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ITEX Corporation (OTC Bulletin Board: ITEX), The Membership Trading Community(SM), a leading marketplace for cashless business transactions in North America, today announced that it has entered into a web services agreement with ITEX Latin America, Inc., a Panamanian corporation.
ITEX Latin America ("ILA") is currently developing a trading community in Panama, with future expansion planned in certain selected Central and South American countries, and will launch a Spanish language site in the near future. John Castoro, a principal in ILA, is also a principal of ITEX's largest franchisee, based in New York and New Jersey.
Mr. Castoro stated, "I've used ITEX's technology successfully for years and it was simply 'no contest' when it came to making a choice for our technology host and platform in Panama. The system is practical, efficient and scalable. I am very pleased to have reached an agreement with ITEX to use their proven web-based technology. We anticipate bringing many valuable trading opportunities to ITEX and to its 24,000 members in the United States and Canada in the hospitality field and other sectors of Latin America's economy. Expansion to Panama, with its stable democracy, good economic growth and a dollar-based currency provides an exciting opportunity for ILA and ITEX."
Steven White, ITEX Chairman and CEO observed, "Our enhanced technology platform strategy, offering web-based services to other businesses, has allowed us to expand our cashless transaction processing opportunities beyond the ITEX Marketplace. With two web service agreements executed, we have demonstrated that our dynamic web-based platform is marketable, capable of providing new revenue streams for our Company, and also provides added trading opportunities for our members. We are pleased to see a return on the technology investments we have made over the past several years."
Pursuant to the web services agreements, ITEX hosts the web interface, client relationship management (CRM) platform and is responsible for all transactional processing on the site. The first web services agreement was executed in February 2009 with Idearc Media LLC, a subsidiary of Idearc Inc. ITEX launched Idearc's on-line marketplace, SuperTradeExchange(SM), in March 2009.
Deal Points for each of the Web Services Agreements include:
-- One-time platform subscription fee;
-- Monthly transaction processing fee based on Gross Merchandise Volume
(GMV);
-- Management by ITEX of the back end processing, e-statement mailing, web
hosting and electronic collection of payments.
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.
Contact:
Alan Zimmelman
ITEX Corporation
425.463.4017
alan@itex.com
Budd Zuckerman
Genesis Select
303-415-0200
bzuckerman@genesisselect.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 June 2, 2009, and ITEX undertakes no duty to update this information.
For more information, please visit www.itex.com
SOURCE ITEX Corporation
http://www.itex.com
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