17th September, 2015
BPS Technology Limited (ASX: BPS) today confirmed that its new Licensee in China, One World Express (HK) Limited, is looking to commence operations in the city of Shenzhen – a major city in the south of Guangdong Province. Guangdong Provence has a population in excess of 104 million people.
One World Express (HK) Limited is headed up by Mr. Atul Bhakta, whose company has extensive business dealings and operations in China and has prior experience with the Bartercard operating model. The recruitment for locally sourced staff has already commenced with the personnel expected to commence training in Australia once the full team is onboard.
Commenting on the deal, Mr. Bhakta said, “We are excited to be partnering with Bartercard given their strong and long standing reputation in operating trade exchange platforms. In addition, our extensive operations and contacts in China make this partnership an ideal fit for our organization. This partnership will provide unique opportunities for Chinese factories and distributors to sell their goods and services to the members within the other eight Bartercard countries.”
BPS Technology’s Chief Executive Officer, Mr. Trevor Dietz, commented on the importance of the deal stating that having One World Express as their partner in China is a key element in leveraging the Group’s expansion into the Chinese market. “Our strategy of expanding the Bartercard network across the globe is now well underway, increasing our geographic presence from seven countries at the time of BPS Technology’s IPO in September 2014 to ten countries by the end of FY 16”, said Mr. Dietz.
China will join South Africa and India as part of Bartercard’s expanded global footprint.
Mr. Dietz said that the global expansion of the Bartercard business is in line with the strategy outlined in BPS Technology’s Prospectus when it listed.
The agreement with One World Express (HK) Limited which was signed on June 3rd, 2015 replaced a previous Agreement with Australian Capital Express Pty Limited which had been announced in December. One World Express had confirmed to the Company its willingness to take over the previous agreement on similar terms. The total value to BPS of the transaction under the terms of the new agreement remains unchanged.
Source: Gold Coast Bulletin
Date published: 17th September 2015