker Training,� �Maximizing Your Barter Company�s
Growth� presented by Creg Esh, �Using New Internet Networking
Techniques in Barter� hosted by Jason Richards and Sam Waltz Jr.,
�The IRS & TIN Matching Issues� led by IRTA Executive Director Ron
Whitney� and �The Community Currency Movement And How It Can Help
Your Barter Exchange� moderated by Annette Riggs with Thomas Greco.
�I found all of the conference seminars and panel discussions very
informative,� offered Dariusz Brzozowiec of BCI Poland
Later that day the IRTA Global Board of Directors welcomed newly
elected Board Members Maximilien Urso of Efficio (Paris, France) and
Annette Riggs of Community Connect Trade (Bolder, Colorado). David
Wallach was re-elected President and Michael Mercier was re-elected
Vice President of the IRTA Global Board of Directors.
Board resolved to continue Operation Outreach by forming a speaker�s
bureau, creating a co-operative industry advertising campaign, and
developing lesson plans and syllabuses for course presentation in
economic departments of business schools, universities and colleges.
Saturday evening and everyone in attendance is looking forward to
the Awards Dinner. This festive semi-formal event was held in the
Pegasus Ballroom which was a perfect place to meet the Legends of
Barter, honor those receiving awards, and party and dance the
evening away. The event was sponsored by The Allan Hackel Group, a
corporate barter company located in Boston, Massachusetts.
dessert was served IRTA executive director opened the Awards
Ceremony portion of the program and began calling up those to be
honored. Those honored with awards are as follows:
Best Broadcasted Video News Interview for 2009:
� IRTA accepted for all IRTA Members
� Badger Barter (tie)
� Active International (tie)
(These videos will shortly be available on the new IRTA web site.)
go to those who have served the association by using their influence
to increase IRTA membership.
and Barry Cohen, BCL/Soft
UC Broker of the Year:
goes to the most responsive and active Universal Currency member
IRTA Outstanding Achievement Award:
is for excellent co-operation in the media and public relations area
with other members of the industry.
IRTA Paul St. Martin Distinguished Service Award:
is the highest honor IRA can bestow upon a member and is awarded for
exceptional service that goes above and beyond the call of duty.
This year we have two very deserving honorees.
Dr. Oi Kum
Lee of BarterXchange Singapore
Lee has worked tirelessly and diligently to both educate and build
awareness of IRTA and the modern trade and barter industry in the
Pan Asian area of the world, instilling the values, standards and
potential to create employment that is inherent to the industry.
Hackel of The Allan Hackel Organization
Allan, who has been in business since 1954 and is considered the
�founding father� of the corporate barter industry, is credited with
the invention of the accounts receivable concept that is to this day
basic principle of a corporate barter transaction. He holds the
coveted Barter Hall of Fame award and has received almost every
award this industry has to offer. He continues to work every day,
functioning as the hands-on CEO of his organization that is the
oldest privately owned barter company in the world.
Before his death in 2002, Paul St. Martin worked with Allan for 18
years and was one of Allan�s closest friends. Therefore it is most
appropriate that at this time the IRTA Global Board of Directors
bestows this award upon him.
The Barter Hall of Fame:
is the highest honor the
industry can bestow. The honor recognizes individuals of the highest
professional character and ethical conduct who are regarded as
indisputable leaders of the modern trade and barter 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.
of IMS Barter/International Monetary Systems
began his barter industry career in 1984. He has received two IRTA
Outstanding Achievement Awards, a NATE Gary Monkman Memorial Award,
served 10 years on the NATE board (two terms as its president),
participated as a founding member of the NATE Banc currency system
and presently serves on the IRTA Global Board of Directors. Don has
recently served as a spokesman and ambassador for the modern trade
and barter industry via several media outlets and at investor
Legends Of Barter Award
celebration of the thirtieth anniversary of the International
Reciprocal Trade Association and in order to recognize certain
extraordinary individuals that have served the modern trade and
barter industry since 1979, IRTA presents the Legends of Barter
Award. It is an honor that was presented to members who have helped
to shape and define the industry over a period of ten or more years
between 1979 to 2009, as evident through positive and identifiable
This is an industry wide award and includes individuals from all
industry sectors including commercial barter, corporate barter and
the community currency movement. Honorees need not be IRTA members,
current industry members or present at the IRTA convention to
receive this award.
individual honorees were listed in the Tuesday Report dated 09/29/09
Attention Trade Exchange Owners. . .It�s GROW OR GO!
The magic bullet for growth is sales, always has been and always
will be...yet the industry�s overall growth is anemic. Why? Maybe
it�s because we�re not providing on-going education about our unique
way of doing business. Knowledge is always a pre-requisite to taking
And for those newcomers, the lifeblood of an exchange, awareness of
and understanding about the value of trading is even more important.
If you expect prospects to come aboard and your members to be more
active traders, but you are perplexed when the results are less than
you desire...there�s a good reason. You must continually educate
and motivate every month--month after month after month!
Such action is necessary because, let�s face it, more cash business,
not trade, is of paramount importance to your members. You must
break through this �cash only� focus and redirect their thinking
toward barter. Although most exchanges don�t see the importance of
doing so, many industry leaders are taking action and so can you.
As the owner of your own operation, there is an easy and
inexpensive solution for moving forward...look
into using The Competitive Edge newsletter. It�s a
camera-ready, 4-page, professionally written, informational
marketing tool...available in PDF format as well as print. So
regardless of how you reach your prospects and clients, you will
have the necessary vehicle.
Written especially for you, the busy trade exchange owner, I am
certain it will be the best investment you ever make.
For more information about The Competitive Edge, and how it
can benefit you
ITEX Reports 38%
Increase In New Member Registrations & Cash Flow Operations
ITEX Corporation (OTCBB:ITEX), a leading marketplace for cashless
business transactions in North America, has filed its Form 10-K with
the Securities and Exchange Commission and announced its results for
the fourth quarter and fiscal year ended July 31, 2009.
�Despite the challenging economic climate, in fiscal year 2009 we
recorded increases in revenues, total assets, stockholder equity,
more than doubled our cash position and retired all long term debt,�
said Steven White, Chairman and CEO. �Revenues increased 3% and net
cash provided by operating activities increased 21% in 2009 to
had a strong fourth quarter with revenue increasing 5% to $4,257,000
from $4,065,000 in the same period last year ,and operational income
increasing 26% to $426,000 from $339,000. We attribute these
increases to our strategic initiatives, executed in the past two
fiscal years, providing earlier than anticipated returns.
�During fiscal 2009, we continued to allocate resources for a number
of strategic initiatives such as developing our Web Services
program, executing a national strategic partnership strategy,
launching ITEX Media Services, and beginning a national
advertisement campaign in premier business publications. Many of the
expenses incurred were for start up and one-time costs. Our strong
operational cash flow and cash position will allow us to continue
investing in strategic initiatives.
are very pleased with our Software as a Service initiative which
resulted in two executed web services agreements � providing new
revenue streams for the company in addition to expanding trading
opportunities for our members. Under the agreements, for a one-time
platform subscription fee and a monthly transaction processing fee
ITEX hosts the web interface, client-relationship management
platform and is responsible for transactional processing. We also
provide a proprietary processing technology that enables members of
any of our web services clients to seamlessly accept the digital
currency of another web services client.�
White concluded, �Another notable highlight for 2009 was a 38%
increase in new member registrations compared to 2008. With the
current economic uncertainty, we are well positioned to assist
existing and prospective members in generating new sales and
conserving precious cash. We have received considerable press in
recent months and expect new member registrations to remain strong
Year 2009 Highlights
Marketplace revenue increased 3% in 2009 to $16,502,000, from
$15,964,000 in 2008;
cash equivalents increased 141% in 2009 to $2,557,000, from
$1,061,000 in 2008;
Stockholders� equity increased 5% in 2009 to $13,981,000, from
$13,319,000 in 2008;
assets increased 3% in 2009 to $16,661,000, from $16,149,000 in
Acquisition and launch of ITEX Media Services;
partnership strategy launched with execution of an agreement with
iCare, a division of SYSCO, Inc., a supplier of products and
services to the food service and hospitality industries;
two web services agreements;
4,503 new members in 2009, versus 3,248 in the prior year period, a
early the remaining balances of notes for two acquisitions, leaving
the company with no long-term debt;
into an agreement with U.S. Bank to increase the maximum loan amount
under our revolving credit facility from $1.0 million to $1.5
million with a lower interest rate;
quarter revenue increased 5% to $4,257,000 compared to $4,065,000
quarter income from operations increased 26% to $426,000, from
$339,000 in 2008.
more information on ITEX�s Form 10-K
International visitors look for BARTER CONTACTS in our Global Barter
Section. If YOUR exchange isn�t listed see the forms on the lower
left of the page. (Click
Attention trade exchange owners...thousands of visitors every month
visit our BARTER CONTACTS section on our web site where we have
names & addresses of barter companies in the USA. If YOUR exchange
isn�t listed, or the information is incorrect, you can correct the
situation by using the forms to the lower left of the USA map. (Click
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Census Bureau Ranks
States� Rental Costs
2008 American Community Survey by Census found the following states
with the highest median monthly rent:
2) California, $1,135
3) Maryland, $1,074
4) New Jersey, $1,068
5) District of Columbia, $1,011
lowest were West Virginia at $528 and North Dakota at $534. The
national mid-point was $824.
survey tracked �percent of renter-occupied units spending 30% or
more of household income on rent and utilities� with the highest
burden states being:
2) California, 52.1%
3) Hawaii, 50.4%
4) Michigan, 48.8%
5) Connecticut, 48.2%
lowest were Wyoming at 32.5% and North Dakota at 34.4%. The national
mid-point was 46.1%.
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