ITEX Corporation Signs Letter of Intent to Sell Sacramento Corporate-Owned Office.Business Editors & Technology Writers SACRAMENTO Sacramento, city, United States Sacramento (săkrəmĕn`tō), city (1990 pop. 369,365), state capital and seat of Sacramento co., central Calif. , Calif.--(BUSINESS WIRE)--Sept. 22, 2003 Sale Scheduled to Close in October 2003 ITEX ITEX International Tundra Experiment ITEX Interactive TTCN Editor and Executor Corporation, (OTCBB OTCBB See OTC Bulletin Board (OTCBB). :ITEX) a leading business services and payment systems company, today announced a non-binding Letter of Intent has been signed for the sale of its corporate-owned trade office located in Sacramento, California “Sacramento” redirects here. For other uses, see Sacramento (disambiguation). Sacramento is the capital of the State of California and the county seat of Sacramento County. . On June 16, ITEX announced its intent to divest To deprive or take away. Divest is usually used in reference to the relinquishment of authority, power, property, or title. If, for example, an individual is disinherited, he or she is divested of the right to inherit money. some or all five corporate-owned offices. Two other corporate-owned offices were sold in August of this year. Sacramento office to be sold ITEX accepted a Letter of Intent, presented by Ms. Kristen Feuz, to purchase the assets and rights to operate ITEX's existing client base in Sacramento, California. Ms. Feuz, currently the Senior Trade Director for the Sacramento office of ITEX Corporation, will be the principal shareholder of a corporation, newly formed to complete the transaction. The Sacramento office has seen a cash revenue decline when comparing the most recent twelve months with the previous twelve-month period. The sale is expected to be finalized See finalization. next month. The client base will continue to be owned by ITEX Corporation. Steven White Steven White (born June 15, 1981 in League City, Texas) is a right-handed pitcher in the New York Yankees Minor League system, currently pitching for the Scranton/Wilkes-Barre Yankees. , Chairman of the Board stated, "Ms. Feuz has worked with ITEX since 1993. She is one our longest standing senior employees and knows the ITEX system and Sacramento client base extremely well. She is well respected within the ITEX Broker Network and we believe her expertise, enthusiasm and drive will create a positive revenue trend for this office." Mr. White concluded, "Selling corporate-owned offices to entities that continue to operate under the ITEX brand allows us to retain revenue with reduced overhead. Selling corporate-owned offices emphasizes our strategy: focusing and growing the existing Broker Network while reducing corporate overhead and streamlining operations." 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 forward-looking statement A projected financial statement based on management expectations. A forward-looking statement involves risks with regard to the accuracy of assumptions underlying the projections. 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 barter exchange barter n → Tauschbörse f ; 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 In economics, economic output is divided into physical goods and intangible services. Consumption of goods and services is assumed to produce utility (unless the "good" is a "bad"). It is often used when referring to a Goods and Services Tax. 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 September 22, 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, 2002, including (without limitation) under the captions, "Risk Factors" and "Management's Discussion and Analysis Management's discussion and analysis (MD&A) A report from management to shareholders that accompanies the firm's financial statements in the annual report. It explains the period's financial results and enables management to discuss topics that may not be apparent in the financial 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. |
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