MEDIA RELEASE 06 May 2008
BBX barter trading commences in China
BBX Holdings Limited (BBX) announced that its BBX franchise in China, 'BBX
China', has commenced trading which is expected to create a significant volume
of cross-country barter trade.
BBX, a cashless trade exchange, has offices and/or franchises throughout
Australia and New Zealand, with 6,000 member businesses and over 8,000
individual card holders. Member businesses in these two countries traded in
excess of $188 million in the financial year ending 30 June 2007, averaging over
$33,000 per active member business.
The BBX China franchise will bring the number of BBX members globally to
300,000. Franchises have also been established in India and Costa Rica, with
other international franchises currently under negotiation.
BBX China consists of 18 regional offices with its main office in Beijing and
when fully established will employ over 1500 staff. BBX China was formed in 2006
when the China Federation of Logistics and Purchasing Barter Trade Committee
entered into a Master Franchise agreement with BBX International, a wholly owned
subsidiary of BBX Holdings Limited which will have 20 per cent equity in BBX
China.
CEO of BBX China, Mr Wang Lei says BBX China is proud to open its doors to
International trade through the BBX network.
Members of BBX China cover a number of industries including production, real
estate, tourism, entertainment, hospitality, services and retail.
"BBX China is a critical step in establishing a global trading platform and will
revolutionise the way business is conducted by our members. The expanding
international network is a benefit to BBX members everywhere because it means
they have increased buying and selling opportunities as members of a global
trading alliance," said BBX Managing Director Michael Touma.
BBX international trading is made possible by its own self developed cashless
settlement platform, WEBiPOS. This sophisticated software provides instant
processing of transactions online and is available to BBX members worldwide in
English, Spanish and Chinese.
"BBX opens the door for easier global trading and with a market as bid and
diverse as China, the opportunities for BBX members are endless," Mr Touma
added. "For instance, an Australian wine producer could sell their wine to a
restaurant in China and then use those BBX dollars to import equipment from
China, or India or even trade locally in Australia for the products they need
for their business.
BBX successfully listed on the ASX in August 2005 and become the only publicly
listed barter exchange managers in the world to be listed on a main board. It is
a membership based trading program whose primary role is to generate new
business for all types of businesses and to show business owners how to offset
many current cash expenses by utilising the down time or idle inventory in their
business.
The trade exchange uses trade dollars, which have par value with the local
currency, to assign value to the transactions that take place between member
businesses. In essence, the exchange acts as the third party record keeper,
similar to a bank, and provides a sophisticated bartering market where thousands
of transactions take place.
The company also offers a broader range of financial services in areas such as
mortgage broking via BBX Money, including leasing, business finance and general
loans in both cash and trade dollars, financial planning through their latest
initiative, BBX Financial Advisers, insurance services through BBX Insurance,
mainly offering 'Business Packs' and property services through BBX Real Estate
and its NSX-listed BBX Property Investment Fund (www.bbxpropertyfund.com.au).
BBX can be contacted by phoning 1800 222 229 or visiting the website
www.ebbx.com. BBX Money can be contacted by
phoning 1300 200 BBX (1300 200 229).
Released for BBX by Dennis Rutzou Public Relations (www.drpr.com.au)
For further information please call Joanna Gitsham or Dennis Rutzou on (02) 9413
4244.
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