BBX acquires Tradex Pacific
ASX listed barter exchange group BBX Holdings Limited (BBX) has acquired Tradex Pacific, which has been operating in Victoria since 1996.
According to BBX, this acquisition provides an injection of members in established markets in Melbourne and the outer metropolitan area, and they expect to net about 200 members.
Trading opportunities will be enhanced for both existing BBX members and new BBX members from Tradex by the stimulation in trade activity this acquisition is expected to provide.
BBX can add 5 to10% to the turnover of member businesses by introducing new business through the trading system.
BBX successfully listed on the ASX in August 2005 to become the only publicly listed barter exchange in Australasia.
The company has moved offshore with the establishment of master franchises in New Zealand, where it has operated since 2001, India and recently, China. Other international franchises are currently being negotiated.
BBX is a membership based barter trade exchange whose role is to generate new business for any type of business and show them how to offset many current cash expenses by utilising 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 members. In essence, the exchange acts as the third party record keeper, similar to a bank.
The company also offers a broader range of financial services in areas such as mortgage broking via BBX Money, insurance, business finance and financial planning through their initiative, BBX Financial Advisors and property services through BBX Real Estate and its NSX-listed Property Fund.
BBX has offices and franchises situated throughout Australia and operates in both islands of New Zealand. Member businesses in these two countries traded in excess of $146m in the financial year ending 30 June 2006, averaging over $33,000 per member business.
15-May-2007