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Bartercard Calls Halt to IPO and Float

International trade exchange company Bartercard has withdrawn from its planned AUS$20 million (US$12 million) initial public offering (IPO) and float on the Australian Stock Exchange.

The company cited uncertain market conditions for its decision to halt the IPO, despite support from its members and public investors.

Though the Bartercard members priority share allocation recently closed over-subscribed, executive chairman Wayne Sharpe said stock market conditions had caused large investors and institutions to refrain from investing in new floats.

"Unfortunately our timing was slightly off. When the Nasdaq crashed, we were in the final stages of preparing to launch our float, and we were really too far down the track to delay things," said Sharpe.

The company plans to review the float option later in the year, but will immediately have to redetermine its method of funding.

"We are well capitalized and expect to finalize a significant acquisition soon," said Sharpe. "It will be business as usual for our trade exchange and members, and this development does nothing to slow the continued growth," he said.