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GREEN APPLE BARTER TARGETS $2 MILLION IN ITEX TRANSACTIONS
Bellevue, WA April 22, 2008 ITEX Corporation (OTCBB: ITEX), The Membership Trading CommunitySM, a leading marketplace for cashless business transactions in North America, announced that Green Apple Barter Services (Green Apple), based in Pittsburgh, Pennsylvania, has set a goal to provide $2 million in products and services into The Membership Trading Community in the next twelve months.
Over the past couple years, ITEX has made substantial improvements in their national network and my confidence continues to grow with their organization, said Michael Krane, Founder and President of Green Apple. It just makes sense for my company to increase the amount of business we do with ITEX, since it can be quite difficult to manage and reconcile transactions with independent, smaller exchanges. With over 1,400 members and transaction volume last year exceeding $48 million, we need to move large quantities of products to trusted trading partners to keep growing our business.
Steven White, Chairman and CEO of ITEX stated: Our goal is to only have the highest caliber of reciprocal relationships with other companies that manage trading communities. Select reciprocal relationships can be a great asset for ITEX and our trading partners where there is a foundation of mutual respect, trust, and a desire to help grow each others' businesses. Many of our past reciprocal relationships have not lived up to these fundamental expectations. Some have been disguised as Trojan Horses, leading our members and their high demand products and services into the hand of competitors, while many others have taken from our marketplace without giving back. As a result, we have reduced the number of reciprocal relationships from more than 200 in 2005 to less than 90 today; ultimately we want to reduce the number to ten.
White added, As we continue to refine our list of reciprocal trading partners, we look to those companies who have an established, reputable operation that will compliment our Trading Community, not compete with it. We then look to the principals of these companies for whom we need to have a high level of trust based upon years of integrity and professionalism in their transactions and who are fair and reasonable if conflicts arise. Green Apple and their principals meet these high standards and our relationship has been very positive and mutually beneficial from the start. We are pleased to have Green Apple as one of our top core reciprocal partners.
About ITEX
ITEX, The Membership Trading CommunitySM, is a thriving community of member businesses buying and selling more than $270 million a year in ITEX dollar transactions. Member businesses 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, a leading payment technology platform for processing cashless business transactions. ITEX is headquartered in Bellevue, Washington.
Company Contact
Alan Zimmelman
ITEX Corporation
425.463.4017
Institutional Contact:
Budd Zuckerman
Genesis Select
303.415.0200
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-KSB and Forms 10-QSB, which are available at www.sec.gov including under the caption, "Management's Discussion and Analysis of Financial Condition and Results of Operations." All information set forth in this release is as of April 22, 2008, and ITEX undertakes no duty to update this information. For more information, please visit www.itex.com
