MEDIA RELEASE: Bartercard Insider Trading

MEDIA RELEASE: Bartercard Director Insider Trading

DATE ISSUED: 25 August 2017


MEDIA CONTACT: Dennis A. Smith

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):


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 (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…]

Bartercard’s Friends, Family & Fools

Bartercard's "NO DIVIDEND" mantra will continue . . . for good reason

Bartercard’s “NO DIVIDEND” mantra will continue . . . for very good reason! BPS is a PIG.

Bartercard has just listed on the ASX (BPS) and the share price immediately dropped. This trend will continue. I advise all investors to sell now quickly, if they can, for the share price will surely only drop further as their various activities continue to come to light. In this post I detail how they secured their funding, following the money and analysing their top 20 shareholders. This is a company that is essentially funded by friends, family and fools. Enjoy. [Read more…]

Bartercard’s Asset Strip

bartercard-splitIn this post I share the technique by which the Bartercard Directors will likely be stripping their companies assets during their public listing. Of course this is immoral, for their current minor shareholders, the taxman and others will all be missing out in due course. Bear with me please as I explain the tricky moves as I see them unfolding. [Read more…]

ASX Complaint – BPS Technology

asx-complaintThis post contains the content of my complaint to the ASX, lodged at their opening hours 8.30am Monday morning 4 August 2014, Australian Eastern time. As you will see by the complaint itself, it is my belief that BSP Technologies (effectively Bartercard) has issued and submitted to the ASX a ‘dodgy’ Prospectus not worthy of the basis of securing investment capital.

The whole thing stinks of desperation, opportunism and deception. Until they present the facts I believe that their IPO should be either withdrawn or suspended.

[Read more…]