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This section provides an in-depth look at all the Trade Exchange News of 2006.
(Trade Exchanges are also known as Barter Companies.)

Barter Industry Happenings

IRTA Sends Formal Invitation To NATE For Unified 2007 Conference

The commercial barter industry has had two parallel trade associations for the past twenty-two years. Much has changed within the industry over the years. Not only have many of the players (exchange owners) changed,  but the agendas of decades ago are no longer applicable.

Given the aforementioned, along with some new challenges the industry�s two associations are facing, the International Reciprocal Trade Association (IRTA) Board of Directors sent a formal proposal to the National Association of Trade Exchanges (NATE) Board of Directors on October 16, 2006, suggesting that the two organizations stage a unified annual conference.

IRTA�s Executive Director recently sent the following statement to BarterNews:

�The IRTA felt that in the current environment of exchange consolidation in the U.S. and with fictitious associations claiming to represent the industry (i.e. NABA), it was critical to join forces.

�The strongest and most reputable exchanges have supported either IRTA or NATE over the last 25+ years. These are the exchanges that should continue to lead and leverage the strengths of each other.

�We understand that the NATE board will be considering this proposal at their next board meeting, and we hope to report soon that there will indeed be a joint conference for both owners and brokers in 2007.�

It Was A Great Year For ITEX

The fiscal year for ITEX Corporation (OTCBB:ITEX), the largest trade exchange in North America with a 22,000 membership base, ended July 31, 2006, with the company announcing some very impressive figures:

� Income from operations increased 84% to $1,341,000.

� Operational cash flow was up 118% to $1,836,000.

� Revenue increased 43% to $14,657,000.

� Total net income was $3,433,000, up 2-cents to 18-cents a share (diluted).

� Liabilities decreased 35% to $2,695,000.

� Assets increased to $10,663,000 compared to $9,125,000 in 2005.

� More than $300,000,000 in ITEX dollar transactions were completed by processing approximately 300,000 transactions.

Steven White, Chairman and CEO, noted, �Our strong cash flow allowed us to repurchase 1,050,000 shares of ITEX stock in fiscal 2006, and to prepay a significant portion of the debt associated with the acquisition of BXI.� (Subsequent to the July 2006 fiscal year end, ITEX retired all BXI-related debt, as announced on October 5, 2006.)

For more information on the ITEX Corporation�s report on Form 10-KSB, see:

IMS Gobbles Up Nation�s Largest Independent Trade Exchange...Schacht & Varner�s NTA/ITA

In 2003, a BarterNews cover story (issue #61) was titled, �IMS Quietly and Methodically Is Building A Barter Juggernaut!�

The story began, �Don Mardak�s gentlemanly, at times reserved demeanor masks a competitive zeal and a will to win that is second to none in the commercial barter industry.� (Click here to read cover story.) 24-40covstory61.pdf

National Trade Association (NTA) and it�s subsidiary, Illinois Trade Association (ITA), in business since 1983 and the largest independent trade exchange in America, is joining forces with International Monetary Systems (OTCBB:INLM). IMS Barter will now possess a huge client base of 15,000 quality member businesses and over 22,000 cardholders.

Don Mardak, CEO of IMS, was ecstatic, �This merger of America�s two leading trade exchanges adds a whole new dimension to our company. NTA/ITA owners Jack Schacht and Joan Varner are two of the most respected people in the barter industry.

�Their visionary leadership over the years has set new standards for all of us and has established a level of excellence that few have been able to emulate. We couldn�t be more pleased than to be associated with these two outstanding people. Both will work with us during the transition and will continue to share their wisdom with us in the future.

�From our perspective, NTA/ITA is the �Jewel in the Crown� among our acquired trade exchanges. This transition will have a greater impact on our revenue and trade volume than any others have had in the past.�

Mardak also emphasized that in the acquisition he would be utilizing the personnel of NTA�s National Trade Division, which provides IMS Barter with an instant entree into the world of corporate barter, where larger transactions are consummated between manufacturers, major hotel chains, airlines and national advertising venues.

For more information on IMS:

Additional details regarding the merger can be seen in the form 8-K filed by International Monetary systems at:

International Monetary Systems Second Quarter Earnings

In the second quarter ending June 30, IMS Barter processed more than 14 million in trade transactions, generating gross revenues of $1,810,654, compared to $1,596.594 in the second quarter of 2005.

Total expenses for the quarter increased 23% from $1,398,551 in 2005 to $1,722,046 in 2006, attributable to the recent acquisitions and the hiring of new salespeople.

Year-to-date gross revenue for the six-months ending June 30 totaled $3,552,990, compared to $2,738,976 for the same period in increase of 30%. Total expenses for the same six-month period were $3,435,649 in 2006, compared to $2,531,812 for increase of 36%. Total year-to-date net loss for the first six months of 2006 was $68,597, compared to a profit of $96,558 for that period in 2005.

For more information on IMS go to

Australia�s BBX Move Into Wine Propitious

In our June 13 issue we reported on Business Barter Exchange (BBX) expanding into the trading of wine, with a goal of moving $5 million the first year. Given the current conditions of Australia�s wine industry they may blow right past that figure.

Many of Australia�s 2,000 wineries and 8,000 grape growers are facing a French-like crisis: There are too many grapes chasing too few palates. The surplus is estimated as high as 900 million liters...large enough to serve every man, woman and child in the world a glass on the house.

Wineries aren�t cheering, because the huge surplus is shredding prices for bulk and other low-end wines. Growers in the main wine regions � the Riverina in New South Wales, and Riverland � are being offered as little as $75 a ton, well below the $225 it cost them to produce the fruit.

In 1993 the wine industry convinced the Australian government (in Canberra) to change depreciation rules, so growers could write off the cost of buying and planting vines over just four years...rather than over the lifetime of the vines, as with other agricultural assets.

From 1997 through 1999 growers planted 100,000 additional acres, a 40% increase in only three years. Now the  industry is pleading again for government aid, asking for a $45 million bailout that would pay growers not to pick 300,000 tons of grapes in each of the next two years. Not a chance, Aussie officials have said, adamant that market forces should decide which vineyards survive. 

Michael Touma, Managing Director of BBX, (and presumably other barter companies as well) should have their phone ringing off the hook, given the conditions of the vintners. Touma may well have some very interesting proposals in hand at the upcoming IRTA convention, for his fellow traders from around the globe.

A lot of people are very familiar with Australian wines. Especially given the fact that Australia�s finest wines have snatched trophies away from the French in international competitions, and wine exports have swelled from $305 million in 1995 to $2.1 billion last year.

eBay Seller Teams Up With Bartercard

Professional eBay seller XS Items, is offering three of its pilot franchise opportunities at �15,000 through the UK Bartercard network. Thus, members of Bartercard can purchase a franchise on full trade.

XS Items takes any goods that can be sold on eBay, and provides a complete service for individuals and businesses in exchange for a percentage of the final selling price.

Bartercard has 150 franchised offices in 17 countries worldwide, and more than 4,000 members in the UK. For more information on Bartercard go to

XO Limited Sells Thailand/Vietnam Ozone Franchise License

Solution Corner (SLC),a publicly traded Thailand company, has acquired an exclusive Ozone franchise license for Thailand and Vietnam from XO Limited. SLC has set up subsidiary OpenServe to operate the new barter exchange operation under the Ozone name.

XO Limited reported that the initial license fee was $1 million, and further payments -- if the deal goes as planned -- will total approximately $5 million over a 5-year period, based on forecasts of member trading volumes. (Shares of Solution Corner are trading for approximately 9-cents each.)

According to Sam Rama, CEO of Ozone Barter, the transaction represents a major opportunity for participants in the New Zealand-based Ozone Barter network to sell and acquire products from the Asian market.

Solution Corner, a Thailand software developer, has diversified into e-commerce in an attempt to reduce the risk of relying only on the software development business.

Chachapong Munchupha, the managing director of SLC and Open Serve, is aiming to have at least 1,200 members based in Thailand, trading 30 million baht (37:1 to the US$) by the end of this year.

XO Limited ( was founded in 2002 and offers a neutral internet-based platform which enables multi-lateral trading.

Ozone Barter has franchisees in Australia, New Zealand, Singapore and South Africa with a reported network of 10,000 members.

Bartercard Stages World�s Largest Trade Show $4 Million Traded In 7 Hours

Celebrating the company�s 15th anniversary, Bartercard Australia staged the world�s largest trade show on June 18 in Queensland.

Three hundred twenty-six (326) exhibitors from Australia, Thailand, and the UK sold holidays (vacation packages), wine, golf equipment, cosmetics, and a variety of other goods and services in the 7-hour event.

International Managing Director Andrew Federowsky said over 3,000 people attended. �For the first time ever we opened the door to non-members, and provided them the opportunity to see exactly what exciting business opportunities Bartercard had to offer.�

Bartercard celebrated the 15-year milestone by giving away 15 exciting prizes over a 15 week period. Door prizes at the trade show included a plasma TV, LCD, Quad bike and an in-car entertainment system.

The world�s largest barter company also supported the local community by donating $1 trade dollar for every transaction which occurred at the trade show (over 6,000). The trade dollars were donated to the Queensland Spina Bifida Association.

Bartercard operates in 16 countries around the world, has 75,000 members and does $3 billion in cashless transactions (sales & purchases) per annum. For more information visit:

IRTA Announces Keynote Speaker

The International Reciprocal Trade Association announced that Tom Greco Jr., author of MONEY: Understanding and Creating Alternatives to Legal Tender will be the keynote speaker at their international barter conference, September 14th to the 17th at the TradeWinds Island Grand resort in St. Petersburg Beach, Florida.

Greco is an economist, educator, writer, researcher, and consultant, who, for more than 20 years, has been working at the leading edge of transformational restructuring. Besides his frequent presentations and interviews, he has served as an advisor on the creation of monetary alternatives.

His expertise includes community economic development, monetary theory, community currencies and cashless exchange systems, computer applications, information and educational technologies, statistics, and survey research. 

Greco�s presentation will highlight and follow-up on the concept of an international trade credit currency that was initially proposed by IRTA�s former executive director, Paul Suplizio, and revisited in a video address to attendees at the 2004 conference.

�We are thrilled about gaining Tom Greco�s commitment to speak and participate in our conference this year,� Krista Vardabash, IRTA Executive Director, emphasized. �I met with Tom back in 2001 and we discussed the importance of barter exchanges understanding the critical and important role they play in providing alternatives to legal tender. We are excited to have the opportunity to present these thoughts and principles to IRTA conference attendees.�

�This is a great add-on to the speaker IRTA presented last year, Bernard Lietaer, who spoke about the importance of collaborative efforts of international networks such as the one that IRTA promotes,� noted Richard Logie, IRTA Global Board Member.

For more information, please contact Krista Vardabash at, or call (585) 424-2940.

TeleTrade International Transactions Up 19%

CEO Gary Lasater reports that TTi�s international service center for independent trade exchanges increased 19% for the first half of 2006, compared to the same period in 2005. Combined transactional volume for the exchanges within the system was $54,120,439. (The volume increase totaled $4.7 million.)

Since launching its eValues internet technology in 1999, aggregate trading activity for all sites totals $399,207,522.

For further information on the eValues system which is designed for independent trade exchanges, contact Gary Lasater at 303-840-7172 ext. 1, or e-mail: Or online, visit:

IMS Barter Creates Broker Division For Entrepreneurs

At the company�s recent annual meeting, it was announced that IMS Barter desired to expand and grow the company organically. Most industry insiders believed such an announcement meant the company would be looking for additional sales personnel to hit the streets for new member solicitations and sign-ups.

But IMS CEO Don Mardak had a surprise for the industry when he announced on July 5, �In addition to hiring sales people who will help us expand our existing markets, we have created an Independent Broker Licensing Division.�

IMS Barter, now located in 37 U.S. markets, is actively looking for entrepreneurial-minded individuals who are interested in building an IMS Barter office in their local markets. With the announcement Mardak also revealed that the first licensee will soon begin operations in Naples and Ft. Myers, Florida.

For additional information on IMS go to

ITEX Selects New Orleans For National Convention

The ITEX Corporation (OTCBB:ITEX) once again has shown support for the beleaguered city of New Orleans, by announcing its 25th Annual Convention will be held May 20 through May 24 at the Doubletree Hotel New Orleans next year. The convention�s theme for 2007 will be �Lead the Way.�

As reported in past issues, ITEX members donated $700,000 ITEX dollars to support the Katrina relief efforts through non-profit clients Feed the Children and Mission Harvest. The convention is expected to contribute another $200,000 to the area�s economy during the 5day event.

�Our company is pleased to offer further support as an organization to the city of New Orleans,� CEO Steven White affirmed. He added that for the first time ITEX will invite both supporters and potential franchisees to pre-convention events and the first day keynote address.

For more information on ITEX, North America�s largest trade organization see

Bartercard Expands UK Growth With Move Into Ireland

In 1991 Bartercard opened a single office in Queensland�s Gold Coast, Australia. Today the company which operates 120 offices worldwide in 17 countries announced the license for Ireland has been sold for EU550,000 or US$690,000. Operations will begin in early 2007. 

It�s already been quite an eventful year for Bartercard. CEO Wayne Sharpe explained, �The sale of the Irish license, following the recent license sales of Saudi Arabia and Syria, is a fantastic result, given that we are still in the first quarter of the current financial year.�

Ireland is expected to become a natural trading partner for members of Bartercard�s UK operation, (Much like Bartercard�s New Zealand and Australia operations are trading partners.) Additionally, Sharpe believes that Ireland can be a valuable stepping stone into Continental Europe, due to its participation in the euro currency.

Turkey Provides Assist In Building European Awareness

Bartercard International Managing Director Andrew Federowsky says the company�s operations in Turkey, which commenced in March, 2006, are extremely important to the company and will also provide a bridge for the company�s further expansion into Europe as well as the Middle East.

The head office for the Turkey operation is located in Izmir which is very close to Greece. Managing Director of Bartercard Turkey, Mose Elis, says the building of brand awareness in Europe will be a natural because, �we have so many connections to Europe through trade and tourism.�

For more information on the world�s largest trade exchange go to

Bartercard�s Man In New Zealand, CFO Michael Parsons, Doing Bang-Up Job

Bartercard, the world�s largest trade exchange now doing an estimated $1.2 billion annually, operates in 14 countries around the world. One of their early expansions occurred in New Zealand, when founding director Kerry Gordon stepped off a plane from Australia in 1992.

Under his arm was Bartercard New Zealand in a shoebox of files and four floppy discs. The following year, Bartercard New Zealand Ltd. was established as an independent franchise.

In 1997, the Australian shareholders purchased the company back. Then in 2001, Tony Falkenstein�s Red Eagle Corporation acquired 90% of the New Zealand operation, with the remaining 10% held by Bartercard International.

Last year Bartercard New Zealand turned over $185 million in barter transactions, involving 5,500 businesses countrywide. Such figures show that Chief Operating Officer, 32-year-old former Wall Street trader and expatriate Canadian, Michael Parsons is doing an exceptional job.

But according to Parsons, more can be done. �One of our biggest challenges, if not the major hurdle, is the fact that explaining the Bartercard concept isn�t done in five minutes. We need the time to sit down and talk to business owners, to help them really understand how Bartercard can work best within their business.�

Parsons says his goal is to have every business owner realize and understand that a structured barter system is a profitable and valuable option for their business. Case in point, is the immensely varied services offered through the 540-page Bartercard Directory, which include individual trade listings as well a display advertising.

One growing area is property exchanges, as Baby Boomers are beginning to plan for retirement. More than $50 million in real estate sales have taken place among New Zealand members, with over $15 million of that figure being paid in Bartercard trade dollars. Currently there are 79 properties listed on

Overseas travel is another area where Bartercard excels. From their travel desk in Tauranga, they moved over $600,000 last year. The main destinations were Australia, Rarotonga, Fiji, Thailand, Britain and Hong Kong.

Entertainment services available through Bartercard New Zealand range from accommodations at boutique B&B�s, to five-star international hotels, car and limousine rentals, restaurants and bars, as well as a host of other leisure activities.

For more information:

BBX Expands Into Another Major Field�Wine

Few things in this world are as succinctly simple yet delightfully complex as wine�or as old.

The act of pouring a glass of wine, inhaling the bouquet, sipping the elixir, and savoring the taste is a satisfying and hedonistic treat that has captivated mankind since the dawn of civilization.

Business Barter Exchange (BBX), one of Australia�s largest barter companies, is expecting wine trading to become a significant new income stream for the company. Michael Touma, Managing Director, says they are establishing a wine fund to expand trading among their members nationwide, as well as exporting wine to BBX franchisees elsewhere around the world.

BBX expects to provide a minimum of $5 million, and possibly up to $10 million, in premium wine inventory to its members on a full-trade basis in the coming year.

Editor�s note: In our April 4 Tuesday Report, we related BBX�s formation of a real estate fund for property acquisitions that would be used to acquire desirable real estate in Australia and New Zealand. (Click here to read more.)

IMS Announces April Revenue Increase

International Monetary Systems (OTCBB:INLM) has announced that its April revenue totaled $570,000, an increase of 35% over April 2005.

The company also has purchased the assets of Indianapolis-based Barter Indiana Group. The acquisition will add 200 members to the IMS client roster now numbering 10,000 in 36 U.S. markets.

For more information see:

ITEX Has Explosive Quarter...Both Its Income And Revenue

ITEX Corporation (OTCBB:ITEX) has reported its results for the third quarter of fiscal year 2006, ending April 30, 2006. The firm, a leading marketplace for cashless business transactions, processes more than $250 million a year through 22,000 member businesses, managed by 95 franchisees and licensees.

CEO Steven White was enthusiastic, stating, �We continue strong growth in revenue and income from operations as a result of the rapid and successful integration of (the BXI trade exchange). We will continue to explore opportunities to grow revenue at a faster rate.�

Third Quarter 2006 Highlights

  • Third quarter income from operations was $437,000, compared to $150,000 for the previous third quarter in increase of 191%

  • Operating income for the nine-month period ending April 30, 2006, was $1,100,000, compared to the previous $609,000 in increase of 81%.

  • Third quarter revenue was $3,419,000, compared to $2,345,000 in the same period the previous increase of 46%.

  • Revenue for the nine-month period ending April 30, 2006, was $11,169,000, compared to the previous $7,508,000 in increase of 49%.

  • Operational cash flow increased 96% from $914,000 to $1,790,000 in the nine-month period ending April 30, 2005 and 2006, respectively.

  • Processed 73,000 transactions, totaling more than $54,000,000 in ITEX-dollars.

  • Common stock - 300,000 shares were repurchased for $165,000 and outstanding shares totaled 18,406,132. There are no outstanding options or warrants.

ITEX Corporation�s report on Form 10-QSB can be found at For more information on ITEX see:

TeleTrade International Announces 23% Trade Volume Growth

TeleTrade International (TTi) has announced that trade volume through its online systems ( saw a 23% growth, posting $5.9 million in May 2006, compared to $4.8 million for the same month in 2005.

For the first 4 months of the year total trade from was $46, 653,447. Trade activity is ahead of last year�s pace by $4.6 million. Gary Lasater, CEO of TTi, says aggregate activity since 1999 when the firm took its technology online now exceeds $391 million.

The eValues system is designed for independent trade exchanges, allowing members and exchange personnel expanded opportunities for trading with 24/7 online access, daily trade opportunity broadcast e-mails, a strong trade inventory control system, as well as a comprehensive contact management and accounting system.

For further information contact Gary Lasater at

The Motley Fool Newsletter Looks At Barter

An interesting article by David Kuo appeared on The Motley Fool web site on May 17. Wayne Sharpe, CEO and co-founder of Bartercard (LSE:BRTR), covered a subject that�s often incorrectly used interchangeably in newspaper and magazine articles�the difference in the meaning of the words bartering and haggling.

Sharpe contends that it is an unfortunate mix-up, because it gives bartering a bad (and an inappropriate) image. Sharpe explained, �When you haggle, you are trying to pay less than the asking price for what you want.

�For instance, when you submit an offer below the asking price, you are inviting the owner to haggle or negotiate with you. But when you barter you are paying the full ticket price for the particular goods and services being sold.

�However, the method of payment is different. Instead of forking over cash for the purchase, you are offering something of equivalent value in exchange.�

Sharpe pointed out to the writer that when bartering, businesses can effectively get what they need at a discount that is equivalent to their gross margin.

Examples were given in the article to further make the point. Overall, one of the more articulate articles on understanding barter�s inherent value and the use of trade dollars when trading.

ITEX Completes Largest Convention Ever

CEO Steven White is grinning from ear to ear after concluding the largest national convention ever staged for the ITEX Corporation (OTCBB:ITEX). The event was held in Las Vegas at the Excalibur, and according to White, �our attendance was almost double the annual conventions of the industry�s two trade associations.�

�The Winning Team� was this year�s theme, focusing on the power of the network�the company�s 95 locations.

Most significant, from corporate�s perspective, was this year�s convention signifying the end of free conversion for existing brokers to franchises...with 60 offices completing or agreeing to a franchise agreement. (New conversions will be subject to standard franchise initiation fees.)

At the formal awards dinner, Linda Rubendall was the recipient of the Brokers Choice Award, Hal Henry carried off the Jule Gulley Award, and Jim and Carolyn Young (Tampa, Florida) received the coveted Franchise of the Year Award.

For more information on the 22,000-member barter company go to:

IMS Revenues Up 53%, Operating Profits Advance 144%

International Monetary Systems (OTCBB:INLM) announced that the quarter which ended March 31, 2006, had a $1,742,338 gross revenue, a 53% increase compared to $1,142,383 for the first quarter of 2005.

In the first quarter of 2006, the Continental Trade Exchange (CTE) barter business had a profit of $77,000, compared to $31,600 in the same period of 2005, an increase of $45,400 or 144%. CTE processed $12,109,943 in barter transactions (representing sales only), an increase of 47% over the first quarter of 2005.

(The figures for the first quarter of 2005 do not include the revenues and expenses of the five companies acquired after March 31, 2005, which increased the IMS client base over 45%.)

To read the full report, refer to the Form 10-QSB that has been filed with the U.S. Securities and Exchange Commission at

Investrend Research Raises IMS Target Valuation

An investment service IMS is enrolled in, Investrend Research, which provides analysts to smaller publicly-traded companies that otherwise have little or no analyst coverage, has raised the company�s target valuation from $0.80 to $1.60.

Investrend analysts are paid in advance of initial reports, and neither the analyst nor anyone associated with Investrend Research may own or have trade in the stocks of a company under coverage.

Florida Barter�s Bingman Crowned Broker Of The Year

Joyce Bingman, a Certified Trade Broker and travel broker for Florida Barter in Winter Park, has been named the National Association of Trade Exchanges� 2006 Broker of the Year. She will be honored during an awards banquet in conjunction with NATE�s annual convention, to be held in Toronto August 10-12.

�It is such a humbling honor to be recognized by one's peers,� Bingman expressed. �An award such as this makes the exacting clients and challenging days seem insignificant. Working for Florida Barter, and having (founder) Scott Whitmer as my mentor, has definitely given me the edge in learning strong leadership, fair business ethics, and the knowledge of bartering.�

Bingman, who has been with Florida Barter for nearly 12 years, manages the travel department and handles all of the reciprocal trading business. During her tenure there, the travel department has regularly produced yearly record growth. Her presence has been instrumental in helping the trade exchange consistently rank as a top producer in the barter industry.

�Travel is not necessarily the most profitable side of bartering. However, it spreads the most enjoyment and goodwill while building memorable moments with clients,� Bingman said. �We travel brokers have all the best.�

IRTA Announces New Verifiable Logo Program

An industry goal of creating greater credibility and transparency has led the International Reciprocal Trade Association (IRTA) to create a verifiable logo. Members in good standing can easily place IRTA�s interactive logo on their web-site.

When a visitor to the site moves their mouse/cursor over the IRTA logo, a 5-second glimpse will appear of the certificate that verifies the exchange is an IRTA member in good standing. The visitor also has the option of clicking on the logo, which links to IRTA�s web-site, to find out why it�s important for a barter company to be an IRTA member.

For an example of how it will look and function, visit:

Mardak Enthused With Hedge Fund Equity Investment

Don Mardak, International Monetary Systems� CEO, is smiling these days as he�s received an additional $3 million in working capital from Praetorian Offshore Ltd. It is the hedge company�s second investment in IMS...bringing the total to $4 million.

Under terms of the agreement, Praetorian acquired 7.5 million shares of IMS common stock at $0.4285 per share and received warrants to purchase an additional 3.5 million shares at $0.55.

Mardak says the money will allow the firm to execute current expansion plans and streamline its operations. For more information on IMS go to

Editor�s note: On Thursday May 11, the BarterNews cover story (in issue #61) on International Monetary Systems was downloaded from our web site 45 times. The PDF file is in our Trade Exchange Section, found under Barter Categories on the navigational bar.

News From Universal Currency

According to UC facilitator Jennifer Ashworth, the Universal Currency is focused on adding additional value and thus will soon be launching a new system called GETS (Global Exchange Trading System). She also reported that UC�s three top traders in April were BizXchange, Northwest Barter Brokers, and Advantis International. For more information on the Universal Currency system visit

Exciting Trip Of A Lifetime Accomplished Through Barter

BizXchange (, which is located in Seattle and Oakland, reports that one of their members recently completed an extensive 45-day tour of Australia and New Zealand on trade. Such an accomplishment was achieved through a cooperative effort with Bartercard International. Compensation was provided to Bartercard through IRTA�s Universal Currency (UC) program.

BizXchange broker Nathan Sutherland was complimentary, saying, �Jennifer Ashworth of the UC did an outstanding job in putting together such a detailed and ambitious itinerary. In turn, Bartercard made themselves very accessible and were in constant contact with our client...helping him work out the smallest details of his trip.�

TeleTrade International Hits New Benchmark

Gary Lasater, CEO of TeleTrade International, announced that his international service for independent trade exchanges processed $38,133,737 for the first four months of 2006, up 23% over the same period in 2005.

Lasater says the growth of the eValues system ( is a result of expanded access for customers, tracking services, and strong inventory control in addition to central accounting features. 

The firm has enhanced the telephone authorization system to include caller ID recognition, eliminating members� need to enter account numbers to begin the process. Additionally, the system recognizes the exchange by greeting the members with a personalized salutation.

For further information on eValues and TeleTrade International contact Gary Lasater by phone (303) 840-7172 ext. 1, or e-mail

Flis Heads National Trade Banc

Roy Flis, 63, has been in the barter business since 1980 when he founded Empire Barter in New York. Along the way, he has become co-founder and CEO of National Trade Banc (NTB) headquartered in Houston. The Texas-based firm is a wholly owned subsidiary of privately-held National Inc.

Over the last year NTB has acquired BarterOne, Butcher Trade Exchange, Cinnabar Media Services, North Texas Barter, Houston Barter Exchange and Barter Bay. One of NTB�s innovations is implementing all trading through brokers at the headquarters trade floor.

Their software is provided by Barter Center International and trades through the BCI network, which reportedly has 50,000 participants and $100 million in goods and services available daily.

For more information on National Trade Banc see

Steve Singer Leaves Barter Industry, Buys Budpak Inc.

For 25 years Steven Singer worked with National Commerce Exchange in Jericho (NY). He recently informed BarterNews that he has left the barter industry because an old friend (whom he�d helped 7 years ago) made him an offer he couldn�t refuse.

It began when Singer helped his friend, Bud Pion, start a business after an account had stuck Pion with 500,000 one-ounce plastic tubes. Pion sent the tubes to a company on Long Island which filled them with a first aid cream. Singer helped secure the package design for the tubes on trade, and the cream was then sold to dollar stores.

That item was so successful that several other products were added�Anti Itch Cream, Antifungal Cream, Cocoa Butter Cream, and an A&D cream. The firm, Budpak, now buys a million tubes at a time from Brazil, and sells the line nationally through a network of representatives.

Pion�s success was even more impressive, since at the time he started the company (after fifty years in the packaging business) he was 80 years old. Now 87, he wants to take it a little easier. Since Singer had been helping him with marketing and financial advice since the beginning, Singer was provided with an opportunity to acquire the company in an arrangement he couldn�t refuse.

He is now busy using his trade dollars to build a web site and update the computer system. Singer looks to manufacture the line in India or China, with plans to visit either country before production begins.

He looks forward to doing some barter transactions with many of his friends in the industry. To contact Steven Singer of Budpak, e-mail him at

Persistence Paying Off For Mardak

International Monetary Systems (OTCBB:INLM) CEO Don Mardak has been making regular appearances at various investment conferences, spreading the word about IMS to the investment community.

His most recent appearance was at the Financial Services Exchange (FSX) Investment Conference in Miami (FL) this past weekend. Mardak made two presentations to broker-dealer decision makers, and spent three days networking with high-profile investment professionals.

Mardak noted that the FSX conference series have been ongoing for 23 years, and the events have resulted in raising over $1.4 billion for presenting companies.

�During the past several months, we have had great success in presenting our company�s story to the investment community,� Mardak divulged. �This has resulted in a recent 50% increase in our share price, as well as a substantial investment in IMS shares by a professional fund.�

Last week IMS reported that its March revenue totaled $564,000, an increase of 42% over March 2005.

For more information on IMS see

�IRTA U� Theme For 27th Annual International Conference In September

Executive Director Krista Vardabash and President Lois Dale are both excited about the new �IRTA U� concept, which will be the focus for the International Reciprocal Trade Association�s 27th annual convention scheduled for September 14-17, at the Island Grand Resort/TradeWinds in St. Petersburg Beach, Florida.

Vardabash and Dale exclaimed, �Just as in a true university setting, we will present a curriculum complete with speakers, classes and seminars. It will focus on instructing and inspiring current, as well as future, exchange owners on responsible and sustainable operations and growth.�

A curriculum of classes at �IRTA U� is presently available at

Schacht�s ITA Goes Remote To Boost Productivity & Sales

The Illinois Trade Association, founded in 1983, is the largest independent barter company in the United States. They represent 6,000 professional clients as well as 1,000 corporate clients, such as resorts and media outlets.

With such a large client base covering the U.S. and Mexico, and a relatively small sales force of 15, ITA faced a roadblock to future growth because of unreliable remote access to its business-critical applications. (The company employs another 50 people, and its IT staff comprises two programmers.)

So to push the company�s sales toward their $100 million annual sales goal, they took action! Schacht says the problem was solved when ITA partnered with Performance Network Solutions, a Silver Citrix Solution Advisor.

Now their salespeople, when working from home a hotel or a customer site, can use their own computers or company laptops to securely access the 20 client applications that are maintained centrally. (ITA is also experimenting with extending the solution to its brokers.)

Cofounder and president Jack Schacht says the improvement is amazing. �Our remote users were losing valuable time, a half hour a day or more, due to dial-up connections. Now they can connect quickly, and don�t have to make a special trip to the office for something. This saves them time that can be spent selling.�

He continued, �We figured nearly $4,000 per person was lost yearly in productivity. And when ITA wanted to hire additional out-of-state people, there was the big question of how to provide them with access to our applications and data.�

For information on Illinois Trade Association see

IMS Files Annual Report, Acquires More Equity Capital

International Monetary Systems (OTCBB:INLM) has filed its Form 10-KSB Annual Report for the year ending December 31, 2005. CEO Don Mardak says 2005 was a banner year for the company with five acquisitions, revenue growth of 31%, and positive cash flows from operations in excess of $678,000.

He also noted that after deducting expenses, resulting primarily from accounting adjustments and changes to comply with the S.E.C. standards and Sarbanes-Oxley rules, the firm reported a net loss for the calendar year of $221,639.

IMS processed more than $52 million in barter transactions (one side of the transaction) and generated revenues of $6.2 million, an increase over 2004 which had $37 million in barter transactions and revenues totaling $4.7 million.

The company increased the size of its outside sales force to fourteen and averaged nearly 100 new-client enrollments each month.

$1 Million Received From Praetorian Offshore Ltd.

The firm also announced the receipt of $1 million in funds which will be used to finance additional acquisitions, reduce outstanding debt, and supplement working capital.

Mardak affirmed, �We are thrilled to have earned the confidence of a firm such as Praetorian Capital. Unlike so many funding opportunities that have been presented to us, this is a pure equity investment in our company�s common stock, which demonstrates the confidence that Praetorian management has in our future.

For further information:

TeleTrade�s First Quarter Trading Volume Up 24%!

Gary Lasater, CEO of TeleTrade International and eValues, announced the TTi�s international service center for independent trade exchanges saw a healthy increase of 24% in trading volume in the first quarter of 2006 versus first quarter 2005.

Combined trade activity for 2006 was $13,903,425 versus $11,219,691 for 2005. According to Lasater, total internet activity since 1999 when TTi took its technology online now exceeds $376 million.

The eValues system is designed for independent trade exchanges, and undergoes continual enhancements by a full-time staff. For more information see

Vail, Aspen, Steamboat Springs!
IMS Expands Again, Acquiring Trade Exchange of the Rockies

Some of the most prestigious ski areas in the world are now part of the International Monetary Systems growing barter system, as CEO Don Mardak has acquired the Trade Exchange of the Rockies� (TER) assets and client base. As the firm�s eighth barter company acquisition in the past twelve months, TER was purchased for $720,000, including $500,000 cash, a $100,000 promissory note, and $120,000 in IMS stock.

TER, founded and operated by Bill Stein and his staff, built a strong client base of 600 members in a highly strategic vacation venue. Its ski resort accommodations in Denver and the surrounding areas of Vail, Beaver Creek, Aspen, and Steamboat Springs will subsequently become an integral part of the IMS network.

IMS now serves 9,700 clients in 35 U.S. markets. Mardak says the acquisition is another step toward his goal of creating a �coast-to-coast bartering system that will have a true impact on the economy.� IMS is a recognized member of the National Association of Trade Exchanges (NATE) and the International Reciprocal Trade Association (IRTA). For more information go to

Barter Happenings Here & There

  • International Monetary Systems (OTCBB:INLM) has drawn $565,000 from its recent funding commitment of $1.2 million. CEO Don Mardak used the funds for the company�s most recent acquisition, Trade Exchange of the Rockies. For more information go to

  • New prospects for trade exchanges�new business startups�in the U.S. numbered 611,000 in 2005, according to the Kauffman Foundation in Kansas City (MO). Additionally, the Census Bureau reports that among small businesses in the U.S. (which typically are members of a trade exchange) 18.6 million are without outside employees, 3.9 million have fewer than five employees, and 1.4 million have six to nine employees.

  • The National Association of Trade Exchanges (NATE) is offering an early 20% discount rate, if payment is made by April 30, for its upcoming Toronto 2006 convention. The event is scheduled for August 10-12, at the Delta Chelsea Hotel. For details on discounts and online registration check out

  • Michael Touma, Managing Director for Business Barter Exchange (BBX), reports that their stock hit an all time high on April 11, at 30-cents per share. The company has also lodged a prospectus with the Australian Securities and Investment Commission to raise substantial income for the BBX Property Investment Fund. For more information see

Largest Independent Trade Exchange In America Introduces Trademart�An Online Barter Shopping Mall

Jack Schacht, one of the barter industry�s most innovative thinkers as well as a man of action, has announced the implementation of ITA�s recent ambitious effort...launching Trademart, an online barter shopping mall.

Illinois Trade Association ( was founded by Schacht and is the largest independent trade exchange in the U.S. with a membership of over 5,000 active traders. The firm�s corporate division is National Trade Association (

Pushing transparency, the online barter mall is open to the entire world! Schacht invites members and non-members alike, to browse Trademart at

ITEX Reports Transactions, Income, Repurchase Of Shares

The ITEX Corporation (OTCBB:ITEX) announced that New York franchisee John Castoro exceeded $20 million in transaction volume during the past 12 months, earning close to $900,000 in cash fees. CEO Steven White stressed, �Part of our expansion goal is to attract solid performers to become ITEX franchises, while we cultivate our existing independently-owned offices to grow organically.�

February/March Performance Totals:

         Transaction volume of $37,004,000 compared to $23,299,000 in the same period of 2004, a 59% increase.

         Cash deposits of $2,337,000 compared to $1,557,000 in the same period of 2004, a 50% increase.

         Completed transactions comprising 49,112 compared to 28,017 in the same period of 2004, a 75% increase.

         Member businesses totaling 22,000 compared to 13,400 in the same period of 2004, a 64% increase.

On March 23, 2006, the firm repurchased 300,000 shares of common stock from Collins Christensen (former CEO from 1999 to 2001) for 55� per share, or $165,000. The shares were immediately canceled reducing the overall common stock share count to 18,406,132. (Mr. Christensen�s holdings have been reduced to 1,259,130, or 7.3% of the outstanding shares, from a high of 14.3% in May 1999.)

Munson Gets Ink With $150,000 Barter Deal

Jim Munson, former BXI area director and now owner of BBX Business Exchange, received a fine write-up in the Burbank Weekly after a large print job was consummated on a cash blend basis (50% cash, 50% trade) through his California-based trade exchange. Further information an be accessed at

IMS Activities Taking Place On Many Fronts

International Monetary Systems (IMS) has acquired Southern Barter Exchange�s clients, adding to its Continental Trade Exchange network. A definitive agreement was reached with President Kenn Flemmons, of the Memphis (TN) firm, who, according to IMS� Don Mardak, runs one of the finest trade exchanges in America. (This transaction does not include Flemmons� SBE operation in Little Rock, Arkansas.)

Master Trade Barter Systems of Los Gatos (CA) has been procured as well. CEO Don Mardak, says this is a strategic acquisition for IMS as it strengthens their presence in the dynamic Silicon Valley market. The company now has over 2,000 members in Northern California.

IMS (OTCBB:INLM) has received a commitment for additional funding from private investors for up to $1.2 million; the company intends to use the proceeds to conclude acquisitions of strategically located trade exchanges. The company also reported revenues for February of $526,000, an increase of 42% over February 2005. For more information go to

BBX Forms Real Estate Fund For Property Acquisitions

Sydney-based BBX Holdings is forming a subsidiary, the BBX Property Investment Fund, for residential real estate ventures. Both cash and barter currency is being sought from investors and BBX members for the new subsidiary, which is intended to be traded on the Newcastle Stock Exchange. According to BBX�s CFO, Tim Creasy, �The BBX Property Fund is unique in that it will be the only fund that utilises barter currency.�

The barter exchange looks to use 33% barter currency, 33% cash, and 33% debt funding for acquiring property both in Australia and New Zealand. For more information:

Bartercard Happenings

  • In its first month of operation, Bartercard Real Estate (Bartercard�s wholly-owned UK subsidiary) has achieved sales of 35 properties, substantially ahead of early internal target forecasts. Bartercard members have deposited, on average, 30% of the total purchase price in trade pounds.

  • Franchise sales by Bartercard over the past six months include Australia�s five sales totaling A$1.6 million and UK deals valued at 524,000 pounds. In Australia, Bartercard now has 60 offices, 55 of which are independent franchisees. The UK operation has 15 offices with 10 owned as franchisees, and  the potential for 150 franchisees according to management.

  • Bartercard has acquired total equity interest in D-ISC Holdings, which developed a proprietary software-platform administering to the HR intranets of large corporations. The objective is to enhance loyalty between a company and its employees and customers.

D-ISC has a contract to provide customer and staff loyalty programs for Cendent, one of the world�s foremost providers of travel and real estate services in the world. Additionally, companies within the Bartercard network will be able to sell their products and services through the D-ISC channel, enabling Bartercard to expand its business-to-business activities through its list of international corporate partnerships. For further details on this strategic acquisition see

Bartercard has reached an agreement with Texaco UK, enabling its members to purchase fuel at a discount from all 1,485 Texaco outlets, with a fixed buying price for the week ahead. Bartercard Executive Chairman Wayne Sharpe was delighted that the buying power for their UK membership is proceeding as planned.

IRTA Conference Held In Amsterdam

Both IRTA�s Global Board and Europe Chapter Board met in the Netherlands near Amsterdam on March 24 and 25. The board meetings addressed comprehensive agendas and were followed by a mini-conference complete with keynote speaker, marketing seminars, and trading session.

There were 45 attendees from eleven countries (United States, Spain, Poland, United Kingdom, Belgium, Netherlands, Germany, South Africa, China, Singapore, Canada) at the conference. Therecia Venema of E Banc Trade Netherlands arranged the event with the Hotel Harrlem Zuid, and graciously sponsored an after-dinner canal cruise with transportation and drinks included.

The IRTA Global board discussed the IRS Stakeholders Reception attendance in February, unsubstantiated reports of barter statistics from fictitious organizations, and their upcoming September international conference in St. Petersburg Beach, Florida.

The IRTA Europe Chapter examined the importance of continued unity, especially in light of a recent BBC report about the EU cracking down on alternative methods of funding potential terrorists. The members also voted for chapter leadership:

President�Reiner Husemann (EBB, Germany)
Vice President�Richard Logie (TBEX, Scotland)
Secretary�Therecia Venema (E Banc Trade, Netherlands)
Treasurer�Dariusz Brzozowiec (BCI, Poland) 

�Once again, I am proud the IRTA was the unifying force that brought together so many different countries, so many different exchange models, and many different perspectives on the industry,� Krista Vardabash, IRTA Executive Director, asserted.

TeleTrade Announces Large Trading Volume Increase

TTi (TeleTrade International),, announced that its international service center for independent trade exchanges saw a remarkable 56% increase in total combined trade volume for its online systems...posting $5,148,275 for February 2006, versus $3,296,496 for February 2005.

CEO Gary Lasater reports total trade activity for the first two months of 2006 was $19,023,093, and the total of all online activity since 1999 exceeds $364,000,000. TTi, the creator of the technology, now offers four ways of authorization approval: online, telephone, real-time e-mail, and swipe card.

For further information contact Gary Lasater at (303) 840-7172 ext. 1, or e-mail

BBX Acquires Rival Tradebart Australia

Managing Director Michael Touma has announced the Business Barter Exchange (BBX) acquisition of Tradebart Australia�s membership base, the third largest barter exchange in Australia.

Touma says the latest move complements the procurement of Tradebart New Zealand�s membership late last year, and will provide a significant boost to the BBX business base in Australia as it represents a 10% increase in membership for the company.

BBX is currently exploring master franchise opportunities in Southeast Asia. For further information see

Karen Welch Names Her Biggest Competitor

One of the classiest ladies I�ve met in the commercial barter industry is Karen Welch. A conversation with Welch is always fascinating because she is quick, direct, and not afraid to speak her mind. She also runs a terrific exchange in Polson, Montana,

We recently had a chance to exchange some ideas, and the following is her perspective on several topics. . .

Barter prices: �I guess everyone has their way of doing things, but ln Montana we don�t buy overpriced products and services just because it�s available on trade. My biggest competition is cash. By far. People here simply won�t spend more than what is reasonable on trade.�

Our market: �I believe that we have a way, way different market here than most anywhere else. Our communities are very small, and it is impossible to just run through people as word gets around very quickly. We have to have a good reputation. Thankfully, I can barely keep up with the referrals that we�re getting now.�

Other comments: �I�ve been saying the same thing year after year about pricing and service, so much so that I�m beginning to get bored listening to myself. I�m on a major campaign to educate all of our new members on how to use their trade income to increase profits, and I�ve found your weekly e-mail Tuesday Report and the monthly Competitive Edge newsletter help me hugely. I appreciate your work. I also like your list of barter companies on the web site.� 

ITEX Continues Posting Strong Figures

The ITEX Corporation (OTCBB:ITEX) has posted results of the second quarter of fiscal years 2006, ending January 31, 2006.

Highlights include:

  • Revenue was $4,029,000 compared to $2,656,000 for the second quarter in fiscal year 2005, a 52% increase. (Revenue for six months was $7,750,000 compared to $5,163,000, a 50% increase.)

  • Operating income was $315,000 compared to $234,000 for the same period in 2005. (Operating income for six months was $663,000 compared to $460,000, a 44% increase.)

  • Operational cash flow increased 126% to $1,350,000, up from $598,000 in the six-month period ending January 31.

  • Outstanding notes payable (acquisition debt) were reduced to $872,000, from $2,346,000 at July 31, 2005.

  • Bank line-of-credit increased to $1,000,000, from $500,000.

  • Completed transaction volume of more than $65,000,000 by processing over 90,000 transactions.

ITEX Corporation�s report on Form 10-QSB can be found at  For information on ITEX visit

IMS Eyes 200+ Monthly Enrollments

International Monetary Systems (OTCBB:INLM.OB) announced it enrolled a record 216 new clients in January and February. National Sales Manager Barbara Martin says the company�s outside sales force is now fourteen people, with plans to hire more.

The firm�s goal is to be signing up over 200 clients per month by the end of 2006. For more information go to

$2 Million BBX Trade Dollars Used To Purchase $8.3 Million Resort

Australia�s BBX Holding Ltd. (BBX) announced their successfully completed sale of The Apollo Country Resort at Wamberal, New South Wales. The hotel, restaurant, and convention center is located on five prime acres only minutes from Crown Plaza Terrigal Beach.

The contract price of $8.3 million included $2 million BBX trade dollars, with the balance paid in cash. The resulting transaction fees of $440,000 for a single transaction is an Australian record, according to their news release. The company completed $10 million in real estate sales in February.

BBX has $83 million in real estate offerings for members. Additionally, it  plans an IPO (initial public offering) of the BBX Property Investment Fund Ltd., which has $130 million in Australian and New Zealand real estate.

For further information see

BNI Acquires Credible Competitor�American Barter Network

Ron Whitney, CEO of Barter Network Inc. in Chadds Ford (PA), has informed BarterNews that his company recently acquired the barter accounts of one-year old start-up American Barter Network (ABN). BNI, with a membership of 1,300, ranks as the largest trade exchange in the Philadelphia market.

The procurement of ABN in Bryn Mawr marks the second time in two years that BNI has gained a credible competitor in its region. ABN�s founder John McKenzie will stay on with BNI as a sales/marketing representative in the Philadelphia region.

CEO Whitney remarked, �The acquisition of ABN�s accounts was a natural. We can provide a vast array of purchasing options to the newly gained members, and BNI members will benefit from the quality of those that have joined the fold.�

Bartercard�s Global Expansion Continues With Frankfurt Stock Exchange Listing

Bartercard International has entered into agreements with European Entertainment Investments for the issuance and sale of �4,140,000 in Bartercard�s convertible notes. The company has also obtained listing of its shares on the Frankfurt Stock Exchange.

According to Wayne Sharpe, Chairman of Bartercard, �This funding will enable Bartercard to expand its operations as we continue to seek additional partnering opportunities in Europe, Asia, and North America in our pursuit of  global expansion. We believe our listing on the Frankfurt Stock Exchange will attract German investors and help establish a continental European shareholder base.�

Bartercard UK Launches Real Estate

Bartercard Real Estate (BCRE), a new, wholly owned subsidiary in the United Kingdom (UK) has been recently established, and Tim Ashley-Sparks has been appointed Managing Director. Under the BCRE system, a 25% to 50% deposit on a property can be paid in trade. Thus enabling the buyer to purchase a large portion of the property with goods and services rather than cash.

The BCRE concept has been operating in Australia for almost a decade, with a $2.5 million of property deals signed last month alone.

For more information go to

Other Barter Company Happenings Globally

After a four-year hiatus from rugby sponsorships, Australia�s BBX announced a significant agreement with South Sydney Rugby League Club. The sponsorship will provide a high visual presence at the �Souths� Telstra Stadium home games in Homebush, home of the Olympics.

The firm also reported in a recent news release the imminent expansion into China. BBX trades on the Australian Stock Exchange (ASX). For more information go to 

�We have secured the funding necessary to continue our industry roll-up program on attractive terms.�

�Don Mardak, IMS President & CEO

International Monetary Systems (OTCBB:INLM) reported that its revenue for January was $538,000, an increase of 57% over January 2005.

CEO Don Mardak says he has never been more excited about the company�s future, since their growth strategy of acquiring independent trade exchanges to add (to the Continental Trade Exchange network) has been a huge success.

Now, with secured funding in hand, Mardak believes the company is ready to continue with an aggressive industry roll-up program. For more information go to

IMS Featured In ValueRich Magazine

IMS International Monetary Systems is one of eight companies featured in the current issue of ValueRich magazine, which has over 58,000 readers including 8,000 public-company CEOs, fund managers, money managers, investment bankers, and others. Mardak will present a corporate overview of the IMS growth strategy at the ValueRich Small-Cap Financial Expo, to be held March 8-9 in Miami (FL). 

ITEX Convention In Las Vegas Could Be Industry�s Largest

Word from the ITEX Bellevue (WA) headquarters (OTCBB:ITEX) is that this year�s convention, slated for May 21-26 in Las Vegas, will have over 200 in attendance. Alan Zimmelman from the corporate office reports the convention is officially sold out...with 140 rooms and suites snapped up in record time.

This year�s theme, �The Winning Team,� will have outside presentations from Fred Pryor Seminars, Sales Coach International, and Team Bonding.

The six days of strategizing and sharing will be kicked off with a keynote address by Steven White, the Chairman and CEO of ITEX. He will be covering his favorite topics�the cashless marketplace and how he expects ITEX to set industry trends. For more information visit

Program Developer Steve Webster Teaching Certified Trade Broker (CTB) Seminars 

IRTA Executive Director Krista Vardabash has announced that the Certified Trade Broker (CTB) seminar and exam will be offered at IRTA headquarters in Rochester (NY) on March 11, as well as in Amsterdam at the IRTA Europe International Barter Conference on March 25. 

Vardabash elaborated, �After announcing that the CTB would be offered to attendees in Amsterdam, we received numerous calls asking when the next test would be held in the United States.

�IRTA has always offered the CTB training and testing at our annual conference in September, and will continue to do so. But because we see a growing need for education of sound trade exchange practices, IRTA will begin to offer our educational programs at more convenient times and places for interested barter brokers.

�Even more special is that Steve Webster, the creator of the program and a IRTA Hall of Fame member, will be teaching both CTB programs in March. Webster not only developed this program, but maintains one of the most respected exchange and broker networks in the business.�

There is an application and approval requirement to attend each program. Exchanges with interested brokers should contact Krista Vardabash at (585) 424-2940, or go to:

Ralf Becker Addressing IRTA Europe Conference

The coming IRTA Europe International Barter Exchange Conference, scheduled for March 24-26 in the Netherlands, will hear Ralf Becker discuss the rise of local and regional complementary currency networks. Becker, co-author of the study �Our Future Economy�Sustainable Finance for the Wealth of People,� will also share his thoughts on the important role that trade exchanges will play in the future of the world economy.

Becker will compliment the Conference�s focus, �Reaching For The Stars: Uniting People and Standards in a Cashless Trading World,� as he is the coordinator and coach in the Regio Network, an organization of approximately 50 regional complementary currency initiatives in Germany and Austria.

Other presentations scheduled will include one on the World Travel Exchange (WTEX), a vehicle trade exchange owners worldwide can use to garner travel from other exchange owners. Plus a �How to Market Your Exchange� session promises some innovations, as European exchange owners share their strategies on marketing and techniques promoting the concept of barter in Europe.

The event will be held at the Hotel Haarlem Zuid. For further information and registration contact Krista Vardabash via e-mail at, or go to 

Bartercard Sells Turkey License For $600,000

The sale of the license for Bartercard in Turkey, which sold for US$600,000, has been completed and the final payment collected for it. The majority shareholder of the new license is Mr. Mose Elis, who will take on the role of CEO. He is founder and owner of Endotec, one of Turkey�s major medical supply companies, which he�ll be leaving to focus his efforts on this new project. 

Training for the foundation management team is now taking place in Australia, with beginning operations in Turkey targeted for early April.

Bartercard International Chairman Wayne Sharpe was enthusiastic. �This is an exciting expansion in the region, and the team behind this license consists of talented individuals,� he noted. �With licenses already operating in nearly Jordan, Lebanon, Egypt, Cyprus, Qatar, Kuwait and the UAE, the region is poised for continued development and expansion.�

Record Growth Reported By International Monetary Systems

International Monetary Systems (OTCBB:INLM) processed more than $52 million worth of trades in 2005, producing gross revenue of $6.2 million. The figures represent increases of 40% and 31% respectively over the year ending December 31, 2004. (The listed $52 million in trade volume represents purchases only, just one side of each transaction.)

The company now reports 9,200 members in 32 markets, and management believes that it will have more than 11,000 members by the end of the year 2006. Don Mardak, President and CEO of IMS, commented, �2006 looks to be yet another blockbuster year for the company. Our stock price continues to lag our core business fundamentals, and this is why I continue to buy back shares in the open market.�

National Association of Trade Exchanges Reports Banc Trading Totals

Thanks to David Powers of VIP Barter for providing the following list of the top ten trade exchanges within NATE using the Banc trade currency for their reciprocal trading in 2005.

Continental Trade Ex.   $487,445.00

Illinois Trade Assn.          360,951.00

TBC                                  321,666.00

Green Apple                     313,755.00

Trade Exch. Of America    214,903.00

NCE - St. Louis                156,713.00

VIP Barter                        146,578.00

American Trade                133,373.00

Southern Barter              122,336.00

Midwest Barter                117,186.00

Banc member North Louisiana Trade Exchange has some offerings (builder�s residential lots, medical supplies, mini-chopper motorcycle, etc.) listed in The Barter MarketPlace, go to:

eValues Expands Online Technology Services

Gary Lasater, CEO of TeleTrade International and eValues, has provided online technology processing services to the barter industry for decades. Lasater�s eValues is now expanding its services, offering local community based service centers the opportunity to set up a private branded Community Finance Service Center (CFSC).

According to Lasater, this private branded CFSC allows local service centers to use their own logo and business names within each web site, thus enhancing the financial health of their local community. For complete details on establishing a Community Finance Service Center go to, or call Gary Lasater (303) 840-7172, ext. 1.

Trade Exchange Industry First...Automobile Fuel On Barter!

BarterNews has learned that members of the EBanc Trade Network ( can use their trade dollars to buy automobile fuel in Australia on a 50%-50% basis!

EBanc is working with FUELbanc ( to provide this service to their members. The FUELbanc gas card works at all fuel outlets across Australia, including major chains and independent retailers.

Ron Whitney�s Unstinting Efforts On Behalf Of U.S. Commercial Barter Industry

Kudos to IRTA board member and lawyer Ron Whitney, president and founder of Barter Network ( in Chadds Ford  (PA), who has taken considerable personal time to write a position paper on Form B Notices for tax withholding.

His position asserts that trade exchanges (barter companies) should be excluded from having to send Publication 1281 B-Notice back-up withholding letters to barter clients as a matter of fact and law.

Recently he traveled to Washington, DC, on behalf of IRTA. There he attended a special IRS reception for the agency�s partnerships, which included IRTA. While at the reception Whitney was able to meet and talk with IRS Commissioner Mark Everson, Small Business Commissioner Kevin Brown, Chief �E� Officer Phyllis Grimes, and key members of IRSAC (IRS Advisory Council).

Whitney�s unstinting efforts, as well as his attendance at this special reception, established good relationships for IRTA�s continual work on behalf of the commercial barter industry. Below is a copy of Ron Whitney�s actual �position memo.�

Date:   January 25, 2006

Re:      Applicability of Back-Up Withholding Requirements of Publication 1281 To the Organized Barter Exchange Industry


Publication 1281 � �Back-Up Withholding for Missing & Incorrect Name/TINS�, requires organized barter exchanges to back-up withhold on accounts with non-matching TINS/SSNs.  Such requirement is impossible to comply with since barter exchanges do not maintain or control ANY cash accounts of their clients from which back-up withholding could take place. As third party record keepers, barter exchanges maintain trade accounts, (not cash), for their members.                    


The aforementioned internal IRS systemic problem causes undue hardship to the barter industry in the form of unjustified fines, penalties, and appeals.


Pursuant to the TEFRA of 1982, barter exchanges file annual information returns with the IRS verifying the total amount of barter sales for each of  their member clients.  The members also receive a 1099B form to be included with their tax returns.  Incorrect SSNs/ TINs on file with the barter  companies may arise from clients� misrepresentations or disappearances. Publication 1586 � �Reasonable Cause Regulations & Requirements for Missing & Incorrect Name/TINS� was the controlling standard for decades on the issue of non-matching SSNs & TINs.  It required barter exchanges to show �the failure was due to reasonable cause and not willful neglect.�  The 12-2004 Revision of Pub. 1586 now requires barter exchanges to send �B-Notices� to non-matching clients threatening to back-up withhold pursuant to the dictates of  Pub. 1281, and abatements are granted or denied based on an exchange�s compliance with �B Notice� solicitation rules. Theresa Spillett, IRS Tax Specialist, Holtsville, NY office recognized the impossibility of barter companies complying with Publication 1281 in her 3/15/05 penalty abatement letter, (attached), to Barter Network Inc.: �You also established the fact you are unable to by law comply with back-up withholding as these payees� accounts are not cash accounts.  They are paper accounts, as they barter their individual services for other services.�


The back-up withholding requirements placed on barter exchanges as codified in  Publication 1281 must be removed, since compliance by barter exchanges is impossible as a matter of fact and law.

IRTA 2006 International Conference Slated For Florida

Krista Vardabash, executive director of the International Reciprocal Trade Association, has announced that the organization�s 2006 International Conference will be held at the Island Grand Resort in St. Petersburg Beach (FL) from September 14 through 17. Vardabash noted that the Island Grand is a spectacular property and easily accessible globally.

Additionally, she reported that IRTA will be maintaining a focus on core values through standard setting and unity...using the same theme from last year, �Uniting People and Standards In a Cashless Trading World.�

Vardabash explained the program IRTA built around this theme in 2005 received high marks, and created tremendous excitement for the future of credit-clearing through various means. For more information:

BizXchange Lauded By Bay Area Barterers

Chris Haddawy, one of BizXchange�s owners and manager of the company�s Bay Area office, and Account Manager De De Wentz have received acknowledgment in the local press about several outstanding businesswomen who are members of their trade exchange.

The following excerpts are from Bay Area BusinessWoman magazine:

Shari Woolridge joined BizXchange shortly after she opened her stylish East Bay shoe shop, Steppin� Out. One of her first expenditures on trade was a large ad in the glossy Oakland Magazine, which Woolridge said �paid off immediately.�

RSVP Postcards owner Melinda Manley exclaimed the BizXchange service is the best she�s experienced. �I�ll send them a list of items or services I�m looking for (on trade), and within 24 hours they�re back to me telling me which ones they can provide. I always know where I stand with these guys!�

Irene Ralston, owner of, relishes the exchange�s services because it provides her with another that promotes her business outside of the local region.

BizXchange, headquartered in Seattle, recently was No. 16 on the Puget Sound Business Journal�s list of Washington State�s 100 Fastest-Growing Private Companies. For more information:

US Bank Extends ITEX Line-Of-Credit To $1 Million

ITEX has announced that its credit capacity/facility with US Bank has been expanded from $500,000 to $1,000,000. CEO Steven White elaborated, �Our financial stability over the last two years, and the reduction of $1.3 million in debt during the last six months coupled with our long term relationship with US Bank, has resulted in our ability to access a larger amount of capital.�

White says the company is well-positioned to take advantage of strategic opportunities as they arise, and pursue the further development of their cashless payment transaction platform. For further information on ITEX go to

Zampatti Promoting Entire Concert On Barter

Ric Zampatti, founder of The Barter Company in Atlanta  (, is one of the more enterprising exchange owners in the country. Over the last several years he has ambitiously built a very successful billboard business in his area, known as Southern Media.

Now he�s moving in another direction that could prove to be most interesting as well...under his direction, Southern Media is promoting Big Head Todd and the Monsters concert March 11, 2006, at The Fabulous Fox Theatre.

Bartered tickets to a concert are one thing, but using barter to organize and stage an entire concert is quite a different story. According to Zampatti, the facility, lighting and other expenses involved with staging the concert, will be handled on a bartered basis, as well as the considerable advertising effort.

The band, based in Boulder (CO), and Zampatti have wanted to stage such a concert for years, but they could not get the dates to coincide with the band�s touring schedule. For more information on the band and concert go to

Illinois Trade Association Offering New Online Barter Shopping Service To Membership

ITA�s Jack Schacht and Joan Varner will soon be introducing a new service for their 6,000 members...a very ambitious online shopping store where members will be able to choose from over 2,000 items. All products will be available for purchase over the Internet on a 100% trade basis. For more information on Illinois Trade Association go to

Other Barter Company Happenings

  • TeleTrade International (TTi) has updated its summary totals as reported in the January 17 Tuesday Report. CEO Gary Lasater explained, �Processing totals since taking our technologies online in 1999 has exceeded $346,877,831, previous totals only reflected activity through 2004.�

    The primary web site accounting for this activity is launched to help independent trade exchanges (barter companies) compete with larger national or international entities while maintaining their independence and control.

  • ITEX Corporation (OTCBB:ITEX) has reduced it debt by more than $1.3 million during the last six months, in addition it has repurchased 250,000 shares of its common stock. CEO Steven White elaborated, �We continue to execute an efficient, profitable model, growing both our business and revenues, as well as profits and cash flow. From our perspective, the best use of our cash at this time is the repayment of outstanding debt. We also took advantage of an opportunity to repurchase our common shares at an undervalued price.�

  • Reiner Husemann, President of IRTA-Europe, and Bernard Lietaer, keynote speaker at last year�s IRTA Congress at Disney World, are on the advisory board for EBBS International Business School. EBBS is a business school for entrepreneurs that will use the advantages of barter and complementary currencies, such as time-dollars and trade dollars/euros. For more information go to

  • Buddy Hooper, President of OrangeBee Private Monetary System in Florida (, asks the question, �Is no one capable of signing up a new member in the barter industry?� Hooper�s query projects a prevalent reaction that occurs among exchange owners when a desirable member is chased by other barter companies.

    Fortunately for Hooper, in this case a loyal Florida magazine and client insisted (to the competing barter company) that all trades must go through OrangeBee. Obvious message: Clients appreciate great service and will reciprocate�in most situations�with a much appreciated loyalty.

  • The BarterNews office received a call last week from an enterprising ITEX member located in San Diego. In one of the hottest real estate markets in the country, this client managed to acquire commercial space on full trade. And he is quickly subletting it out for cash.

Matchbin Barter Platform Providing Easy Entry Into $17 Billion Print Classified Market, Plus eBay & Yahoo

Located in Salt Lake City, was launched in 2002 as an online automated barter marketplace. The company has taken on a paradigm shift with the introduction of its �Community Marketplace� that enables entrepreneurs, businesses, and organizations to own a web site that is locally focused, yet globally connected. The platform provides entry into the huge classified ad market.

Matchbin sees their proprietary program providing significant opportunities for Community Marketplace partners to be on the cutting edge of e-commerce, and create significant growth for their organizations. Matchbin says it currently has 275 communities nationwide.

The firm also offers other services, such as the Matchbin Storefront which is a retail site. A business of any size, can use it to barter or sell products and services to Internet users. There is a minimal flat fee of $39.95 per month.

Bartercard Processes More Transactions Than American Express & Diners Club Combined

The world�s largest barter company, Bartercard Plc., with 25,000 Australian businesses which are members of the barter organization, has affirmed that they process more transactions (in Australia) than American Express and Diners Club combined!

In addition, Bartercard Australia has formed a strategic alliance with four major Australian banks�Commonwealth Bank of Australia, National Australia Bank, St. George, and Westpac Bank. The group agreed to Bartercard�s system of linking its barter platform with point-of-sales electronic funds transfer (EFTPOS or EPOS).

According to CEO Wayne Sharpe, greater bottomline profits will result. He explained, �The (previous) Bartercard New Zealand experience is such that approximately 70% of transactions are processed electronically, at a cost of up to 50% less than a (hand-processed) voucher transaction.�

Sharpe said that Bartercard Australia accounts for over 65% of Bartercard�s revenue; its largest cash expense is head office administration printing, distribution, phone authorisations and processing of vouchers. Since members will now be able to buy products by making an EFTPOS transaction rather than filling out a voucher, Sharpe concluded, �The net effect of this strategic alliance on our bottomline should be substantial.�

Bartercard Deploys Online Log-in Protection

The world�s largest trade exchange ( is working with internationally renowned SentryBay to deploy the first global online log-in protector across Bartercard�s 17-country franchise network.

Customers who deploy the optional software (which takes one click from any international Bartercard web site) prevent any keylogging spyware from monitoring member log-in details.

New Zealand-based SentryBay Corporation ( has sales offices in North America and the United Kingdom. It has five current products, and licenses its patented anti-keylogging technology for use in protecting log-ins within third party software applications.

Originating in Australia in 1991, Bartercard has expanded through franchising to 17 countries internationally. The firm is listed on the London Stock Exchange.

IMS Reports Another $6 Million Trade Volume Month

Don Mardak, President and CEO, reported that December was another �fabulous month� for International Monetary Systems (OTCBB:INLM). �Our revenue growth continues as our trade brokers generate higher trade velocity and new, incremental sales for their clients.�

The company announced revenue for December was $619,000, an increase of 41% over December 2004, as they processed $6 million worth of trades for the second consecutive month. IMS reports its trade volume on barter purchases only (one side of the transaction), instead of the usual dual reporting of purchases plus sales.

Continental Trade Exchange, under parent company IMS, serves more than 9,300 customers with 14,000 cardholders in 32 U.S. markets. Headquartered in New Berlin (WI), the firm generates revenue through monthly account maintenance fees of $12 cash and $12 trade, plus cash transaction fees of 12%, usually paid 6% by buyer and 6% by seller. For more information:

International Reciprocal Trade Association Introduces New Membership Category And Brand Verification Program

Now into its 27th year of existence, IRTA�s board of directors has addressed the issue and acknowledged that there should be a way for exchange systems that are not commercial barter exchanges to become members...and thus created a non-commercial category for IRTA membership.

At the same time a new effort to protect the IRTA brand is in the works. Each member will receive a certificate for office display and also a digital �IRTA 2006 Member� logo to place on their web site. The logo will be uniquely verifiable when a computer mouse is placed over it, so it cannot be duplicated.

Executive Director Krista Vardabash explained, �An IRTA membership is something to be proud of, as it means you belong to a network of professional exchanges that keep each other accountable to doing the right thing. It should be a vital part of each barter company�s marketing efforts.�  

 �I believe Bartercard is now in excellent shape to realise its considerable potential to grow internationally and to generate excellent value for shareholders.�

�Wayne Sharpe, Executive Chairman

On December 7, 2005, Chairman Wayne Sharpe provided some insight and figures on Bartercard�s first interim results as a publicly-traded company. For the six months ending 30 September 2005, Bartercard had a turnover (gross revenues) of  $27,811,038 with a profit before taxes of $556,493.

Sharpe�s letter reported, �All of the company�s major subsidiaries performed ahead of forecasts during the period and the largest, Bartercard UK and Bartercard Australia, were consistently profitable, with a new national trading record being set in the UK in May.

�In all company owned and licensed operations 6,700 new members were acquired globally, with trade volume over $1.25 billion, and ten new offices opened taking the total to 130.

�Bartercard also took ownership and management control of the licence and operation in the United Arab Emirates. This will become the hub office for further expansion in the Middle East and Gulf region, such as the Qatar office which has commenced operations

�In September, a contract was signed to re-acquire the majority interest of Bartercard USA. We believe that there is considerable potential in these territories and expect that there will be a meaningful contribution from them in the second half of the financial year.�

It was also announced that Bartercard Thailand was awarded 2005 Licensee of the Year. (Bartercard is one of the world�s largest trade exchanges; WIR in Switzerland is the other.)

Amsterdam Site For IRTA Europe International Barter Conference

The International Reciprocal Trade Association�s Europe Chapter of trade exchanges and E-Banc Trade in The Netherlands has announced the dates March 24 - 26 for the spring conference. Following up on the successful theme of the past IRTA World Congress, held last September at Disney World in Florida, the attendees will be �Reaching For The Stars: Uniting People and Standards In A Cashless Trading World.�

The European Conference will be held at the Hotel Haarlem Zuid. Social events are scheduled as well as an opportunity to tour Amsterdam, one of the world�s great cities. For additional information contact IRTA Executive Director Krista Vardabash at (585) 424-2940, or see

TeleTrade International�s Online Processing Totals Reach New Highs

CEO Gary Lasater reported that TeleTrade�s online platforms serving independent trade exchanges, the BANC and international affiliates, processed $96,816,388. The majority of activity, $60.7 million, came from the eValues network for independent exchanges, which has grown 1,000% from its $6 million volume in 2001.

According to Lasater, their primary trading arena is North America. �By selecting exchange operators with high principles we have experienced an exceptional growth rate.�

Teletrade International (TTi) and its wholly owned subsidiary eValues are privately owned Colorado corporations. The base technology, created in 1981, makes TTi the world�s oldest barter-technology development company.

Lasater pointed out that since TTi technologies went online in 1999 they�ve accounted for $248,270,738 in trade activity worldwide, with the independent exchanges within eValues having nearly half the activity. For more information contact or call (303) 840-7172, ext.1.

White Aims To Make ITEX The Cashless Marketplace �Google�

Steven White, CEO and Chairman of ITEX (OTCBB:ITEX), has an ambitious goal�to lead his company forward to the point that whenever a company considers doing a non-cash transaction they�ll think �ITEX.�

White elaborated, �When you need a search engine you think of Google, when you think of coffee it�s Starbucks, and for online shopping you go to Our desire is to make the business world think of ITEX every time a cashless transaction is considered.�

Six Offices Generate $1 Million Monthly

ITEX reported that six offices, within the network of 95 franchisees and licensees, generated more than $1 million in transaction volume (sales & purchases) in a single month�s period. Leading the way with $2.3 million was the New York office.

In November and December the company�s transaction volume was $47,663,000, a 63% increase compared to $29,215,000 for the same period in 2004. Cash deposits were $2,541,000, a 58% increase compared to $1,606,000. Completed transactions were up 85%, hitting 67,973 compared to 36,822. Member businesses within the ITEX network were up 64%, with 22,000 members compared to 13,400.

ITEX Reports 48% Increased Revenue

ITEX Corporation (OTCBB:ITEX) announced results for the first quarter of fiscal year 2006, ending October 31, 2005. It was the first period to report fully combined operations for ITEX and BXI, which ITEX acquired at the end of the 2005 fiscal year.

�Although we incurred and expensed integration costs this quarter, we still realized a respectable profit,� CEO Steven White pointed out. �And the integration of the BXI member database and broker network has been completed.�

First Quarter 2006 Highlights:

         Revenue was $3,721,000, compared to $2,507,000 for the first quarter in fiscal year 2005, a 48% increase.

         Operating income was $348,000, compared to $227,000 for the prior year�s quarter, a 53% increase.

         SG&A was $681,000, compared to $604,000 in the 2005 first quarter. The increase was due to integration costs, increased staffing, overhead, and other office expenses needed to support the acquired BXI members.

         The company expended $112,000 for BXI integration costs.

         Assets increased to $9,471,000, from the fiscal year ending balance of $9,125,000 on July 31, 2005.

         Business members participating in the ITEX Marketplace increased to more than 22,000 from 13,400 in the prior year�s quarter.

ITEX Corporation�s report on Form 10-SQB can be found at



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