MEDIA RELEASE 2 January 2007
BBX expands to Vietnam
ASX listed barter exchange company BBX Holdings Limited (BBX) today
announced that a Heads of Agreement has been signed between its wholly owned
subsidiary, BBX International Ltd. of Hong Kong and Peter Ngyuen, a Vietnamese
national and major Australian property developer, to operate the BBX Master
Franchise in the Democratic Republic of Vietnam.
BBX Managing Director Michael Touma said the parties have agreed on the terms
and conditions to operate the BBX Vietnam trade exchange and a deposit has been
paid to secure the franchise.
“BBX will hold a 20 per cent shareholding in the company established to operate
the master franchise and receive a royalty from all income generated in both
cash and trade dollars,” Touma said.
“We expect that significant quantities of Vietnamese produced goods will be
available to be sourced by all BBX International franchise members and that
trade credits will be used by the Vietnamese suppliers to make investments in
real estate on the east coast of Australia,” he said.
Touma said that the balance of the franchise fee of US$250,000 will be paid on
the execution of the Master Franchise Agreement.
“This franchise is the third completed in Asia for BBX along with China and
India and negotiations with respect to Mexico are at an advanced staged,” Touma
said.
“We are optimistic that very shortly, BBX will have franchises in all of the
'low cost' producing regions in the world,” he said.
BBX has taken significant steps to convert its unique internet-based cashless
trading platform into Chinese. Eventually, members from any country will be able
to select which language they wish to use when transacting with BBX.
BBX currently has applications or enquiries for franchises in Portugal, Kuwait,
Costa Rica, West Africa, Fiji, Iran, Indonesia, Saudi Arabia, the Philippines
and the United States.
BBX is a membership-based trade exchange. A trade exchange uses trade dollars,
which have par value with the local currency, to assign value to the
transactions that take place between members. The exchange acts as the third
party facilitator and record keeper and issues members with monthly statements
showing the purchases and sales they have made during the month.
The company also offers a broader range of financial services in areas such as
mortgage broking, insurance, business finance and financial planning through BBX
Financial Advisors and BBX Money.
BBX has a substantial membership base in Australia, New Zealand, India and
China making it one of the largest reciprocal trade exchanges in the world.
Members in Australia and New Zealand transacted $146 million in trade for the
2006 financial year.
The company is Australasia’s first and only publicly listed trade exchange
manager and listed on the Australian Stock Exchange in 2005.
In September, BBX announced a record net profit after tax of $1.080 million.
This represents an increase of $825,000 or 323 percent over the previous year.
BBX can be contacted on 1800 222 229. The website is
www.ebbx.com.
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Released for BBX by Dennis Rutzou Public Relations.
For further information contact Fiona Pennington or Louise Wesolowski on +61 (2)
9413 4244.
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