Company strikes 6 million dollar deal
New Zealand software company strikes 6 million dollar deal 2nd August 2006
Auckland based XO Limited (www.barter-software.com), the worlds largest developer of software for alternative currency and barter exchange systems, today announced the sale of an exclusive Ozone franchise license for Thailand and Vietnam to publicly listed Thailand company, SLC (1998) Limited.
Under the agreement XO receives an initial license fee payment and further payments totaling approximately $6 million dollars over a 5 year period, a figure based on forecast member trading volumes for the new franchise operation. SLC has recently set up a new subsidiary company. OpenServe (Thailand) to operate the new barter exchange operation under the Ozone name.
Sam Rama, CEO of the international Ozone Barter brand said, "Our vision for Ozone has always been to build one of the world's largest barter networks. We believe that we can revolutionize the ease of which businesses can trade their surplus time or stock for things that they need."
"It is clear that SLC has the drive to take Ozone to the next level internationally" said Mr Rama.
The Ozone barter business is a premium low-cost service for businesses with excess capacity or stock. Members of the network sell their surplus time, capacity or stock for trade credits to other members. These trade credits can then be used to buy goods or services they need - effectively converting dead time or products into valuable assets.
The deal represents a major opportunity for participants in the New Zealand Ozone Barter network to sell and acquire products from the Asian market.
The new franchisees aim to have 1,200 members in Thailand with a trading value of up to 30 million baht by the end of this year.
Barter, non-cash currencies and reciprocal trading represent nearly 30% of the worlds trade. "As one of only a handful of software providers to this industry, and the only provider with full EFTPOS, SMS Banking, WAP and Internet capabilities we are uniquely placed to take full advantage of this booming industry" said Mr Rama.
The license sale comes one month after XO successfully raised a further 1 million dollars of capital from two New Zealand-based private investors.
Shares in Solution Corner (SLC) last traded at 2.78 baht.
About XO Limited Founded in 2002, XO is the worlds premier barter and counter-trade systems developer. It offers a neutral Internet based platform that enables traders to trade with one another using a "virtual" currency through electronic and traditional means. XO's systems are designed to enable barter exchange operators to reduce their costs whilst increasing their overall trade volumes. Some of the key functionalities of their trading platform includes: a universal currency, Internet banking, TXT/SMS banking, internet trading, IVR (telephone) banking, EFTPOS (electronic point of sale) cards and direct interfaces with traditional banking methods. Additionally, the XO software systems are written to enable the barter exchange operator direct access to their customer base via the Internet, with data able to be accessed and downloaded into common Microsoft and third party applications. The company operates the largest team of software developers specializing in barter exchange and alternative currency systems anywhere in the world.
About Ozone Barter Ozone Barter is Asia-Pacific's fastest growing barter exchange company with franchisees in Australia, New Zealand, Singapore and South Africa and a network of over 10,000 business members. Ozone is also the only barter exchange in both Australia and New Zealand to operate a 24 hour/7 day a week trading call-centre for its members. Within New Zealand the exchange works in conjunction with Westpac Banking Corporation (www.westpac.co.nz) - the second largest commercial bank in the region - and Provenco (www.provenco.com) to provide EFTPOS services to its members.
Contact Details for Press Release Press release prepared by XO Limited. For hardcopy of the press release and further enquiries, please do not hesitate to contact: