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

 

Scoop Business: RBNZ Starts Talks On Tougher Rules For Property Speculators

The Reserve Bank of New Zealand is stepping up preparations to restrict lending to residential property investors as it watches house prices, particularly in Auckland, continue to rise strongly. More>>

ALSO:

Research: ‘Ageing Well’ Science Challenge Launched

Science and Innovation Minister Steven Joyce today launched the Ageing Well National Science Challenge, confirming initial funding of $14.6 million. More>>

ALSO:

Scoop Business: Govt Resisting Pressure To Pump More Cash Into Solid Energy

Prime Minister John Key says it is “not the government’s preferred option” to make a fresh capital injection into the troubled state-owned coal miner, Solid Energy, but dodged journalists’ questions at his weekly press conference on whether that might prove necessary... More>>

ALSO:

Lagest Ever Privacy Breach Award: NZCU Baywide Accepts “Severe” Censure In Cake Case

NZCU Baywide says that once it was found to have committed a breach of a former staff member’s privacy, it had attempted to resolve the matter... the censure and remedies for its actions taken almost three years ago are “severe” but accepted, and will hopefully draw a line under the matter. More>>

ALSO:

Scoop Business: PayPal Stops Processing Mega Payments; NZX Listing Still On

PayPal has ceased processing payments for Mega, the file storage and encryption firm looking to join the New Zealand stock market via a reverse listing of TRS Investments, amid claims it is not a legitimate cloud storage service. More>>

ALSO:

Housing Policy: Auckland Densification As Popular As Ebola, English Says

Finance Minister Bill English said calls by the Reserve Bank Governor for more densification in Auckland’s housing were “about as popular in parts of Auckland as Ebola” would be. More>>

ALSO:

Get More From Scoop

 
 
Standards New Zealand

Standards New Zealand
 
 
 
 
 
 
 
 
Business
Search Scoop  
 
 
Powered by Vodafone
NZ independent news