Press Releases
November 10, 2008
BarterQuest Completes First Round of Funding
Capital to support launch of global consumer trading platform to enable cashless exchange
NEW YORK, NY– November 10, 2008– BarterQuest, which provides a consumer trading platform that supports the cashless exchange of goods, services and the use of real estate, today announced it has successfully completed its first round of funding.
The capital secured from angel investors in the United States and Asia will be used to support operations for BarterQuest’s official launch in December 2008 and the initial ramp-up of the site. Future capital investments will finance additional marketing efforts to accelerate site utilization. The next round of funding is expected to close early 2009.
BarterQuest has created a virtual market for trading that will facilitate the seamless exchange of goods and services between individuals throughout the world. Modernizing the oldest form of commerce, BarterQuest has developed proprietary matching and trading engines that enable multi-party trades across all types of goods and services. BarterQuest’s business strategy is to position the company as the barter platform of choice for all consumers worldwide.
“The completion of our first phase of funding demonstrates that capital formation is possible in spite of the current financial crisis. Because of our unique fundamentals, investors believe in BarterQuest’s business model and the potential growth opportunities we represent,” said Michael Satz, Chairman and CEO of BarterQuest. “Traditionally, during a recession or when cash is scarce, consumers look for ways to save money. As a result, bartering activity has increased by fifty percent in the present economic environment. The launch of BarterQuest is timely.”
About BarterQuest
BarterQuest provides a consumer trading platform that combines a user friendly Web design with proprietary, patent pending technology that instantly matches the haves and wants of users for two party and multi-party trades. BarterQuest supports the cashless exchange of all types of goods, services, and the use of real estate. BarterQuest is headquartered in New York, NY and is owned and operated by JPM Global, Inc., a Delaware corporation. For more information, visit www.BarterQuest.com.
Except for historical information contained herein, this news release may contain forward looking statements that are subject to risks and uncertainties.
Contact:
Bianca Han, Executive Vice President
JPM Global, Inc.
231 West 29th Street
Suite 906
New York, NY 10001
212-279-0070
bhan@barterquest.com
Media
Gutenberg Communications
Stephen Stewart
646-775-6310
stephen@gutenbergpr.com
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