In 2014, I blogged about Bartercard’s IPO (BPS) explaining how their Prospectus concealed and omitted critical information; presented wildly overoptimistic projections and included many key misleading statements. I called it a dodgy document on more than one occasion.
I blogged extensively about Bartercard’s hidden trade deficit, an astronomical figure in an order or magnitude greater than any solvent business could possibly sustain, and explained how their business was actually in serious decline with dissatisfaction rife among members, franchisees and serious personnel churn.
I explained how the Bartercard business was being run as a Ponzi Scheme with new memberships required to service the needs of existing memberships, even though the core Barter business model itself is sound.
I showed how they had engineered a sweetheart deal with IRTA, the industry association that (until I exposed it) was kept secret from IRTA members (and incredibly some of the IRTA Board) and how the barter industry variously loathed and feared them as a result of Bartercard’s predatory practices.
In response, BPS Technology CEO Trevor Dietz issued a scrappy, defensive release to the barter industry advising them that I lacked credibility because I was a conspiracy theorist and that litigation against me was underway in multiple jurisdictions. My rebuttal contained logic, common sense and in my opinion ‘roasted’ the man “with a smile and a suit”. [Links to all stories below]
The BPS share price has rebounded in the last month on the back of some ‘positive’ announcements from BPS.
Analysing the events referenced in these announcements reveals continued misrepresentation from the Directors of BPS Technology and I believe a balanced, reasoned view shows the actions of the Directors to be akin to a Pump and Dump – deliberately talking up small things in order to buoy their share price prior to their quitting them at their first opportunity in July 2016.
My concerns with the entire BPS/Bartercard/TESS conglomerate are that:
- Deception within their operations abounds – it always has and with the current Directors always likely will
- Predatory and immoral conduct in the marketplace is the norm and continues
- The Asset Strip currently underway disadvantages many for the benefit of a few
- The current Pump and Dump activities will cause financial loss to many
BPS Technology claims inroads into China.
In fact they dealt with a man well known in the industry to have, how shall we say it politely? . . . a less than rosy past. Their claims are inflated specifically the significance of their claims. This is a non-story and spells trouble NOT success!
BPS Technology claims to have secured South Africa and “be” in many countries.
In fact their geographical AND market penetration has seen a net LOSS and BPS documents deliberately deceive! The USA operations for example have hardly made a dent and truth be known, are already in trouble [Oops!] and the dozens of Bartercard Franchises in the UK have all vanished, with the third to last one walking away from these crooks just recently, leaving only two remaining [Oops again!].
BPS Technology claims to have increased Bartercard membership, somehow secured by telephone sales.
In fact the Bartercard membership has REDUCED and not only that but substantially!
BPS Technology claims to have received serious industry endorsement from IRTA and expressions of interest from IRTA members.
In fact BPS has deliberately puffed the endorsement with scant regards to fact and less than a couple of dozen expressions of interest more than a year later represents a disaster – highly predictable and indeed predicted [by me]! IRTA has serious problems endorsing one members’ solutions over all others and has relied upon this as a future cash income stream. As it unfolds that there is no [or very little] cash income resulting from the TESS income streams, the incestuous relationship between IRTA and Bartercard will dissolve. Money talks but no money and IRTA will walk.
BPS Technology secured initial success with their ultra-short listing IPO [notably lacking the usual pre-launch marketing] on the back of a deal done prior to the launch between people involved with both a Superannuation Fund and the BPS Board and their associates at the time.
Should this conduct ever be investigated and exposed for what it was (I believe immoral and possibly illegal) and if it is ever taken to litigation level, investments into BPS are at risk. Smaller Bartercard investors should coordinate their activities, share knowledge and evidence and seriously consider class action, preferably before the perpetrators of this Pump and Dump operation can activate the Dump part of their nefarious scheme. More on how to achieve this shortly.
BPS investors you are warned.
NOTE: At this stage while I have enough information to call a P&D on BPS shares; to call outright deception on the value of the Bartercard Trade Dollar and to call “BS” on the Tess platform sales projections, I do not yet have concerns with the BUCQI system – although knowing the MO of the Directors, I strongly suspect that the product has been over-rated and their projections will be at the upper end or perhaps beyond that which is credible.
It is my clear an unequivocal belief that the BPS Technology business has substantial problems ‘on the ground’ and that the rosy claims of success from the Directors are totally fudged ‘good news’ – akin to the German army in 1945 claiming that they had just ‘succeeded’ against the advancing Russian armies when all they did was blow up a bridge while retreating.
BPS Technology is a company desperate to make a go of it but has HUGE hidden trade liabilities, one of their liabilities is also their propensity to present themselves deceptively, their presentation largely inflated through puff, deception and ego.
Over the coming weeks I will present much evidence to substantiate these claims along with discussion on the significance of each aspect of BPS/Bartercard’s deceptions.
Once I receive sufficient funding, I will also be developing a larger more detailed resource exposing Bartercard’s conduct at www.bartercardexposed.com. Those interested in learning more about the hidden side of this operation and who wish to fund/participate should make contact with me directly.
As always according to my Right of Reply, I invite anyone (including BPS or their representatives) to help me correct any errors of fact, or to respond to my opinions here.
I also note that over a year later, I am still waiting for the Summons to appear before the Defamation case commenced in multiple jurisdictions that Trevor Dietz formally advised the industry that had commenced!
The Bartercard Series
Image source: YouTube