IRTA Completes Agreement with Bartercard International Group

IRTA IRTA News

IRTA Completes Agreement For Bartercard International Group To Pay 50% of Prior Licensee – Bartercard/USA’s Reciprocal Trade Accounts

Universal Currency (UC) To Administer The Program

IRTA is pleased to announce that it has completed an agreement with the new owners of Bartercard International Group (BIG) whereby they have agreed to pay 50% of the positive reciprocal trade balances that were owed to U.S. exchanges by previous licensee,
Bartercard/USA (BCUSA). Despite BCUSA being legally wound up in 2006, BIG has agreed to the BC/USA Trade Dollar Payment Program (BCUSA Program) in a good faith effort to address the losses incurred by U.S. exchanges as a result of BCUSA’s closure.

IRTA’s President, Annette Riggs notes, “This is a remarkable program that is rarely seen in the business world, where the owners of the new Bartercard International Group have stepped-up and agreed to address past issues of the previous licensee even though they have no legal obligation whatsoever to do so. IRTA applauds Bartercard for their noble actions with the BCUSA Program and we are delighted that IRTA could play such a critical role in making it all happen.”

BIG’s Chief Operating Officer, Trevor Dietz added, “As the new owners now in control of the Bartercard International Group, we felt it was important to show good faith to those who trusted the Bartercard name. We are very proud of our business and we are driven by our business values. We felt strongly that this was something that needed to be done not just for us but for the message it sends to the whole industry. We are strongly supportive of IRTA and we thank them for responding to this initiative in such a positive and creative way.

The BCUSA Program will be administered by IRTA’s inter-exchange platform, Universal Currency Clearinghouse, Inc., (UC). All potential BCUSA Program participants must meet UC membership qualification standards and agree to the terms and conditions of the BCUSA Program. There will be a 30-day period from the official launch of the BCUSA Program on December 3rd, 2012 for potential stakeholders to elect to participate in the program.

IRTA extends its thanks and appreciation to the hard-working negotiating teams that helped make this unique program a reality. From IRTA; Michael Mercier, John Strabley, Scott Whitmer and Ron Whitney. And from Bartercard International Group; Trevor Dietz, Brian Hall and Paul Bolte.

For more details on the BCUSA Program please contact IRTA’s Executive Director, Ron Whitney at 757-393-2292 or ron@irta.com.