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| 8-K - ITEX CORP | v204025_8k.htm |
ITEX
Corporation Announces Credit Facility Increase
U.S.
Bank Expands Line of Credit to $3 million
Bellevue, WA – November 29,
2010 – 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 $3
million.
ITEX and
U.S. Bank entered into an agreement to increase the maximum loan amount under
its revolving credit facility from $2.5 million to $3 million. The interest rate
of the facility is one-month LIBOR + 2%; equivalent to a current interest rate
of 2.3125%.
Steven
White, Chairman and CEO noted, “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. We are in a great position to pursue opportunities as they may arise,
with access to more than $8 million in capital, which includes our existing cash
reserves.”
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 seven years. During this period, ITEX has done an
exceptional job strengthening its balance sheet and demonstrating sound fiscal
management. These factors, along with our positive and open
communications with ITEX’s management, were instrumental in approving the line
of credit.”
About
ITEX
ITEX, The
Membership Trading Community SM, 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.
Forward-Looking
Statements
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: our revenue growth and
success being tied to the operations of our broker network; our future revenue
growth remaining uncertain; our brokers taking actions that could harm our
business or our reputation; our failure to deal effectively with member
disputes; our business being subject to online security risks; unplanned system
interruptions or system failures; claims and lawsuits against us that may result
in adverse outcomes; 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. ITEX undertakes
no duty to update or revise any forward-looking statements.
Important
Additional Information
ITEX
Corporation has filed with the Securities and Exchange Commission (“SEC”) and
mailed to its stockholders a definitive proxy statement in connection with its
2010 annual meeting of stockholders. Stockholders are strongly
advised to read ITEX’s definitive proxy statement and the accompanying WHITE
proxy card before making any voting decisions. The definitive proxy
statement contains information regarding the names, affiliations and interests
of ITEX’s directors, its nominees for director, and certain of its officers and
employees that are deemed, along with ITEX, to be participants in the
solicitation of proxies from stockholders in connection with its 2010 annual
meeting. Investors and stockholders may obtain copies of the
Company’s definitive proxy statement, any amendments or supplements to the proxy
statement and other documents filed by the Company with the SEC in connection
with its 2010 annual meeting free of charge at the SEC’s website at www.sec.gov,
or on ITEX’s website at www.itex.com.
Contact:
Alan
Zimmelman
ITEX
Corporation
425.463.4017
alan@itex.com
For more
information, please visit www.itex.com