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11/27/2012

IRTA & New Bartercard International Group Complete Agreement

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.)



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