Video | Agriculture | Confidence | Economy | Energy | Employment | Finance | Media | Property | RBNZ | Science | SOEs | Tax | Technology | Telecoms | Tourism | Transport | Search

 


Bartercard IPO Update

Bartercard IPO Update

The IRTA (International Reciprocal Trade Association) have recently released an announcement regarding a contingent contract with the Bartercard parent company BPS Technology. Because of the nature of the contract and the fact it could not begin without a successful Bartercard IPO, the IRTA and UC (Universal Clearinghouse, In.) were waiting to receive evidence of a successful IPO before making any announcements about the project. The barter software industry has grown significantly during the past 17 years, providing barter exchanges a large choice of software platforms to choose from, many providing their own version of inter-exchange currencies. Counter to its original goal of providing true universal trading currency to unify the industry, these inter-exchange currencies are essentially competing with the IRTA’s subsidiary UC, further fracturing the industry. UC released their barter software platform from various software companies throughout the 17 years and in the last four years they explored creating their own software, as well as examining other arrangements with existing software companies.

Combined with the financial resources from a successful Bartercard IPO through BPS Technology, the existing Bartercard software would be in the position to provide the best opportunity for UC to make use of and recommend a highly advanced technology solution for the industry. This has been judged by the IRTA Global Board of Directors. The strict governance requirements of separate and independent publicly listed companies ensure that members’ data will always be protected.

As such, the IRTA Global Board of Directors approved a contingent contract with BPS Technology for an initial five year term, with the potential for two additional five year terms, but only if both parties elected to continue for the extra terms. The agreement would only become effective if the BPS Technology IPO was successfully completed by August 31, 2014.

The IRTA and UC have been advised by BPS that the Australian Securities and Investment Commission (ASIC) have approved the prospectus. It meets and passes all the strict legal and accounting requirements that come with such a listing, and the Bartercard IPO is now effectively open. As per the agreement with BPS Technology, IRTA and UC will continue to recommend and promote the BPS software, as long as BPS continues to modernise and improve the software to remain consistent with all technological changes in the industry.

© Scoop Media

 
 
 
 
 
Business Headlines | Sci-Tech Headlines

 

Pre-Budget: Computer Emergency Response Team, Assemble!

John Key told the country's first ever Cyber Security Summit in Auckland that the government had earmarked funding set up a national Computer Emergency Response Team to help prevent and act on cyber incidents in partnership with the private sector and other organisations. More>>

ALSO:

Job Cutter Goes: Mark Weldon To Step Down As MediaWorks CEO

“When I joined MediaWorks in August 2014, I had a mandate to lead a significant change programme to bring the business back from receivership into a position where it could once again be a strong competitor in the market, with a sound and sustainable future. It was a big brief, laden with inherent challenges, but I took it in good faith and have dedicated myself fully to the goal since." More>>

ALSO:

Must Sell 20 Petrol Stations: Z Cleared To Buy Caltex Assets

Z Energy is allowed to buy the Caltex and Challenge! petrol station chains but must sell 19 of its retail sites and one truck-stop, the Commerce Commission has ruled in a split decision that acknowledges possible retail price coordination between fuel retailers occurs in some regions. More>>

ALSO:

Huntly: Genesis Extends Life Of Coal-Fuelled Power Station To 2022

Genesis Energy will keep its two coal and gas-fired units at Huntly Power Station operating until 2022, having previously said they'd be closed by 2018, after wringing a high price from other electricity generators who wanted to keep them as back-up. More>>

ALSO:

Dammed If You Do: Ruataniwha Irrigation Scheme Hits Farmer Uptake Targets

Enough Hawke's Bay farmers have signed up for water from the proposed Ruataniwha Water Storage Scheme for it to go ahead as long as a cornerstone institutional capital investor can be found to back it, its regional council promoter announced. More>>

ALSO:

Reserve Bank: OCR Stays At 2.25%

Reserve Bank governor Graeme Wheeler kept the official cash rate at 2.25 percent, in a decision traders had said could go either way, while predicting inflation will pick up as the slump in oil prices washes out of the data and capacity pressures start to build in the economy. More>>

ALSO:

Get More From Scoop

 
 
 
 
 
 
 
 
 
Business
Search Scoop  
 
 
Powered by Vodafone
NZ independent news