International Monetary Systems�
Exceptional Growth Continues
International Monetary Systems (OTCBB:INLM)
announced the processing of $4.7 million in sales for the month of September,
2005. Revenue produced was $563,000, which represented an increase of 45% over
the same period the year prior.
IMS President and CEO Don Mardak reported, �This is the
fifth consecutive month in which our company has shown explosive revenue
growth over comparable periods in 2004. During that time we have had
increases of 53% in May, 48% in June, 37% in July, 54% in August, and
now 45% in September. Once again, this validates our industry roll-up
strategy and demonstrates our success in enrolling new members into
(Continental Trade Exchange) our cashless trade network.�
Bartercard International To
Re-acquire Majority Interest In Bartercard USA
On September 9, 2005,
Bartercard International announced that they will re-acquire a majority
interest in Bartercard USA (BCUSA) for an aggregate cost of $875,000.
A newly formed subsidiary company, Bartercard America
Inc. (BCA), will acquire the assets of BCUSA for a 20% stake in BCA,
make a payment of $275,000 toward BCUSA�s liabilities, and provide first
right of refusal on five domestic U.S. franchises to the current BCUSA
As part of the transaction, Bartercard International is
facilitating the sale of BCA to a U.S. listed public shell. BCA will be
valued at $3 million on the reverse merger and intends to raise up to $2
million, without recourse to Bartercard International.
Wayne Sharpe Out As Chairman Of
Bartercard International, World�s Largest (70,000 Members) Trade
At Bartercard International�s Annual Shareholder�s
Meeting on October 19, all of the resolutions proposed were duly passed
by shareholders with the exception of resolution 4(b) in respect to the
re-appointment of Wayne Sharpe as chairman of the company.
Accordingly, Sharpe has resigned as chairman and is no
longer a director of the company. Christian Williams and Edward Adams,
non-executive directors, have been respectively appointed Chairman and
Deputy Chairman on an interim basis.
As of October 3, 2005, Sharpe�s beneficial interest of 124,605,878
ordinary shares of Bartercard International represented 54.06% of the
company�s issued share capital. Market cap for the firm was $45 million
as of August 31, 2005.
IRTA�s 26th Convention Takes On
The first 25 years of the International Reciprocal Trade
Association�s existence saw an internal focus. This year, the commercial
barter industry removed the blinders with an expanded look at the
growing world of cashless trading, at IRTA�s 26 Annual Convention held
September 22-25 at the Wyndham Palace Resort & Spa in Disney World.
Most of the attendees felt it was one of the most
informative and worthwhile conventions ever held, as some new exciting
possibilities emerged. Will it be the exhilarating first step that could
prove to change the growth and direction of the commercial barter
The possibilities would include...
integrating other complimentary
currencies (from community currencies to frequent flyer miles, and others) to
enlarge the cashless trading world;
insurance of a member�s
line-of-credit trade as a normal way of doing business; and
the introduction and
incorporation of a new program where trade exchange members can drive additional
cash business to their establishments through a new rewards program.
The convention got off to an auspicious start with a
mesmerizing keynote by a powerful advocate of alternative monetary
systems, Bernard Lietaer (pronounced Lee-ah-tar).
Lietaer, author of The Future of Money: Creating New
Wealth, Work and a Wiser World, is a recognized expert on monetary
systems. While at the Central Bank in Belgium he co-designed and
implemented the convergence mechanism (ECU) to the single European
currency system. He also was the co-founder of one of the largest and
most successful currency funds, becoming its General Manager and
Lietaer�s message to the attendees was energizing and
factual. He provided a 5-year outlook for today�s current financial
situation, though many in the audience were stunned by precise
information and suggestions of currency upheavals ahead.
Yet it was obvious that Lietaer feels barter, especially
if the industry can undergo considerable growth, could provide a
substantially stabilizing role for what�s expected to be a growing
unemployment situation worldwide. According to the monetary expert,
businesses, individuals and entire communities, would be better off when
barter becomes an integral component with growing usage.
Lietaer�s message was especially relevant because the
commercial barter industry has never fully comprehended or understood
(or even cared about in many cases) what community currencies
represented. Although his message to the attendees asserted that the
future of money will be complementary currencies, he also was quick to
point out that this did not mean that the existing national currencies
would be compromised.
We in the barter business, with our trade dollars, are in
the complementary currency business. But so are others, like the 14
trillion frequent-flyer miles in the marketplace, which at 2-cents a
mile translates into a $280 billion currency, and a myriad of other
reward programs from hoteliers to major retailers. Additionally, Lietaer
reported, there are now over 5,000 social-purpose currencies in
In short, complementary currencies are a fact. Providing
an apt analogy, Lietaer suggested, �We�ve proven it can fly, but we�re
now like the Wright Brothers were years ago...just at the beginning of
something that�s going to be dramatic! And,� he continued, �we�re all
(the people in this room) putting the blocks in place to build a
What�s ahead for the commercial barter industry? He
contends that it�s really up to a handful of visionaries who are willing
to move forward a step at a time, conveying that those within the
industry must realize that the first important step is selective
standardization for internet barter transactions. He emphasized that
this must be done by the industry to get to a higher level, pointing out
that the banking industry only became �important� because of
(Later on during one of the sessions, specific steps were
provided by Lietaer to show how the industry could follow in the
footsteps of, and run parallel to, the incredible success of the Visa
system, i.e. independent banks working cooperatively for the greater
benefit of all.)
Propitiously, the convention included a 2-hour
educational session by standards expert Greg Swann, of the Bureau
Veritas Quality International, to further educate the industry on the
subject of international standardization.
His message was straight forward. Standards include: say
what you do, do what you say, and prove it�with written records and
results. The barter industry can, Swann said, immediately implement
steps that would require little money, but would raise the level of
performance within the industry.
Will the industry take action on standardization?
Historically, after a well-meaning convention is concluded, attendees
�go back to business� and little action on what was talked about
IRTA Awards Banquet Honors
Special Recognition was given to Universal Currency
Broker Jennifer Ashworth and IRTA�s Executive Director Krista
The Paul St. Martin Distinguished Service Award, for
selfless contributions of time and effort to the industry, went to
Richard Logie for his accomplishment in providing a software system for
the Universal Currency and for his representation of IRTA in Europe.
The Outstanding Achievement Award honors individuals
within the barter industry who have demonstrated achievement in
management techniques, education, client services and marketing/sales.
This year several deserving individuals were honored:
Scott Whitmer of Florida Barter; Bob Bagga, Raj Kapoor &
Chris Haddawy of BizXchange; Sirri Simsek of Turk Barter; Don Mardak of
Continental Trade Exchange; and Lois Dale of New York Commerce Exchange.
The inductee into the IRTA Barter Hall of Fame was Andrew
Federowsky. He, along with Wayne Sharpe and Brian Hall, founded
Bartercard in February 1991.
In last week�s report we covered his extensive
achievements. Not mentioned, however were Federowsky�s efforts and input
in developing Bartercard�s online transactional web site (including
auction, e-marketplace, and shopping mall) which recently saw the
$100,000,000th online dollar traded.
Federowsky has sold $10 million in licensees and trained
hundreds of people in multiple countries. Global membership doubled
under his leadership to over 75,000 with a trading volume of $2 billion
The IRTA convention�s major Platinum Sponsor was Turk
Barter. Active International and Florida Barter were major sponsors, and
three trade exchanges were sponsored individual events: Barter
Consultants, BixXchange and New York Commerce Exchange.
Other Industry News:
Commerce Selects ITEX�s Processing Services
ITEX Corporation has
been selected by Bentley Commerce to provide processing services to the
exchanges with which Bentley has contracts. The new processor will
replace the VirtualBarter system the firm had been licensing.
Systems CEO Presenting At Edgewater Research Conference
Don Mardak, CEO of
International Monetary Systems (OTCBB:INLM), will present a corporate
overview of the company�s growth strategy at the Edgewater Research
Conference, scheduled for October 7-8 in Lake Tahoe (NV). Mardak noted,
�This conference is known as one of the best venues to increase investor
awareness. We believe our stock is undervalued given our increasing
revenue, profit growth, and strong market position. This is the first
step in getting our stock to a proper valuation.�
Continues Rapid Growth
Gary Lasater, CEO of TeleTrade, reports that TTI has seen
a substantial increase in its transactional processing services for the
barter industry. Total combined transactional volume reported was
$60,000,017 for the first eight months of 2005.
The greatest growth came at
showed a 66.7% increase over 2004 with combined transaction volume of
nearly $39 million.
Teletrade International is the creator of the
technology, which offers four ways for authorization approval. For
further information contact Gary at (303) 840-7172, ext.1.
Former Barter Pro, Sondra
Ames, Now Wonderland Bakery CEO
As founding members of
the International Reciprocal Trade Association (IRTA) and the National
Association of Trade Exchanges (NATE), Sondra Ames and her husband Mike
Ames were driving forces in the formative years of the commercial barter
Today she�s wearing another hat, that of CEO and co-owner
of Wonderland Bakery along with daughter Allyson Ames. It�s a talented
mother-and-daughter team, with the artistic inspiration and culinary
expertise provided by president and co-founder Allyson.
Allyson is a graduate of the Culinary Art Institute of
America and has been honored with numerous awards and recognitions for
her culinary talents. Allyson has been featured on CNN and has catered
the Emmys, Grammys and other award shows.
Sondra Ames has a strong business background and
extensive ties with charitable, civic and professional organizations
that Wonderland supports.
Their one-of-a-kind bakery has recently opened at The
Bluffs in Newport Beach and offers gourmet cookies, special occasion
cookie arrangements, artistic desserts, French pastries, chocolate
dipped fruit as well as customized gift packaging. For more information
call (949) 640-9095 or go to
Andrew Federowsky Inducted
Into IRTA�s Barter Hall Of Fame
A co-founder of Bartercard International, Andrew
Federowsky, received well-deserved recognition for his hard work and
dedication by being International Reciprocal Trade Association�s 2005
inductee for the Barter Hall of Fame.
Federowsky has traveled around the world, building
Bartercard as well as promoting barter itself. His vision and efforts
have been responsible for establishing regional service centers in
Europe, the Middle East and Asia.
In 2000 he traveled to the Middle East to negotiate with
business leaders from various countries within the region. He sold the
first Middle East license, and has since assisted in launching
operations in that area...some of which were the first exchange in that
country. Bartercard has ten offices in five countries in the Middle
Federowsky also was responsible for assembling and
leading the team that developed Bartercard�s internet technology. He is
a Fellow of the Australian Institute of Company Directors (FAICD) and a
Member of the Australian Institute of Management.
(Bartercard has 110 offices worldwide, many franchised,
and will have a turnover of US$2 billion in 2005.)
Director/Secretary, David Wallach, Shares Thoughts
Wallach was unable to attend the convention due to cancer
treatments, but he provided the following message to the convention
�I regret that health issues have kept me from attending
this year�s IRTA convention. Please be assured that my heart and
thoughts are with each of you as you plan the future direction of our
�I wish to thank my many friends and colleagues for their
support and prayers during this very difficult period of my life.
�Don�t get me wrong, I have not given up and I am
extremely reluctant to depart from this wonderful life.
�During my 30-year career in the Alternative Currency
Industry it has been my pleasure to serve on several IRTA Boards of
Directors. Over the years each Board seems to have risen to exactly the
appropriate level and provided well thought out answers to the difficult
situations on their agendas.
�The current Board is exceptional, led by Board President
Lois Dale and IRTA Executive Director Krista Vardabash. The Board has
come a long way in accomplishing its mandated mission of defining,
creating, and installing standards of operation and conduct industry
�Tom McDowell, I so wanted to be there, shake your hand
and welcome you to your first IRTA meeting in many a year. Under your
able direction NATE has certainly positively contributed to shaping and
defining the Barter Industry. It has always been my goal to see the two
industry Associations work closer together and find a path to unity in
direction and purpose.
�In my view we are neither in the Barter or Trade
business. We are business ecologists that provide a currency which
represents excess business capacities that without our involvement would
go totally ignored and absolutely wasted.
�We do a magical thing: we turn this business waste into
a currency of great cash replacement value. As a result we capitalize as
well as grow companies and stimulate business activity; thereby creating
more employment and a stronger economic environment.
�Applied on grand scale and on a global basis our
non-money currency system will fuel an unparalleled economic boom that
will significantly raise the world�s standard of living resulting in
extensive increases in nutrition, education, and health care for all of
the earth�s people.
�It is my belief that those persons in this very room can
and will make this vision a reality.
�Good luck and God�s speed.�
IMS Income Up 54% As Company
Pushes To 10,000 Client Benchmark
Don Mardak, International Monetary Systems (OTCBB: INLM)
President and CEO, continues his push forward with the objective of
hitting the 10,000 client number...a powerful benchmark in the
commercial barter industry.
The company�s gross income of nearly $5 million worth of
trades for August shattered all previous monthly records. It produced
revenue of $605,000, which was a 54% increase over the same period in
IMS has completed the integration of their last five
acquisitions into Continental Trade Exchange�s barter network, and now
services clients in 32 markets across the United States. Mardak says
they have plans on entering additional markets in the coming months. For
more information go to the company�s web site at
Fran Crumpton Replaces Debbie Lombardi As
The National Association of Trade Exchanges� Board of
Directors has named Fran Crumpton as its new president. Crumpton will
replace outgoing NATE President Debbie Lombardi who resigned because she
is no longer involved in the barter industry, and therefore ineligible
to serve on the board.
Patti Falus, owner of Barter Network in Toronto, was
elected as the new Vice President replacing Crumpton who previously was
serving in that position.
Fran Crumpton owns Gulf Coast Trade Exchange in Pensacola
(FL), and has served the industry tirelessly in many different
capacities over her 21 years in the industry. She will serve as NATE�s
president through the Association�s 2007 convention.
In May 2005, Crumpton received NATE�s coveted
Monkman-Crumpton Award. This award, which in part honors her late
husband Bob (NATE�s third president from 1987-1988), recognizes
integrity and loyal support to the Association. For more information on
NATE go to www.nate.org.
Kaliel Taking Annual Baseball
Trip To �The Field of Dreams�
Three weeks ago we introduced you to a unique character,
one of the top trade exchange salesmen in the industry, 55-year-old San
Diegoan Art Kaliel. He refers to himself as �George Costanza� for
obvious physical similarities.
Kaliel publishes a semi-weekly little newsletter titled
�The Green Standard,� sharing some quips and thoughts as well as names
of various companies that he serves.
This week he was busy sending out post cards from
Dyersville (IA), the movie site and home of Universal Studios� 1989
movie Field of Dreams, starring Kevin Costner.
He makes an annual pilgrimage to this part of the country
from San Diego every year...then on to Chicago�s Comisky Park, the
Skydome in Toronto, down to PNC Park in Pittsburgh and then over to the
Big Apple. It�s quite a road trip that extends from August 31 to
September 5. Along the way he�s smelling the roses, eating hot-dogs, and
spending his trade dollars at every opportunity!
In his newsletter, Kaliel says the top 10 barter �wants�
in Southern California are:
If you wish to receive his Green Standard e-mail
missives, e-mail him at
email@example.com. And remember, as he says, �Any
reproductions without written permission are OK by George!�
You also may want to check out his web site:
Barbara Martin Appointed
National Sales Manager At IMS
International Monetary Systems (OTCBB:INLM) has appointed
Barbara Martin, a long-time respected veteran of the commercial barter
industry, to the position of National Sales Manager. Over the years
Martin has done a remarkable job of running regional offices for IMS�s
Continental Trade Exchange network.
Her elevation to this prestigious and important position
shows the growing importance of having a competent on-the-street sales
team in addition to inside brokering services. IMS is on track to break
the 10,000 client milestone within the next 60 days.
According to CEO Don Mardak, the company has a dozen
full-time sales representatives who are bringing in around 100 new
clients per month. �We intend to continue expanding our training and
recruitment program for new salespeople so that we can eventually sign
up 500 to 1,000 new members each month.
�Additionally,� Mardak disclosed, �we believe that we
will have the ability to continue our acquisitions and roll-up of the
existing barter industry, because of our good reputation and past
relationships with trade exchange owners.�
For additional information go to
Bentley Commerce Makes CEO Change, Kamm
The Bentley Commerce (OTCBB:BLYC) board of directors,
pursuant to a resolution by the board dated September 13, 2005, has
removed Bruce Kamm as CEO and CFO and from all consulting positions with
Anna Taylor has been appointed as Interim Chief Executive
Officer and Interim Chief Financial Officer. The 40-year-old Taylor will
also continue her current positions of Chief Operating Officer,
Executive Vice President and Secretary. Robert Schumacher continues as
president and CIO.
Prior to joining Bentley Commerce Ms. Taylor served as
the District Manager for KinderCare Learning Corporation, a major
education corporation that operates over 2,000 centers nationwide. For
the past five months, she has had the responsibility for the daily
operations at Bentley Commerce...auditing and managing accounts,
overseeing its programs, and training and developing new associates.
ITEX/BXI Integration Successfully Moving
Steven White, CEO of ITEX Corporation (OTCBB:ITEX),
reported that former BXI brokers and members are �rapidly adapting to
the new brand and are quickly making significant contributions to our
Business metrics for August 2005:
Cash deposits of
$1,211,000, compared to $801,580 in August 2004.
of $16,121,000, compared to $10,543,000 in 8/04.
More than 22,000
member businesses, compared to 13,400 in 8/04.
transactions, compared to 15,624 in 8/04.
1,814 new online
listings, compared to 1,064 in 8/04.
257 new business
registrations, compared to 165 in 8/04.
IMS Network Expands Client Base To 9,500,
Expects Increased Revenue Of $350,000
International Monetary Systems (OTCBB:INLM) has completed
its acquisition of the assets and client base of United Trade Network (UTN)
of Las Vegas. IMS disclosed that the transaction is expected to add
nearly 800 new clients and $350,000 in annual revenue to the Continental
Trade Exchange national barter network.
IMS President and CEO Don Mardak reports that in addition
to the Nevada clients as well as those in Southern California, the firm
will retain UTN�s former owner Greg Pavlov. He will be overseeing the
company�s sales force in the Southwestern region and spearhead growth
initiatives in that region.
One Of The Nation�s Top Trade Exchange
Salesmen, Arthur Kaliel, Has Unique Style
For over a decade now, week in and week out, a guy who
refers to himself as George Costanza (he�s a ringer for the Seinfeld
actor) has been successfully selling the trade exchange concept to the
business community in the greater San Diego area.
Kaliel has annually been the top salesman in the BXI
national organization (recently acquired by ITEX). In an industry where
the turnover of outside salespeople is routine, Kaliel is the exception
to the rule. Why? Certainly he has a �can do� attitude, but in addition
he has astutely developed several unique sales techniques that set him
apart from the crowd.
One of them is his semi-weekly e-mail newsletter,
titled the Green Standard, sent out to his growing list of
clients and prospects. It�s not only a fun read, but informative as
Published tongue in cheek by �George Costanza
Productions...any reproduction without written permission is OK by
George!� To see what this unusually successful salesman uses as one of
the �arrows in his quiver,� e-mail him:
Bartercard�s Sharpe Asserts Online Barter Has Staggering Potential
As the largest �open membership� trade exchange, with
some 70,000 members worldwide, Bartercard has pioneered online trading
through its extensive worldwide organization for years. CEO Wayne Sharpe
contends that �we have only scratched the surface of what is possible!�
This year, the company will complete $40 million in
online trade transactions, up from $4.4 million in 2001. Bartercard�s
portal is unique in that it not only completes a member�s trade, but
also facilitates the transaction of funds.
The company says their online trading success was made
possible through the two tiers of extensive internal product development
and the business development team of Gravitymax, a Sydney-based web
Bartercard enjoyed a ten-fold increase in inquiries from
its web sites since Gravitymax reworked Bartercard�s web site structure
and design. For more information go to
�We have significant momentum on our side, and will
continue to aggressively take market share from our competitors...while
increasing the size of the overall marketplace.�
�Steven White, CEO ITEX
The ITEX Corporation (OTCBB:ITEX) announced it has
deposited over $1 million in fees for the first time in the company�s
history within a one-month period. CEO Steven White exclaimed, �To our
knowledge, no company in our industry in the U.S. has ever deposited
$1,000,000 generated from transaction and association fees in any
month...we did so in the first 19 days of August.�
White revealed that his goal is to shorten the time
period (of generating a million) to a weekly and then a per day event!
ITEX statistics for the first 19 days of August, 2005:
Cash deposits of $1,009,542
Transaction volume of $10,160,000
22,000 member businesses (revised up from 21,000)
17,416 completed transactions
1,242 new online listings
146 new business registrations
ITEX Franchisee John Castoro Acquires BXI New York
CEO Steven White emphasized that franchisees with ITEX
can build a substantial business. �John Castoro of New Jersey just
completed the purchase of the BXI office in New York and has created an
enterprise of 1,000 members, doing $20 million annually in transaction
volume which generates almost $1 million in cash revenue a year.� That
number, White noted, �creates one of the largest exchanges in the
country on an individual basis. Much larger than most of the independent
exchanges in the United States.�
White also pointed out that independent licensed broker
Michael Muzzin, owner of an existing ITEX office in Toronto since 2000,
purchased the Toronto office previously owned by John Castoro. Muzzin�s
expanded office with 650 members will generate $500,000 in cash revenue
and $8 million in transaction volume yearly.
International Monetary Systems Reports
Quarterly Revenue, Net Income Increases
Publicly-traded IMS (OTCBB:INLM), the holding company for
the Continental Trade Exchange barter network, reported that its second
quarter, ending June 30, saw gross revenue increasing 44% to $1,597,891,
compared to $1,110,410 for the second quarter of 2004. Net income was
$274,341, representing an 89% jump from the $144,819 generated during
the same three months of 2004.
The 2005 second-quarter net income was $113,307, an
increase of 180% compared to the $40,512 net income for the same period
As of June 30, IMS total assets reached $6,913,341 from
$4,870,360 at the end of 2004, with stockholders� equity of $3,942,941
up from $2,976,382.
IMS Acquisition Figures Reported
As reported earlier this year, IMS purchased both Eagle
Barter Exchange of Chattanooga and United Trade Network of Reno in
April, and Barter Business Unlimited in May.
The purchase price of the Chattanooga office was
$365,000, including $65,000 down payment in cash and backed up by
600,000 shares of common stock guaranteed to have a value of at least
$300,000 or $0.50 per share. (The membership list was valued at
$330,000, which according to IMS is the real value in acquisitions.)
The purchase price of the Reno office�s selected assets
was $155,000, backed by the issuance of 110,000 shares of stock with a
guaranteed value of $0.50 per share. (The membership list was valued at
IMS purchased Barter Business Unlimited for a discounted
price of $1,550,000. Payment was $500,000 cash and 2,050,000 stock
shares, with 1,400,000 shares having a guaranteed value of $0.50 per
share, plus a promissory note for $350,000. (The membership list in this
acquisition was valued at $1,376,500.)
Bartercard Going Public Via Reverse
Deal Is Barter Industry�s Largest Ever
The directors of Universal Direct have announced that an
agreement has been reached, subject to shareholders� approval, to
purchase the entire issued share capital of Bartercard International.
The purchase will encompass the issuance of 217 million
new Universal Direct ordinary shares, with the price valuing Bartercard
at 65 million pounds.
Bartercard is the world�s largest trade exchange and has
company-owned operations in the UK and Australia. Licensed agreements in
other countries around the world include the USA, Hong Kong, New
Zealand, Thailand, as well as throughout the Middle East and Asia.
(There are 130 company owned or franchised offices worldwide.)
Since Bartercard�s founding, February 1991 in Australia,
the growth in new members has been consistently strong and now numbers
in excess of 70,000 businesses/companies.
Sources of revenue from the firm�s subsidiaries are:
trading commissions (from buyer and seller on each transaction) 70%,
publication and subscription fees (10%), administration fees (15%), and
franchise sales (5%).
One of the fastest growing parts of Bartercard�s
operation is its e-commerce operation, launched in 2002. Twenty-five
thousand items are now displayed on its global site.
Bartercard�s audited earnings for the past three years
ending June 30 are as follows:
Revenues for 2002 A$42,063,748; 2003 A$45,580,970;
and 2004 A$49,105,352.
Profits or losses after tax for 2002 (A$3,212,625);
2003 A$852,914; and 2004 A$2,350,916.
(Bartercard International is audited under US GAAP
accounting and is required to disclose all financials in the currency
where the largest proportion of revenues are earned, which is from the
largest Bartercard operation being the wholly owned subsidiary in
Commenting on the acquisition, Universal Direct�s
Executive Chairman, David Wright said, �Apart from the outstanding
growth opportunities at Bartercard, Universal will be a major
beneficiary of its expanding e-commerce site. Over the last two years,
Universal Direct incurred stock losses, resulting in significant trading
losses. Utilizing Bartercard�s web site and global scale
should...improve the group�s negotiating position for reverse logistic
Bartercard�s CEO and founder Wayne Sharpe stressed, �The
opportunity to become publicly listed via a reverse takeover is
something we have pursued for the last three years, since I relocated to
the UK. However it required a combination of events, including the
emergence of the UK and e-commerce as profit centres. We are pleased to
be able to add value to the Universal Direct shareholders...and look
forward to the company re-listing under the name of Bartercard plc.�
Sharpe shared with BarterNews that the time frame
to closure is approximately five weeks. �Then,� he disclosed, �it�s back
on track for growing the company to the next level.�
The board of directors of the merged company will consist
of a consolidation of the two companies� boards, with David Wright as
Chairman and Wayne Sharpe as CEO. (For more information go to
Commerce Offers Affiliates NSF Check Recovery Service
Bentley Commerce (OTCBB:BLYC) is offering its affiliated
exchanges the CollectAChek (www.collectachek.com)
system to recover 100% of the face value of non sufficient fund consumer
checks, up to $2,500. There is no cost of collection to their member
businesses for these NSF checks, and participating exchanges receive a
share of state-authorized recovery fees.
�This is part of our on-going efforts to offer innovative
revenue opportunities to our online affiliate exchanges, which handle
transactions for approximately 18,000 businesses, as well as our
off-line trade exchange network that works with an estimated 50,000
businesses,� announced Bruce Kamm, Bentley�s CEO.
CollectAChek, a company affiliated with Bentley, recovers
bounced checks for a wide range of businesses which include Discount
Tire, Meineke Car Care Centers, Goodwill Industries, Subway, Fantastic
Sams, Supercuts, Le Gourmet Chef, Kelly-Moore Paints, Boys & Girls Clubs
of America, and Jackson Hewitt Tax Services.
Kamm says Bentley Commerce will offer its free check
recovery services to all the member businesses using Bentley�s Global
Trade Alliance. (For more information go to
Moving Forward...You Gotta Believe
By Ron Whitney, NATE
Seven years ago I shared a �satellite� office with an
attorney friend of mine who got to know the barter business pretty
well�he had no choice, he could overhear every conversation I had for
over a year!
His take on the barter business was probably accurate,
when he said, �Like most businesses, barter has its problems, but it
provides an important service to most all types of businesses, so it has
Indeed, as barter company owners or employees we all know
what the day to day problems of the business are: limited goods and
services, untimely service, impatient or belligerent members, late
pays/no pays, TIN issues, etc.
But we also get to see the amazing positive things barter
does for so many businesses. And NATE is a valuable vehicle that can
help all exchanges experience more of those amazing success stories. So
as NATE enters its 21st year, it�s imperative that it looks to its past
with a sense of pride, its present with a sense of purpose, and its
future with an open mind.
One�s belief in their business is not without risk, or as
Charles W. Eliot said, �All business proceeds on beliefs, or judgments
of probabilities, and not on certainties.�
We as entrepreneurs in the barter business know this all
too well�we deal with risks all the time. NATE too operates in an
uncertain environment that presents risks of its own.
Currently, the barter industry is under the most intense
level of IRS scrutiny since 1982 when TEFRA (Tax Equity Fiscal
Responsibility Act) was passed.
The recent proliferation of association sponsored
currencies raises questions as to what the core purposes of barter
associations really are, going forward.
And the issue of whether two associations are in the best
interest of the barter industry as a whole, continues to be seriously
These are the compelling issues of the day that will
shape the future of the commercial barter industry. There is no question
in my mind that NATE can rise to the occasion and be a powerful voice
for reason and good judgment so as to assure a bright future for barter.
NATE needs to step up, because in the final analysis
barter truly is an industry that has value, it really is an important
business tool for businesses, and despite the risks, is well worth
ITEX Shows Continued Success
ITEX Corporation (OTCBB:ITEX) has announced results for
their second fiscal quarter of 2005, ending January 31, 2005.
According to Steven White, Chairman and CEO, �Results for
the second quarter reflect our successful efforts to generate positive
cash flow and net income of $279,000, even after investing $124,000 in
the broker network infrastructure, incentives, and development of our
Revenue for the quarter was $2,703,000 versus $2,708,000
in the prior year, increasing 5% over the most recent quarter ending
October 31, 2005. And net operational income for the quarter was
$234,000, versus $227,000 in the prior year.
SG&A (selling, general and administrative costs) for the
quarter increased to $669,000 from $542,000 in the prior year. The
increase is attributed largely to investments which included $84,000 in
costs for Internet application improvements and hardware upgrades, and
$40,000 for broker incentives and support.
Assets increased to $3,609,000 from $2,923,000 at the
fiscal year ending July 31, 2004. Liabilities were $520,000 compared to
$1,821,000 in the prior year. The company has no long-term debt.
For more information the quarterly report on Form 10-QSB
can be found at www.sec.gov.
Industry News. . .
Global TransNet Corp. (OTCBB:GBJX) announced that
wholly owned subsidiary LUCRAcard�a trade exchange�permits its
members to �cash-out� their excess trade dollars (sales over
purchases) at the end of the trading year after $30,000 in business
has been transacted within the exchange.
Katie Harris, the daughter of Richard Harris, founder
of National Commercial Exchange in St. Louis, has established a
501c3 non-profit company. Her goal is to reach children and persuade
them to make responsible choices. She does so through assembly
presentations involving skits that kids can relate to.
Her mission, called �City Conquest,� came about because of the
drinking related, fatal car accident her older brother Todd
(Richard�s son) had in 1998 when he was 19.
Katie�s �team� is traveling around the country to schools, churches,
temples, even local jails to make a difference. They need help with
expenses for postage, video productions, a van to transport the
team, web site upkeep, a trailer for props, etc. If you�d like to
learn more about �City Conquest,� see a promo tape, or provide
donations, call National Commercial Exchange (314) 567-7890 and ask
to contact Katie.
The worldwide barter marketplace is huge and diverse,
with many facets to it. Accordingly, the International Reciprocal
Trade Association (IRTA) looks at and acknowledges alternative
monetary systems on their newly-upgraded web site. Some excellent
material is available, including a section which provides links for
little-known information about other alternative monetary systems.
For more information go to
Don Mardak, CEO of International Monetary Systems,
has concluded their first phase of funding, having secured $610,000
from three private investors. The convertible bridge loans have
terms of two and three years.
�We are pleased that this first phase of our funding program is now
in place,� Mardak confirmed. �The money will enable us to proceed
with negotiations on several potential acquisitions that are now in
progress. We are also moving forward on the institutional placement
program that we announced several weeks ago, as well as other equity
lines that are currently under consideration.�
International Monetary Systems (OTCBB:INLM) has also
announced an enhancement to its shareholder communications by
maintaining a chat forum on
www.HotStockMarket.com. �Creating efficient and effective
investor communications has always been a priority for us at IMS,�
CEO Don Mardak stressed.
�Both our business and investor base have experienced rapid growth
over the past several quarters. Using a moderated chat forum to
communicate with our investors is a natural progression that will
ensure the fast and free flow of information.�
The National Association of Trade Exchanges Board of
Directors has developed a new credit policy for all BANC members.
The policy has resulted in 19 BANC members getting an aggregate
increase in their credit lines of $756,500, and twelve members
receiving reduced credit lines totaling $495,000.
Bentley Expands Network
Bentley Commerce Corporation (OTCBB:BLYC) has announced
new affiliation agreements with five trade exchanges, expanding the
Bentley Affiliate Exchange Alliance into new markets in Texas, Colorado,
Massachusetts, Florida and Georgia. Bentley affiliates (using
VirtualBarter software and participating in the online global
marketplace) now are located in 38 states and 9 foreign countries.
�Based on our initial success of a new marketing
campaign, next month we will expand our effort to market our trading
technology, trade card and other revenue generating opportunities, to
about 200 trade exchanges,� exclaimed Bruce Kamm, Bentley�s CEO.
For more information go to
eValues Announces New Swipe Card Program
Gary Lassiter, CEO of
revealed a new swipe card program for the trade exchange industry.
Lassiter says the swipe card technology handles both cash and trade
processing through one terminal.
For more information go to
www:evalues.net or contact Ted
Delong, eValues president, at (303) 840-7172, ext. 2.
Bartercard International Launches Portal For 16 Countries
With a worldwide, organization Bartercard International
faces the challenge of providing regional culturization and language
needs for 16 distinct and unique countries.
The company undertook to create a singular web site
platform that addressed the consumer needs for each of its countries�
markets, with regional content management all under a unified global
The results can be viewed at
which offers 16 unique web sites. All are culturally and content
relevant for the local domain, yet displayed in a similar manner and
exhibiting consistent navigational norms.
Deserved Kudos To Twenty-Eight-Year BXI
Veteran Jack Denny
In December 1976, Jack Denny and Phil Gill became the
first two area franchise directors for BXI. Gill retired several years
ago and Denny, one of the real gentlemen in the barter industry and the
area director for Oklahoma City, stepped down effective December 1,
Still physically and mentally active at 72, Denny expects
to remain involved and continue to trade...but it will be on his own
account now. BarterNews and the barter industry salutes Jack
Denny for a job well done, and for his 28 years of effort on behalf of
the hundreds of businesses he helped in Oklahoma City!
Annual Report Reveals Revenue Growth
International Monetary Systems processed $37 million in
barter transactions (up from $32 million in 2003), according to the
company�s Annual Report for the year ending December 31, 2004. Revenue
generated was $4,732,960, versus $3,972,386 of a year earlier.
Operating expenses for 2004 increased by $816,982 or 22%
over 2003. All the additional operating expenses were a result of the
acquisitions made during 2004 along with investor relations� expenses
for marketing stock.
Although IMS now has more employees, the personnel needed
to operate the acquired offices has been reduced from that under
previous management. Therefore, in 2004, Continental Trade Exchange
operations had net income before taxes of $519,763. After expenses and
taxes net income was $91,012.
Payroll expenses increased 23% from 2003. Occupancy
expenses decreased 34% to $284,635. Selling and other expenses increased
52% to $203,011. General and administrative expenses increased 33% to
$1,088,529 in 2004.
IMS had net income of $36,246 for the calendar year 2004,
compared to a loss of $242,259 for the prior year.
Bentley Signs Exclusive Marketing
Agreement With RFN For Spot Advertising Inventory
Bentley Commerce Corporation (OTCBB:BLYC) has signed an
exclusive marketing agreement with Radio Forecast Network (RFN), that
gives Bentley exclusive rights to market RFN�s radio spot inventory to
affiliate exchanges and their members.
As part of the agreement, Bentley (www.bentleycommerce.com)
can also market the radio spots to major companies such as hotel and
restaurant chains. Bentley�s CEO Bruce Kamm said, �We anticipate
eventually having about $1 million of media inventory available monthly
to market to exchanges, their members, and travel and hospitality
through a national partnership with WeatherBug, provides mp3-quality
customized weather reports to more than 60 radio stations nationwide,
and anticipates increasing its distribution network to over 300 stations
by year end.
WeatherBug, the owner of the world�s largest proprietary
weather network, has over 8,000 tracking stations and more than 1,000
cameras strategically placed at schools and public safety facilities
throughout the nation.
RFN trades its weather reports for spot advertising, thus
providing radio stations with a professional full time weather staff
without the cash expenditure.
Radio stations interested in custom branded weather
reports, paid for with spot advertising inventory, should contact RFN or
Bentley Commerce for further details.
eValues Continues Growth, Expansion
TeleTrade International (TTi) reports that the
had a 60% transaction volume increase, year over year. First quarter
trade volume was $11.4 versus $7.1 in 2004.
Domains using TTi�s online systems, including
www.intercambialo.cc, saw $18.2 million total volume for the first
quarter of 2005 versus $13.9 in 2004.
Gary Lasater, CEO of TeleTrade International, says the
larger volume can be attributed both to increases in affiliated
exchanges and the easier listing accessibility for members.
TTi also announced its swipe card/credit card program is
in full swing in the U.S., and that the system will shortly be available
to exchanges in Canada. The company has provided technology to the
barter industry for 24 years and been online since 1999. For more
information go to
IMS Makes 12th Acquisition
International Monetary Systems (OTCBB:INLM), the holding
company for Continental Trade Exchange, has signed a definitive
agreement to acquire the assets and client base of Eagle Barter Exchange
of Chattanooga (TN). Johnny Eagle, the former owner, will be staying on
to manage the Chattanooga office and to bring his media experience and
marketing expertise to the nationwide barter network.
�The addition of Eagle Barter�s operation strengthens our
barter network�s presence in the southern-central area of the U.S.,�
affirmed Dale Mardak, Sr. VP for IMS. �Having Johnny Eagle join our
staff is a real plus. He is one of the most respected figures in the
barter industry, and has a strong background in radio broadcasting which
will add a new dimension to our advertising and media departments.�
For more information on IMS go to
IRTA Concludes Successful Meetings In
The International Reciprocal Trade Association�s Board of
Directors met April 8 in Istanbul, Turkey, at the headquarters of host
Turk Barter. The meeting was attended by all nine board members and
IRTA�s executive director, Krista Vardabash.
Mr. M. Sirri Simsek, Turk Barter�s president, was
interviewed on several Istanbul economic television programs along with
Ms. Vardabash. There was also considerable front page coverage by
Istanbul�s leading daily newspaper.
Prior to the board meeting, influential European trade
exchanges from the UK, Poland, Belgium and Turkey, as well as
international members from North America, met for a round-table
discussion on what standards are key for the commercial barter industry.
Vardabash explained that the round-table was a
furtherance of the mandate by IRTA�s membership in Cancun, Mexico, last
fall at the 25th anniversary celebration Barter Congress.
�Our membership told us in a loud and clear manner that
they not only wanted, but expected, standards and unity from IRTA,� she
revealed. �We are compelled to act on those demands and feel that this
meeting in Istanbul, as the first of many that will follow this year,
was very apropos to be held where the continents meet.�
IMS/Continental Trade Acquiring Reno
Two weeks ago, in our April 19 Tuesday Report, we noted
International Monetary Systems 12th acquisition of Eagle Barter Exchange
IMS (OTCBB:INLM), parent company of Continental Trade
Exchange, has just concluded another purchase�the assets and client base
of United Trade Network�s office in Reno. The facility serves more than
350 clients in the Reno and Lake Tahoe markets.
CEO Don Mardak noted, �Adding the UTN Reno operation
enhances our presence in the western area of the United States, which is
a great travel destination for our Northern California clients. Our
company�s total membership roster now exceeds 7,300 clients,
representing more than 10,000 cardholders.�
IMS Provides Projected Figures
Because of recent acquisitions and present negotiations,
International Monetary Systems is offering guidance on its projected
results for calendar 2005.
The company expects to increase its volume of barter
transactions (one side only) from $37 million in 2004, to $48 million in
2005. This level of trade volume should result in gross revenue of
approximately $6 million in 2005, an increase of 28% over the 2004 total
of $4.7 million. A comparable increase in profitability is also
For more information go to:
Bentley Commerce Moves Into Australia
Bentley Commerce Corporation (OTCBB:BLYC) has established
a joint venture with Platinum Traders in Queensland. The Australian
company will nationally promote and market Bentley�s trade exchange
management system and Global Trade Marketplace. (Bentley�s network of
exchanges now are located in the United States, Australia, Canada,
Malaysia, Thailand, Colombia and South Africa.)
Daryl Loane, Platinum Traders� Managing Director,
disclosed, �We selected Bentley Commerce for its superior technology, as
well as their access to a large and growing international trade
marketplace. We anticipate that over the next three years we will
rapidly expand across Australia, adding about 40 additional local
offices and thousands of new members to our group.�
For more information go to:
National Association Of Trade Exchanges
Convention Sets Milestone
An incredible 3,500 acre 5-star winery/resort (The
Chateau Elan) was the venue for the 21st convention of NATE. Located
about an hour�s drive north of Atlanta, it was the most spectacular
setting ever for NATE�s annual effort.
Ric and Andrea Zampatti and the service-oriented staff
from The Barter Company were responsible for lining-up the impressive
resort where everything�room, food & beverages, along with upscale spa
services, were all 100% trade.
The May 5-7 event in Georgia saw Deborah Lombardi taking
over as president from Victor Castano, thus becoming the first woman
president of NATE.
At the Awards Banquet guest Krista Vardabash, IRTA�s
executive director, was introduced to the attendees. The following
awards were presented at the banquet:
Broker of the Year Award to Donna Burlingham of Eagle
President�s Award to Johnny Eagle of Eagle Barter
The Monkman/Crumpton Award (NATE�s most prestigious
award) to Fran Crumpton of Gulf Coast Trade Exchange.
Aside from the many activities of the convention, the
resort provided an equally impressive experience. The very warm and
genuine services of the Chateau�s entire staff, beginning with its
hands-on president and CEO Henk Evers, was a pleasure.
IMS Going Upscale�Moving Office To
The Southern California office of International Monetary
Systems and parent to Continental Trade Exchange (OTCBB:INLM) has moved,
with the intention of expanding its marketing into key areas of greater
CEO Don Mardak explained, �We now have an office that is
less than 150 yards from Rodeo Drive, in the heart of Beverly Hills.
This will enable us to better serve our growing Los Angeles client base
and to enroll higher profile businesses that are located in this dynamic
IMS was the sponsor of the recent National Association of
Trade Exchanges annual convention in Atlanta, Georgia. And within the
last 30 days the company has acquired a trade exchange in both Tennessee
and Nevada. For more info go to:
For The Stars:
People & Standards In A Cashless Trading World
IRTA�s 26th Annual Conference is slated this year for
September 22 to 25. It will be held at the Wyndham Palace Resort & Spa
in Disney World of Orlando, Florida. Registration information including
�Early Bird� rates are posted on the IRTA web site at
Last year marked 25 years for the International
Reciprocal Trade Association. This year marks the first of the next 25.
Precisely why this year�s convention is the FIRST of its kind. IRTA is
inclusive of everyone and anyone who is affecting the world with their
dreams and visions of changing the way businesses, communities, and
individuals think about money and credit, and different currencies.
�The Association wants to create a forum that will excite
the barter community and welcome other organizations to attend and share
their visions and methods for affecting economies worldwide using cash
alternative methods,� disclosed Krista Vardabash, IRTA Executive
Director. �Members will, of course, enjoy the most attractive rates to
attend the convention.�
Lois Dale, IRTA President, noted, �There�s a lot to be
excited about for those of us in barter. We make a difference to so many
people, businesses and economies around the world. This conference will
highlight that power, as well as introduce us to barter models,
alternative monetary systems, transaction based businesses, and
organizations from around the world that share our common goals.�
IMS Acquires Lombardi�s Barter Business
International Monetary Systems (OTCBB:INLM) has acquired
Barter Business Unlimited (BBU) of Connecticut, adding to its growing
Continental Trade Exchange network. The Hartford-area operation, founded
by Debbie Lombardi, is one of America�s leading trade exchanges.
Lombardi, BBU�s founder and president, is the current
president of the National Association of Trade Exchanges and the first
woman ever elected to that position.
Don Mardak, CEO of IMS, asserted, �This merger is a
quantum leap forward for our company, as BBU is a highly recognized
barter company and Ms. Lombardi is respected throughout the barter
industry. We look forward to her participation in IMS� future planning
and marketing efforts.�
Continental Trade Exchange, a subsidiary of International
Monetary Systems, now serves more than 8,500 businesses representing
over 14,000 cardholders.
International Monetary Systems Reports
Two More Successes
The best month in the company�s history as well as the
securing of additional funding was announced by the New Berlin (WI)
headquarters of IMS last week.
For the recent month of April reported revenue was
$411,000, an increase of more than 15% over the same month in 2004, and
the highest total recorded this year by the company.
CEO Don Mardak also disclosed that additional open-ended
funding has been secured from private investors, increasing the total
from a private placement to $810,000. �These additional funds will allow
us to complete other trade exchange acquisitions that are currently in
discussion and will provide us with additional working capital,� he
noted. For more information go to:
ITEX Annual Convention Held
This year�s ITEX Annual Broker Network Convention was
held in Seattle, May 22 - 26. Independent licensed brokers and
franchisees from more than 60 ITEX offices in the U.S. and Canada
gathered to discuss initiatives for expanding the cashless marketplace
in an online and off-line world.
The convention�s theme was Teamwork for Success. Keynote
speaker was Jim Whittaker, the first American to summit Mt. Everest and
former CEO of retailing giant REI. Whittaker shared his insights on
reaching for the next �summit� in business and in life, stating, �If you
aren�t living on the edge, you�re taking up too much space.�
The ITEX brokers came away with exciting ideas about how
to stretch boundaries and how to step out of the comfort zones of life.
CEO Steven White said the convention�s focus was on
sharing with and inspiring their team. �We were excited to have everyone
together in Seattle, with many visiting for the first time. Working on
ways to provide superior customer service as well as on our team
building skills was truly exhilarating!�
For more information go to:
International Monetary Systems Shatters
Monthly Revenue Record
Don Mardak, CEO of International Monetary Systems (OTCBB:INLM),
proudly reported on the company�s recent activity, �This is a historic
achievement for our company, as we have substantially surpassed the half
million dollar mark in sales for May. Our three most recent acquisitions
in Hartford (CT), Chattanooga (TN), and Reno (NV) were key factors in
achieving these record numbers. Once again demonstrating the wisdom and
success of our industry roll-up strategy.�
IMS, through its Continental Trade Exchange subsidiary,
processed more than $5.2 million worth of trades which produced a gross
income of $540,000. This represented an increase of 53% over the same
period in 2004, and an increase of 31% over the company�s April 2005
sales. For more information go to
ITEX Reports Third Quarter Highlights
ITEX Corporation has announced its third quarter results
of fiscal 2005, ending April 30. Here are the highlights:
+ Revenue for the quarter was $2,387,000, compared to
$2,275,000 in the third quarter of fiscal year 2004. Revenue for the
first nine months of the fiscal year was $7,661,000 compared to
$7,770,000 for the same time period in fiscal year 2004.
+ Income from operations for the quarter was $148,000,
compared to $451,000 in the same quarter for the prior year. Net income
in the quarter ending April 20, 2004, included several non-recurring
+ Total net income was $2,132,000, or 11-cents a share,
for the third quarter of 2005, and includes a $1,960,000 income tax
benefit. Total net income for the first nine months of fiscal year 2005
was $2,965,000, or 16-cents a share.
+ Assets increased to $5,881,000 compared to $2,923,000
at the end of the previous fiscal year, July 31, 2004. An income tax
benefit was attributed to $2,260,000 of the asset increase, or 12-cents
+ Cash increased to $1,268,000 compared to $215,000 at
the end of the previous fiscal year. The company has no long-term debt.
For more information go to
Bernard Lietaer Scheduled Keynote Speaker
For IRTA�s 26th Annual International Convention
Currencies Expert Will Address Attendees
On World Expanding Cashless Trading
The theme of this year�s IRTA Convention, to be held
September 22-25 in Orlando, is �Uniting People & Standards In A Cashless
Trading World.� The Friday morning kick-off will open with international
financial expert and currency authority, Bernard Lietaer.
Lietaer has a distinguished and varied background: He�s
the author of The Future of Money: Creating New Wealth, Work
and A Wiser World. While at the Central Bank in Belgium he
co-designed and implemented the convergence mechanism (ECU) to today�s
successful euro currency system. During that period he also served as
President of Belgium�s Electronic Payment System.
He co-founded one of the largest and most successful
currency funds in Belgium, where he actively traded currencies
worldwide, as well as wearing the hat of General Manager. Additionally,
Lietaer was a professor of International Finance at the University of
Louvain in Belgium and is currently a visiting professor at Naropa
University in Boulder, Colorado.
Lois Dale, President of the International Reciprocal
Trade Association, was enthusiastic about IRTA�s expanded focus. �This
is the first convention ever that IRTA is welcoming different currency
holders from around the world�be it reciprocal trade, barter exchanges
or community currencies�to participate and build relationships. New
vistas will be opening up for attendees in this truly exciting
IRTA�s Treasurer Bob Bagga added, �Lietaer has a knack
for explaining complex money ideas in simple, understandable terms. He
shares a unique vision of barter exchange systems becoming stronger and
more collaborative with other systems of alternative trade. His vast
experience and in-depth knowledge promises valuable insight and new
ideas on how our industry can make it all happen.�
Krista Vardabash, IRTA�s Executive Director, was succinct
in her summary. �We wanted someone to open our event with a message that
barter exchanges are an important part of a global economic movement
towards non-cash systems. Lietaer will expand our attendees� thinking
with his message that exchange operators are an important part of the
International Monetary Systems Creates
Corporate Barter Division
A natural and obvious progression has taken place with
IMS� Continental Trade Exchange, now one of the largest barter company�s
in the world. They�re moving forward by officially creating a corporate
Unlike their retail barter network, which works with
smaller businesses and professionals, corporate barter involves
manufacturers, distributors, hotel chains and larger companies. Recently
IMS has processed two higher-valued transactions with major distributors
CEO Don Mardak explained, �Our CTE barter system now
serves 14,000 cardholders. Adding the dimension of corporate barter
transactions is the next natural step. Inasmuch as we have a substantial
infrastructure in place, we are in a position to successfully distribute
the products of these corporate clients through our network.�
For more information go to:
West End Media Group Expands Operations
Into Houston, San Diego
T.J. Donnelly, CEO of West End Media Group in Irving
(TX), has announced expansion of his operations with two new office
openings�Houston and San Diego. Founded by Donnelly in 1990, West End
Media Group has been serving the south and southwest with bartered
Ted Holcomb Named President
Ted Holcomb, a veteran of 35 years in radio, television,
print and web broadcasting, has joined West End Media Group as its
president. Holcomb�s background ranges from working at an ABC held and
operated radio station in Chicago to owning Muzak franchises in several
He has worked at all levels of management in the media,
from sales representative to Vice President of Sales for a CBS Station
in Lexington (KY). In the past 3-years he�s sold $2.5 million in new
business in network radio advertising. He was also instrumental in the
success of a start-up construction industry web site.
For more information go to
IRTA Europe Chapter Renewed
Representatives of eleven trade exchanges in Europe met
outside London on June 21 and 22 to discuss the re-formation of the IRTA
The result of the two-day meeting was an overwhelming
decision in favor of strengthening the chapter. It was hosted and
sponsored by Bartercard UK, and held at their corporate offices in
Richmond-on-Thames. Bartercard provided two nights of accommodations for
attendees in addition to several meals and social events during the
Interim leaders chosen by attendees to serve for the next
six months were Reiner Huseman from EBB (Germany) as President, Richard
Logie from The Business Exchange (Scotland) as VP, Therecia Venema from
E-banc (The Netherlands) and Alan Cartledge from Barter Network
(England) as co-Secretaries, and Ian Jones from Bartercard UK as
�We have wanted to see a stronger IRTA Chapter in Europe
for a long time,� admitted Ian Jones, Director of Bartercard UK. �This
meeting, following the one in Istanbul in April, was successful in
getting that message across.�
Reiner Husemann agreed. �It is important that we have a
commitment to each other. I believe that we have a duty to work together
to make a difference for businesses in Europe that want to use
�There is a growing issue in Europe, caused by exchanges
opening their doors and quickly closing them without the best intentions
for the businesses joining the exchange, which gives our business a bad
name,� Therecia Venema disclosed. �IRTA gives us the basic platform as
well as a message that�s consistent with what we want to achieve...to
brand our members as ethical, professional exchanges required to abide
by a code of conduct.�
IRTA�s Executive Director, Krista Vardabash, was
enthusiastic. �It is exciting to see this chapter grow with top quality
members who will represent IRTA most favorably.�
For more information go to
www.irta.com, or call
ITEX Makes Bold Industry Move In BXI
BXI Exchange was started by M.J. McConnell back in 1960.
McConnell, a member of IRTA�s �Barter Hall of Fame� was the acknowledged
father of the trade exchange industry in America. And for many years BXI
was the undisputed powerhouse of the industry. In the 1980s, for
instance, the company could proudly claim a membership base exceeding
20,000; in those days the future seemed unlimited.
How times have changed! Despite some capable brokers in
the field, the membership roles have plummeted year after year for
nearly a decade. While conjecture for the demise can be debated, the
fact is this once proud organization is a shell of its former self. At
the time of the acquisition by ITEX, BXI�s membership roles totaled
8,000...still a considerable number, but a far cry from the days when
the company was flying high.
Steven White, the astute and enterprising CEO of ITEX (OTCBB:ITEX),
took advantage of the situation and propitiously snapped up the
once-outstanding BXI organization with a bold move last week for
$3,680,000. An acquisition that stunned the industry!
ITEX now has a membership in excess of 21,000, the
largest in North America. Annual transaction volume will be north of
$300 million, and over 300,000 transactions are expected to take place
per year�or one nearly every 30 seconds of every business day.
Integration of the ITEX and BXI trading networks, where
members of each will trade through one entity, is expected to be
completed by the end of July. The company will operate from Bellevue
(WA) under the ITEX brand. For more specific details on the merger go to