Business Editors
LOS ANGELES--(BUSINESS WIRE)--Dec. 3, 2003
Online Software Envisioned to Build and Manage a Worldwide Network of
Multi-Lingual, Multi-Currency Barter and Trade Exchanges
Bentley Communications Corporation (OTCBB:BTLY), the emerging leader in the online barter industry, today announced that VirtualBarter 3.0, its comprehensive suite of trade exchange management software that enables an Internet based worldwide network of barter and trade exchanges, will be officially unveiled on Monday, December 8, 2003. A preview can be seen at www.bentley.vbarter.com.
"By releasing the fully functional version of our software next week, we will have vastly exceeded our original expectation of having just a beta version prior to year's end," said Gordon Lee, Bentley Chairman and CEO. "This is no small feat when developing comprehensive, state-of-the-art software. It is due to the extraordinary work, knowledge and commitment of our team. Most important, it will enable us to more rapidly accelerate Bentley from a developmental stage company to an operating business."
"This software is a trade exchange's dream come true," said Bruce Kamm, Bentley's Vice President of Strategic Development and the designer of the VirtualBarter global trade marketplace and trade exchange management software. "This represents three years of development, extensive planning, testing and documentation by VirtualBarter. This software will enable Bentley to build its online collaborative network of independent exchanges, which we believe will be far superior and larger than any current exchange network."
Bentley licensed VirtualBarter software exclusively for North America, which is the cornerstone for the worldwide collaborative trade alliance. This software is also intended to eliminate barriers to trade by providing new multi-lingual, multi-currency trading for barter and trade exchanges, and their members worldwide. Bentley has already developed a strategic relationship with a new emerging trade exchange network in the Middle East that will be using this software.
VirtualBarter pioneered online global trading with its first ecommerce enabled trading software in January 2000. The software was significantly enhanced with the release of version 2.0 in July 2002. Version 3.0, Bentley's platform, is now ready for member and exchange participation within Bentley's Crump Barter Network of 180 barter exchanges that serve about 50,000 small to midsize businesses. With this online suite of barter and trade management software, Bentley hopes to ultimately redefine the barter industry as it exists today by becoming a market maker and trade currency clearinghouse for all barter transactions, while collecting a small fee on each transaction.
Exchanges can begin using the software December 8. They can brand their site, customize the content, and add their member companies to it. Member companies who barter using the software can now build their catalogs by entering the products and services they have to trade. As an incentive to get exchanges online as quickly as possible, so that their members can participate in online trading, Bentley is waiving the $2,500.00 exchange setup fee for "Charter Exchange Members" for the next 90 days.
Among the many special features VirtualBarter offers is that each exchange can have their own distinct brand and content, with their own name and logo on all screen views. Members who trade through a participating exchange will be able to buy and sell 24/7 in a branded online ecommerce global trade marketplace. Just one click will permit them to offer products and services to other trade exchange members worldwide. One click will also enable them to find products and services from trade exchange members locally or internationally, while another click will enable them to purchase it in an eCommerce enabled shopping cart.
Exchanges will be able to manage their entire exchange and all members from one multi-dimensional application. The software provides exchanges with over 20 real time management reports, including a ready to print member directory. Exchanges can monitor transactions, trade and cash fees and broker productivity from one screen, as well as cash collections and cash receipts. Real time transaction fee processing at the time of transaction improves cash flow for exchanges, as it reduces collection issues.
VirtualBarter will give the companies who are members of trade exchanges the ability to manage their own accounts. They will be able to post transactions, view real time online statements, view detailed transaction history, search local and global member directories, and manage their inventory offered for trade with a fully integrated item and inventory control management system.
Marketing activities are enhanced with a full-featured contact manager that includes call scheduling, call reminders and notes with complete reporting. Email marketing will give an exchange and its brokers the ability to easily create instant graphic content and to email it to one member, several members or all of the members in their exchange. Segmentation will allow emails to be sent to custom defined groups, such as all members that have purchased a particular category of item during the year.
About the Barter Industry
The International Reciprocal Trade Association estimates that in the U.S. alone, over 470,000 companies actively participate in barter for a total of over $12 billion in annual sales. Over 65% of the corporations listed on the New York Stock Exchange are presently using barter to reduce surplus inventory, bolster sales and ensure that production facilities run at near capacity. The U.S. Department of Commerce estimates that 20 to 25% of world trade is now barter, and corporate barter is already a growing $20 billion worldwide industry.
About Bentley Communications Corporation
Bentley Communications 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 in real time, with proprietary software. Bentley intends to serve as a clearinghouse for barter trades for fortune 500 trading partners, hundreds of existing retail barter exchanges that serve companies of all sizes, corporate barter companies that serve large multinational corporations, trade associations and their member companies, as well as media and travel agencies.
Forward-Looking Statements
With the exception of historical information, this news release and accompanying information may include forward-looking statements that involve a number of risks and uncertainties. Actual results could differ materially from those anticipated as a result of various risks. There are numerous factors that could contribute to such differences, therefore such projected events and anticipated results are not warranties or guaranties that such events will occur or that the Company will achieve such results. For more information about this corporation and risks involved in the investment of their publicly traded shares, please see the company's website(s), and/or documents filed with the SEC, which are easily accessible in the EDGAR database system.
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