The International
Reciprocal Trade Association announced that it has completed an
agreement with the new owners of Bartercard International Group
(BIG), which has agreed to pay 50% of the outstanding trade balances
owed to U.S. exchanges by previous licensee Bartercard/USA (BC/USA).
BIG has agreed to the BC/USA Program in a good faith effort to
address the losses incurred by U.S. exchanges as a result of
BC/USA�s closure in 2006.
IRTA President Annette
Riggs notes, �This is a remarkable program that is rarely seen in
the business world, wherein the new owners of Bartercard
International Group stepped-up, agreeing to address past issues of
the previous licensee; especially when they have no legal
obligation, whatsoever, to do so. IRTA applauds BIG for its noble
actions with the BC/USA Program, and we are delighted to play such a
critical role in making it all happen.�
BIG�s Chief Operating
Officer Trevor Dietz, added, �As the new owners now in control of
the Bartercard International Group, we felt it was important to show
good-faith to those who trusted the Bartercard name. We are very
proud of our business, and are thus driven by our business values.
Because of these values, we felt strongly that this was something
that needed to be done; not just for us, but for the message it
sends to the whole industry. As strong supporters of IRTA, we thank
them for responding to this initiative in such a positive and
creative way.�
The BC/USA Program will
be administered by IRTA�s inter-exchange platform, Universal
Currency Clearinghouse (UC). All potential participants must meet UC
membership qualification standards, plus agree to the terms and
conditions of the BC/USA Program. There will be a 30-day period from
the official launch of the program on December 3, 2012, for
potential stakeholders to elect to participate.
IRTA extends its thanks
and appreciation to the hard-working negotiating teams that helped
make this unique program a reality. IRTA was represented by Michael
Mercier, John Strabley, Scott Whitmer and Ron Whitney. Bartercard
International Group was represented by Trevor Dietz, Brian Hall and
Paul Bolte.
For more information
contact Ron Whitney, IRTA�s Executive Director, by e-mail
ron@irta.com or phone
757-393-2292.
(The following
article was submitted by the European Club for Countertrade &
Offset.)