Attached files
| file | filename |
|---|---|
| 8-K - ITEX CORP | v165783_8k.htm |
| EX-10.1 - ITEX CORP | v165783_ex10-1.htm |
ITEX
Corporation Announces Credit Facility Increase
U.S.
Bank Expands Line of Credit to $2.5 million
Bellevue, WA – November 12,
2009 – ITEX Corporation
(OTCBB: ITEX), The Membership Trading CommunitySM,
a leading marketplace for
cashless business transactions in North America, today announced that the
credit facility with its primary banking institution had been expanded to
$2,500,000.
ITEX and
U.S. Bank entered into an agreement to increase the maximum loan amount under
its revolving credit facility from $1.5 million to $2.5 million. The interest
rate of the facility is one-month LIBOR + 2%; equating to a current interest
rate of 2.24%.
Steven
White, Chairman and CEO noted, “There is currently no outstanding balance under
this line of credit and we have no immediate plans for use. However,
we felt it prudent to increase our access to additional capital in order to
position us to take advantage of potential opportunities. U.S. Bank has been a
great partner over the years and we appreciate the support it has provided to
help us expand our business.”
Timothy
J. Flynn, Vice President of Commercial Banking for U.S. Bank, commented, “We are
pleased with ITEX’s consistent financial performance and overall success during
the last six years. During this period, ITEX has done an exceptional
job strengthening its balance sheet, increasing positive cash flow, eliminating
debt associated with its acquisitions, and demonstrating sound fiscal
management. These factors, along with our positive and open
communications with ITEX’s management, were instrumental in approving the
increase in the line of credit limit.”
About
ITEX
ITEX, The
Membership Trading CommunitySM,
is a thriving network of participating member businesses. Members
increase sales through an exclusive distribution channel managed by franchisees,
licensees and corporate-owned locations, by utilizing ITEX dollars to exchange
goods and services. ITEX is powered by ITEX Payment Systems, the
leading payment technology platform for processing cashless business
transactions. ITEX is headquartered in Bellevue, WA. For
more information, please visit ITEX’s website at www.itex.com. We routinely post
important information on the investor relations portion of our
website.
Contact:
Alan
Zimmelman
ITEX
Corporation
425.463.4017
alan@itex.com
This
press release contains forward-looking statements that involve risks and
uncertainties concerning our expected performance (as described without
limitation in the quotations from current management in this release) and
comments within the safe harbor provisions established under The Private
Securities Litigation Reform Act of 1995. Actual results may differ materially
from the results predicted and reported results should not be considered as an
indication of our future performance. We believe that these potential risks and
uncertainties include, without limitation: the continuing development
of successful marketing strategies for our concepts; our ability to increase
revenues and sustain profitability; the availability of adequate working
capital; our dependence both on key personnel and
our franchise network; and the effect of changes in the overall
economy and in technology. Statements in this release should be evaluated in
light of these factors. These risk factors and other important
factors that could affect our business and financial results are discussed in
our periodic reports and filings with the Securities and Exchange Commission,
including our Forms 10-K and Forms 10-Q, which are available at
www.sec.gov. All information set forth in this release is as of
November 12, 2009, and ITEX undertakes no duty to update this
information.
For more
information, please visit www.itex.com