Press Releases

ITEX Announces Results for Third Quarter of Fiscal Year 2011

Bellevue, WA June 07, 2011 ITEX Corporation (OTCBB: ITEX), The Membership Trading CommunitySM, a leading marketplace for cashless business transactions in North America, today filed its Form 10-Q with the Securities and Exchange Commission and announced results for its fiscal 2011 third quarter ended April 30, 2011.

Third Quarter 2011 Highlights

Revenue of $3.960 million compared to $4.158 million in the same period last year;

·         Income from operations of $388,000 compared to $421,000 in the same period last year;

·         Net income of $239,000 compared to $269,000 in the same period last year;

·         Cash at end of period was $4.765 million compared to $5.169 million on July 31, 2010;

·         Repurchased 92,125 shares of common stock;

·         Paid a $0.04 per share quarterly cash dividend.

Subsequent Event

Acquired a membership list of approximately 1,500 businesses from a commercial trade exchange for $400,000.  The new ITEX members are concentrated primarily in the states of Washington, Oregon, Utah and Georgia.

About ITEX

ITEX, The Membership Trading CommunitySM, is a leading marketplace for cashless business transactions. Members increase sales through an exclusive distribution channel managed by our broker and franchise network, by utilizing ITEX dollars to exchange goods and services.   We generate revenue by charging members percentage-based transaction fees and association fees. ITEX is headquartered in Bellevue, WA.  We routinely post important information on the investor relations portion of our website.  For more information, please visit www.itex.com.

Company Contact

Alan Zimmelman

ITEX Corporation

425.463.4017

alan@itex.com