Bentley Commerce to Acquire $5 Million in Resort Condos and Suites in Exchange for $5 Million Trade Credit to Complete New Resort Hotel.Business Editors LOS ANGELES--(BUSINESS WIRE)--Feb. 24, 2004 Bentley Commerce Corporation's (OTCBB OTCBB See OTC Bulletin Board (OTCBB). :BLYC) new Corporate Trade Group will provide $5 million in cash equivalent trade credit funding to a Caribbean resort in exchange for an equal amount of resort condos, suites and rooms that it plans to re-market for cash to vacation and resort travelers. Bentley Commerce will also market a portion of the room inventory through its Bentley Crump crump v. crumped, crump·ing, crumps v.tr. 1. To crush or crunch with the teeth. 2. To strike heavily with a crunching sound. v.intr. Barter Network of 180 independent trade exchanges with about 50,000 companies that trade through them, to expand trade opportunities available to its members. Bentley Commerce's first trade credit funding of a resort, was engineered together with Intertrade Capital Group, its strategic alliance partner. It will assist a U.S. based company that specializes in resort and hotel development to complete one of its Caribbean resorts located on the North Coast of the Dominican Republic Dominican Republic (dəmĭn`ĭkən), republic (2005 est. pop. 8,950,000), 18,700 sq mi (48,442 sq km), West Indies, on the eastern two thirds of the island of Hispaniola. The capital and largest city is Santo Domingo. near Cabarete. It includes a 340-acre master-planned residential beach-front resort community, a 180 all-suite condo-hotel and conference center, plus approximately 300 homesites, an 18-hole golf course, sites for additional hotels, a commercial shopping center shopping center, a concentration of retail, service, and entertainment enterprises designed to serve the surrounding region. The modern shopping center differs from its antecedents—bazaars and marketplaces—in that the shops are usually amalgamated into and casino. Under the agreement signed this week, Bentley Commerce will advance $5 million in cash equivalent trade credits that will be used to reduce the resort's cash requirements for the purchase of building materials Building materials used in the construction industry to create . These categories of materials and products are used by and construction project managers to specify the materials and methods used for . , furniture, fixtures and equipment Furniture, fixtures and equipment (or FF&E) is an accounting term used in valuing, selling, or liquidating a company or a building. FF&E are movable furniture, fixtures or other equipment that have no permanent connection to the structure of a building or utilities. , printing and media. Bentley Commerce also has an option to receive a 10% equity share of the completed $100 million resort village project for $1 million in Bentley Commerce stock, pursuant to the resort reaching certain milestones. Bentley Commerce will also provide the resort with marketing and international sales expertise, as well as introductions to its corporate clients, especially those in its commercial and industrial buying consortium. "When the project is completed," said Bruce Kamm, Bentley Commerce's CEO (1) (Chief Executive Officer) The highest individual in command of an organization. Typically the president of the company, the CEO reports to the Chairman of the Board. and the Managing Director of its Corporate Trade Group, "Bentley Commerce will sell most of its acquired inventory of condos and room nights for cash, which we believe will result in substantial revenue. We will also market some of the room nights for trade dollars. Our hospitality trade credit funding initiative will also provide us with an inside track on resort hotel rooms for barter, one of the most demanded areas of personal and cooperate barter, as well as present us with excellent opportunities to obtain equity positions in new resorts. "Bentley's Hospitality trade credit funding initiative is an extraordinary opportunity for resorts and hotels requiring financing for property development, refurbishment re·fur·bish tr.v. re·fur·bished, re·fur·bish·ing, re·fur·bish·es To make clean, bright, or fresh again; renovate. re·fur and renovations to offset and reduce their cash requirements," Mr. Kamm concluded. "It allows the hospitality companies to pay a significant portion of their capital improvements, interest free with their own excess room capacity or future sales." In Other News: An agreement with Intertrade Capital Group to provide Bentley Commerce Corporation with the ability to facilitate trading under its corporate accounts receivable accounts receivable n. the amounts of money due or owed to a business or professional by customers or clients. Generally, accounts receivable refers to the total amount due and is considered in calculating the value of a business or the business' problems in paying trading format was signed today. Intertrade will market and promote Bentley's corporate and industrial trading business and will negotiate and enter into Accounts Receivable Purchase Agreements. Intertrade will also manage the utilization or unwinding of cash credits by providing Bentley's corporate and industrial trade clients with cash equivalent credit spending opportunities. The agreement also joins the Bentley Crump Barter Network with Intertrade's team of international trade finance and corporate barter specialists. Bruce Kamm, new CEO of Bentley Commerce Corporation, is the founder and managing Director of Intertrade. About Bentley Commerce Corporation: Bentley Commerce Corp. is a business-to-business, Internet e-commerce company that seeks to establish a new marketplace and distribution channel for worldwide barter and trade. Through the development of a seamlessly integrated family of online barter services, it envisions that most barter transactions can be handled over the Internet in real time, with its proprietary VirtualBarter software. Bentley intends to serve as a clearinghouse for barter trades for fortune 500 trading partners, scores of existing retail barter exchanges barter exchange barter n → Tauschbörse f that serve companies of all sizes, corporate barter companies that serve large multinational corporations
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