Bartercard – Analysing the Rot

With calls for action from the authorities (aka inquiry) into the shonky Bartercard commercial barter business, I share here my take on where the rot lies. I put it into context which will hopefully help those affected to take constructive steps. [Read more…]

Bartercard Update – Bye Bye Trev

Bye Bye Trev! Bartercard’s big shot Trevor Dietz steps down before he’s pushed. Accountability in action?

Yesterday, ASX:BPS announced that Trevor Dietz has [effectively] gone from Bartercard. “Good riddance!” I say. As I shared recently with the impending move by the BPS shareholders waking up and indicating their intent to rid the board of crooks, he jumped before he was pushed. So that’s now two of the original three “Smiles in Suits” from Bartercard who have now bailed – just as I predicted. Trev will now cash up, pocket what he can and move onto another scam-ridden industry or make it dodgy. The third one will go in due course as well, for his sake, hopefully before the house of cards falls around him. Here’s my take . . . enjoy. [Read more…]

MEDIA RELEASE: Bartercard Insider Trading

MEDIA RELEASE: Bartercard Director Insider Trading

DATE ISSUED: 25 August 2017

PERMALINK: http://www.dennis.co.nz/2017/08/media-release-bartercard-insider-trading/

MEDIA CONTACT: Dennis A. Smith
dennis@dennis.nz
0272-046-112

Directors of BPS Technology (ASX:BPS, owner of the Bartercard currency) have been accused of insider trading and an attempt to remove all directors has been established by minor shareholders.

The move to evict the entire board is revealed in documents filed with the Australian Stock Exchange this week.

The five current directors are targeted for outright removal by Alceon and LHC Capital and a large percentage of corporate shareholders, due to the Director’s “failure to engage co-operatively”, increasing debt and minimal cashflow generation. “Board composition and corporate governance practices” are also called into question in a move investigative blogger Dennis A. Smith calls extraordinary vindication of his long-term negative commentary on BPS Technology claims.

“It’s a brave move what these shareholders have done.” he says. “This appears to be much more than a one-off event and is more akin to the shareholders waking up to the systemic troubles that I have highlighted since before their dodgy IPO three years ago.”

Mr Smith says that claims of insider trading by the Directors, increasing debt and minimal cashflow generation are absolutely in keeping with his call that BPS was a last-ditch mechanism established primarily for the benefit of the Directors.

“By all metrics Bartercard has been in decline for the last decade and I see this recent attempt to remove the rot at the top of a troubled company is yet another nail in the Bartercard coffin.”

“I suspect that this latest move would be related to shareholders’ frustration that these ‘Smiles-in-Suits’ reneged on a deal to appoint a new CEO, who I am certain would have found a few nasty snakes under the hood,” Smith said.

Directors targeted for removal are: Trevor Dietz, Tony Wiese, Brian Hall, Murray D’Almeida & Garth Barrett.

BPS CEO, Trevor Dietz reportedly refused to comment about concerns relating to corporate governance.

ASX Document (Notice of Intention to Call a Meeting Pursuant to Section 249F of the Corporations Act): http://www.asx.com.au/asxpdf/20170817/pdf/43lh7x3zxw0fsy.pdf

Bartercard Boardroom Battle

Shareholders of BPS Technology have finally worked out what I’ve been blogging about for years – the Bartercard “Smiles-in-Suits” are crooks. They are now taking action to clean out the entire board citing small-time petty politics acting in chronic self-interest. Yup! That’s the sort of thing that these guys get up to all day and every day – outright greed; self-interest on steriods and deception from their a-holes to breakfast-time! All condoned and covered up by IRTA of course. AFR has a good wrap of recent events. [Read more…]

Bartercard’s Demise – BPS’s Deceptions

In this post I summarise the deceptions around Australian listed company BPS Technology (ASX:BPS); explain the tricks that the Directors have used to prop up their failing core business; and show how Bartercard continues to disintegrate . . . all this despite personal profit of the three Directors, of course. [Read more…]

PUBLIC WARNING: ASX:BPS Technology

bps-technologyThis is my final serious warning to the public for 2015 about Australian Company BPS Technology (ASX:BPS) prior to my publishing the book and website Bartercard Exposed in Q1 2016. BPS has three divisions, Bartercard, Tess and Bucqi; all of which are losing money. BPS is a simple Pump & Dump operation with the Directors desperately attempting to hold up appearances of what is actually a sinking ship until they can quit their shares in July 2016, and escape with their payout. I predict that their efforts though will be unsuccessful and that Bartercard, the barter industries longest-running & biggest fraud will implode sometime in Q1-Q2 2016. [Read more…]

Bartercard – Industry Warning

This is a public warning to the Barter/Trade Exchange industry regarding Bartercard’s international development plans. In this post I analyse an email I have received from an ex-Bartercard insider who is now ready and willing to speak out, one of many who has missed out badly from dealing with a company whose principals have an incredibly long track-record of exercising substantial aggression and deception for their own benefit. Read here . . . “Warning, Bartercard, red alert!” [Read more…]

Valuing Bartercard’s Currency

valuing-bartercardIn this post I share my recent experiences using Bartercard, explaining how the value of a currency is always determined by the traders, not the issuers of a currency. This has ramifications all round but directly affects traders using the Bartercard currency system, and currency owners/designers who think that they can set the value of a currency ‘from above’. They can’t! [Read more…]

Bartercard Defends &Threatens

irta-showcase

Bartercard’s foot-in-mouth performance leading up to Cancun with a defensive, hit-piece containing pleanty of spin

The day after I finished or thought I had finished The Barter Series, the tipline has supplied me Bartercard’s formal communication to the industry defending itself from the thrust of my blogging, that they are a dishonest and unethical company; have misrepresented their true position in their Prospectus and that they did a dodgy deal with IRTA not in the Members’ best interest. Trevor Dietz’s communication tells the world that Bartercard are the good guys; that I am a conspiracy theorist; he is threatening to to sue me in multiple countries and that he is going to Cancun and is willing to talk. Well spare me days – not even Daniel Evans was that stupid! Bring it on Trev . . . let’s get it all out in the open! [Read more…]

Bartercard (BPS TEchnology) Shares in Freefall

bartercard-share-fallTrading has just finished on the second day of BPS Technology’s trading on the ASX. Shares are in freefall at close of business with shares 90c down still further from 96c on the first day. There’s a long way to go yet before the market price reflects the true value of BPS, which I estimate to be a liability of around -$3.00. [Read more…]