ITEX Corporation Announces Results for 2003.

Business Editors/High-Tech Writers

SACRAMENTO, Calif.--(BUSINESS WIRE)--Nov. 13, 2003

ITEX Corporation, (OTCBB:ITEX) a leading business services and payment systems company, today filed its Form 10-KSB with the SEC and announced its results for the fiscal year ended July 31, 2003.

Steven White, Chairman of the Board stated, "The results of our fiscal year 2003, ending July 31, were disappointing. Due to several events in the fourth quarter, the Company experienced a fourth quarter loss of $766,000 and an overall loss of $627,000 for the year."

Highlights of 2003 results

-- Revenues increased to $10,595,000 from $10,137,000, a 4.5%

increase.

-- Outstanding stock options decreased to 190,000 from 2,302,000.

-- Total loss for the year totaled $627,000, or 3 1/2 cents a

share.

Unique 4th quarter Events

-- $111,000 write-down for Canadian GST tax receivables.

-- $176,000 write-down on non-collectable accounts receivable.

-- $138,000 increase in bad debt reserve and offset against

revenues.

-- $400,000 accrual for legal and defense costs related to

pending litigation.

Recent events for first quarter of Fiscal 2004

-- Divested three corporate-owned offices, generating $100,000 in

cash and a $1,650,000 receivable, resulting in a $1,429,000

gain during Q1 of Fiscal 2004.

Mr. White concluded, "The Company has taken proactive measures to create an efficient, focused business model with overhead in line with revenue. The results of these changes will begin to be reflected in our first quarter results due in December. I encourage all shareholders to read our annual report on Form 10-KSB, which can be found at www.sec.gov."

About ITEX:

Founded in 1982, ITEX Corporation (http://www.itex.com) is a business services and payment systems company processing over $150,000,000 a year in transactions between member businesses. ITEX assists its member businesses to increase sales, open new markets and utilize the full business capacity of their enterprises by providing a private currency through the company's broker network and client base.

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). 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; the effect of international, national, and regional economic conditions; our ability to satisfy our debt obligations; the availability of adequate working capital; the effect of competitive barter exchanges; changes in legislation; demographic changes, our ability to attract and retain qualified personnel; changes in our business strategy or development plans; business disruptions; and changes in the demand for goods and services offered by members of our trade exchange. Statements in this release should be evaluated in light of these important factors. All information set forth in this release is as of November 10, 2003, and ITEX undertakes no duty to update this information. More information about these and other important factors that could affect our business and financial results is included in our Annual Report on Form 10-KSB for the fiscal year ended July 31, 2003, including (without limitation) under the captions, "Risk Factors" and "Management's Discussion and Analysis of Financial Condition and Results of Operations", which is on file with the Securities and Exchange Commission. Additional information may also be set forth in those sections in our quarterly reports on Form 10-QSB previously filed with the Securities and Exchange Commission.