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Inbar, Inc. Acquires Three Barter Exchanges to Create BarterTrust.com, the First U.S. National Business Barter Network.

SAN FRANCISCO--(BUSINESS WIRE)--Nov. 17, 1999--

BarterTrust.com to Reinvent Barter Using National

Network and the Internet

Inbar, Inc. (the "Company") today announced that the company has acquired three U.S. business-to-business barter exchanges to create BarterTrust.com, the first nationwide barter network in the United States with nearly 8,000 member trading companies, 12 regional offices across the country and 1999 revenues of $10 million.

The acquisitions of Barter Business Network (BBN) of Reno, Nevada; BarterCorp of Chicago; and Barter Network Inc. (BNI) of Milford, Connecticut are the first steps in a clicks-and-mortar strategy aimed at reinventing one of the oldest forms of commerce while infusing it with the economic efficiencies of the Internet. The creation of a tightly knit barter network like BarterTrust.com gives thousands of mainstream companies in the U.S. the ability to exchange their products and services at true value within a safe, financially-backed network for the first time in the history of American trade.

The International Reciprocal Trade Association (IRTA), a Chicago-based association representing the barter industry (www.irta.net), estimates the value of goods and services bartered last year at $9 billion in the United States and $65 billion worldwide, respectively.

"Business-to-business barter allows for the cashless exchange of goods and services among multiple, trustworthy corporate trading partners," said Inbar President and Chief Executive Officer Mike Edelhart. "Barter allows companies to secure goods while preserving their cash, enabling member companies within the barter network to better manage inventory without forced or unnecessary discounting."

"Having worked in the business-to-business barter industry for 18 years, I've experienced its phenomenal growth firsthand," said Susan Groenwald, founder of BarterCorp and now vice-president of Retail Barter for BarterTrust.com. "Simply put, barter benefits American businesses by allowing them to conserve cash while maintaining high production rates and maximize the benefits of their trading relationships. Being able to offer our companies membership in this nationwide network is a dream come true."

BBN co-founder Chris Haddawy, now director of Trade Development for BarterTrust.com, said, "The size and reach of the BarterTrust.com network enables members to source, in a timely and efficient way, goods and services they need from an extensive network while using the same expanded markets to distribute their own excess inventory."

Ray Bastarache, who founded BNI and is now vice-president of Barter Development for BarterTrust.com, said, "Long-term, the BarterTrust.com network will strengthen the barter industry, making it desirable for more companies to participate in legitimate barter in the United States and globally."

About Inbar, Inc.

Inbar, Inc. maintains BarterTrust(TM).com, a worldwide business-to-business electronic barter trade network for companies and trade exchanges. Leveraging the power of the Internet, BarterTrust.com and its member trading companies partner with leading trade exchanges and international corporations to facilitate the barter of products and services at fair trade value based on a non-cash electronic currency. The Company is privately held and headquartered in San Francisco, California. In 1999, the Company received venture funding from several investment firms including Argus Capital, Draper Richards, El Dorado Ventures and Vector Capital as well as individual investors. More information about the Company, the BarterTrust.com network and how to join the BarterTrust.com barter trade network can be found on our Web site at www.bartertrust.com. The names BarterTrust and Inbar are trademarks of Inbar, Inc.

About Barter Business Network (BBN)

Barter Business Network was formed in 1995 by co-founders Chris Haddawy and Greg Pavlov who subsequently joined BarterTrust.com as Director of Trade Development and Director of West Coast Operations, respectively. BBN has 1,100 trading members based primarily in California and Nevada. BBN is an active member of the National Association of Trade Exchanges (NATE) and the International Reciprocal Trade Association (IRTA).

About BarterCorp

BarterCorp was formed in 1981 by founder Susan Groenwald who subsequently joined BarterTrust.com as Vice-president of Retail Barter. BarterCorp serves 3,300 trading members primarily in the Midwestern United States who trade more than $32 million worth of goods and services annually. BarterCorp specializes in the barter of corporate media and travel.

About BarterNetwork, Inc.

BarterNetwork, Inc. was founded in Milford, Connecticut in 1985 by Ray Bastarache, who subsequently joined BarterTrust.com as Vice-president of Barter Development. His business partner, Domenic Casillo Jr., is now in charge of the New York operation for BarterTrust.com. BarterNetwork was the largest, privately owned barter company serving the Northeast United States, serving 3,600 trading members in Connecticut, Massachusetts, New York and Rhode Island, before it was acquired by BarterTrust.com.
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Publication:Business Wire
Geographic Code:1USA
Date:Nov 17, 1999
Words:757
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