ITEX signs agreement with Ihlas Holdings of Turkey.PORTLAND, Ore.--(BUSINESS WIRE)--Dec. 19, 1996--ITEX Corp. has signed an agreement with Ihlas Holdings, a major Turkish corporation, to license an ITEX ITEX International Tundra Experiment ITEX Interactive TTCN Editor and Executor Barter Exchange barter exchange barter n → Tauschbörse f in the Middle East called Ihlas ITEX Barter barter: see exchange. barter Direct exchange of goods or services without the use of money or any other intervening medium of exchange. Barter is conducted either according to established rates of exchange or by bargaining. SA, according to according to prep. 1. As stated or indicated by; on the authority of: according to historians. 2. In keeping with: according to instructions. 3. ITEX President Graham Norris. Ihlas Holdings will receive exclusive use of the ITEX name, trademarks and proprietary barter accounting and management software for use in Turkey. In return, ITEX will receive royalties based on volume of trade generated through the new system. The agreement will become effective on Jan. 1, 1997. By the end of the first quarter, ITEX and Ihlas expect to have the software and systems in place to allow Ihlas ITEX Barter clients and other ITEX members around the globe to trade directly with each other. International transactions between ITEX members are accomplished transparently, meaning that deals are transacted with the use of an authorization The right or permission to use a system resource; the process of granting access. See access control. number from the exchange's central accounting system, in the United States United States, officially United States of America, republic (2005 est. pop. 295,734,000), 3,539,227 sq mi (9,166,598 sq km), North America. The United States is the world's third largest country in population and the fourth largest country in area. . Currency exchange rates are calculated within the software, and no barter broker or other intermediary Intermediary See: Financial intermediary intermediary See financial intermediary. is needed to complete the deal. ITEX Corp. operates one of the world's largest business-to-business barter exchanges. The creation of Ihlas ITEX Barter SA will extend this barter network into the Middle East and Eurasia. Ihlas Holdings is one of Turkey's largest corporations with interests in chemicals, textiles, food, electronics, health care, construction, media, banking, insurance and international trade. There are 57 companies under the Ihlas Holdings banner. Ihlas also has active businesses in the former Soviet republics. The company has already expanded the Ihlas ITEX barter network into the nearby states of Kazakhstan, Turkistan and Azerbijan. "We are excited about the prospects of this new addition to the ITEX international barter marketplace," according to Norris. "It is clearly a benefit, both to ITEX and to Ihlas Holdings." CONTACT: ITEX Corp. Jim Schilling, 503/253-0757 or 800/800-0757 |
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