MEDIA RELEASE 17 July 2008
BBX Insurance launched on the Central Coast
BBX Insurance has been launched on the Central Coast, the first time that
insurance has been offered by a cashless trading company.
BBX, a membership based cashless trading exchange, has been taken up by many
businesses on the Central Coast as an effective way to increase sales, stay
competitive and reduce costs, while still retaining a healthy cash flow. There
are now 500 Central Coast BBX members in industries ranging from mechanics to
sign writers and to florists.
Primarily specialising in business insurance, BBX Insurance operates like a
normal insurance broker, shopping around in order to get customers the best
insurance deal at the best price. However, BBX members are able to pay up to 30
per cent of their insurance premiums using BBX dollars.
Besides business insurance, BBX insurance offers cover for motor vehicles and
CTP, home, building and contents, public and products liability and much more.
"BBX Insurance is a great opportunity for BBX members as it helps to free up
cash flow because part of the premium can be paid using BBX dollars, while still
offering competitive, value for money insurance. In fact, BBX Insurance will
equal or better your current premium," said BBX Insurance director, Ian
Lancaster.
BBX Insurance is the latest value added service offered by BBX. Other services
include BBX Money, BBX Real Estate, BBX Financial Advisors and the BBX Property
Fund.
"BBX is all about helping businesses grow and we want to offer our members a
total business package, where they can really utilise the BBX dollars they
earn," said Michael Touma, BBX managing director.
BBX Holdings Limited, the parent company of BBX Insurance, successfully listed
on the ASX in August 2005, becoming the only exchange in the world to be
publicly listed on a main board. BBX is a membership based trading program whose
primary role is to generate new opportunities for all types of businesses and to
show business owners how to offset many current cash expenses by utilising the
down time and idle inventory in their business.
The trade exchange uses BBX dollars, a currency unit having equivalent value to
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 market where thousands
of transactions take place on a cashless basis.
BBX has offices throughout Australia and operates in New Zealand through a
master franchise. Through their BBX accounts, member businesses in these
countries traded in excess of $188 million in the financial year ending 30 June
2007, averaging over $33,000 per member.
BBX has recently expanded to Costa Rica, India and China through master
franchise arrangements and further international expansion is being pursued.
BBX and BBX Insurance can be contacted by phoning 1800 222 229 or visiting
www.ebbx.com.
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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