MEDIA RELEASE 10 May 2007
Australian trade exchange BBX moves into Costa Rica
Australian trade exchange BBX Holdings Ltd (BBX) has signed a Heads of Agreement
in Costa Rica, adding to its fast growing international presence.
The Costa Rica agreement was signed between BBX International Ltd Hong Kong (BBXI),
a wholly owned subsidiary of BBX Holdings and Ms Silvia Jacobo and Ms Maria
Amalia Jacobo, to operate the Master Franchise in Costa Rica and the wider
Central America region. The franchise will operate through the newly formed BBX
Central America SA (BBXCA). The parties have agreed to the terms and conditions
and a deposit has been paid to secure the franchise.
Managing Director of BBX Holdings, Michael Touma, says the new international
venture will greatly benefit businesses in Costa Rica and Central America.
"We're confident that the BBX Master Franchise will complement and promote
economic development because Costa Rica is certainly the strongest country
economically in the Central America region," Michael said.
"The BBXCA Master franchisees are very passionate about the concept of barter.
They saw it operating in Lebanon and were very impressed with how it works.
"The franchise will be run by five family members, some of which own a
successful franchise network called Get Nuts, which has about 70 outlets
operating throughout Central America and Mexico.
"The initial strategy for the franchise will be to establish a strong presence
in Costa Rica by building the profile of the business and signing up new BBX
members, with the longer term goal of setting up local and regional franchise
offices," he said.
BBXI will have a 20% shareholding in BBXCA and appoint at least one
non-executive director to its Board. BBX will receive on-going royalties from
the income generated by the new joint venture company, which is expected to be
operational before the end of the year.
BBX already operates international franchises in New Zealand, India, and China
and is in the process of converting its Internet based cashless trading platform
into a multi lingual format for Costa Rica, as it has done previously for the
BBX successfully listed on the ASX in August 2005 to 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
The trade exchange uses BBX currency, which has the same value as Australian
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 solutions in areas such as
mortgage broking via BBX Money, including leasing, business finance and general
loans in both cash and BBX dollars, financial planning through their latest
initiative, BBX Financial Advisers, and property services through BBX Real
Estate and its NSX-listed Property Investment Fund (www.bbxpropertyfund.com.au).
BBX has offices and/or franchises situated throughout Australia and operates in
both islands of New Zealand. Member businesses in these two countries traded in
excess of $146 million in the financial year ending 30 June 2006, averaging over
$33,000 per active member business.
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 Aleks Czerwinski or Teanne Ryan on (02) 9413