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


Oceans: NOAA Declares Third Ever Global Coral Bleaching Event

As record ocean temperatures cause widespread coral bleaching across Hawaii, NOAA scientists confirm the same stressful conditions are expanding to the Caribbean and may last into the new year, prompting the declaration of the third global coral bleaching event ever on record. More>>

Scoop Business: A Decade Of Government Pre-Seed Investment

More publicly-funded science is being commercialised after a decade of government ‘pre-see’d investment, according to an independent review. More>>


Solid Energy: Plan To Shut Unprofitable Huntly East Mine

Solid Energy, the state-owned coal miner in voluntary administration, plans to shut down its unprofitable Huntly East mine and lay off 65 staff after deciding the site stands "no chance whatsoever" of finding a buyer. More>>


E Tū: Merger Creates NZ's Biggest Private Sector Union

E tū has been created by the merger of the Engineering, Printing and Manufacturing Union and Service and Food Workers’ Union. It represents more than 50,000 working New Zealanders in industries as diverse as aviation, construction, journalism, food manufacturing, mining and cleaning. More>>


Internet: NZ Govt Lifts Target Speeds For Rural Broadband

The government has lifted its expectations on faster broadband speeds for rural New Zealand as it targets increased spending on research and development in the country's information and communications technology sector, which it sees as a key driver for export growth. More>>


Banks: Westpac Keeps Core Government Transactions Contract

The local arm of Westpac Banking Corp has kept its contract with the New Zealand government to provide core transactions, but will have to share peripheral services with its rivals. More>>


Science Investment Plan: Universities Welcome Statement

Universities New Zealand has welcomed the National Statement of Science Investment released by the Government today... this is a critical document as it sets out the Government’s ten-year strategic direction that will guide future investment in New Zealand’s science system. More>>


Get More From Scoop

Search Scoop  
Powered by Vodafone
NZ independent news