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International Barter Corp. Completes Private Placement 2 for 1 Stock Split Effective After Today's Market Close SEATTLE--(BUSINESS WIRE)--July 24, 1998--International Barter Corp. (IBC) (OTC:IBCX - news) finalized a private stock placement today. On June 20, 1998, the board of directors approved the placement of 500,000 units, each unit consisting of 1 share and 1 warrant. The placement generated $1,250,000. This was a 'net placement,' meaning no fees were associated with the transaction. The securities are restricted under Rule 144 of the General Rules and Regulations under the Securities Act of 1933; the minimum holding period is one year, in addition to other restrictions. The average closing price at the time of the negotiations, June 15 to June 19, was $2.80. Steven White, President and CEO of IBC, states, ``This capital will help advance our NASDAQ application, which we plan to submit by the end of this quarter. Securing our NASDAQ position is very important to the company. The placement also strengthens our cash position, currently $1,900,000 (including the placement) which allows us to take advantage of opportunities to advance the company and gain market share.'' The company launched its e-commerce site, www.Ubarter.com on Monday of this week. Ubarter.com is the first on-line site to promote the concept of ``barter'' for the general Internet user and is a new venue in Internet commerce where users can barter products and services on the web. The company is pursuing an extensive advertising campaign to promote the web-site and continues technical enhancements improving the site's overall efficiency and presentation.