Press Releases >> ITEX ENTERS INTO PARTNERSHIP AGREEMENT WITH SYSCO iCare PROGRAM: November 6, 2008
<< Return to the Press ReleasesITEX ENTERS INTO PARTNERSHIP AGREEMENT WITH SYSCO iCare PROGRAM
Bellevue, WA November 6th, 2008 ITEX Corporation (OTCBB: ITEX), The Membership Trading CommunitySM, a leading marketplace for cashless business transactions in North America, today announced that it has become a national partner with SYSCO iCare, a service of SYSCO Corporation, the global leader in selling, marketing and distributing food products to restaurants, healthcare and hospitality facilities.
iCare provides many of the important resources needed by business owners in the restaurant and hospitality industries to be successful and gain a critical edge on the competition. ITEX is proud to have been selected to be involved with an exclusive group of about thirty national partners in the iCare program.
Steven White, Chairman and CEO of ITEX, stated To partner with a Fortune 100 company is a ground breaking opportunity for ITEX and we expect to become a leading channel for restaurants across the country to conserve precious cash and increase their profitability by welcoming ITEX diners in exchange for products and services that are necessary during their normal course of operations. Being able to offer to ITEX's trading community to SYSCO restaurant clients through their iCare program has enormous potential for us. Not only do we enhance the value proposition and revenue streams for our marketplace and community, at the same time we create a new sales channel directed at servicing our top verticals: restaurants, advertising / promotion, and labor services.
The program has enjoyed a soft launch in seven strategic markets; Toronto, Canada; New York, Connecticut, Minneapolis, Chicago, Cleveland, and San Francisco. Initial response to the concept has been very positive, with several markets having already begun incorporating SYSCO customers in to the ITEX community.
According to Chris Hemmeter, CEO of SYSCO iCare Marketing, We feel that ITEX is a wonderful fit for the iCare suite of partner companies. The revenue building and cash saving potential ITEX brings to our restaurant customers is significant, and very exciting. This relationship is perfectly in keeping with our goals of boosting our customers' sales, while helping them become more efficient and profitable at the same time.
In unsettling economic times, which has dominated world news in recent weeks, every small business must take whatever steps will assist them weather the crisis and stay ahead of the competition. ITEX offers customers viable and cash free practical solutions to a slowing economy. It works well in a strong economic environment but is even more important to utilize when empty dining tables are common.
About SYSCO
SYSCO is the global leader in selling, marketing and distributing food products to restaurants, healthcare and educational facilities, lodging establishments and other customers that prepare meals away from home. Its family of products also includes equipment and supplies for the foodservice and hospitality industries.
About SYSCO iCare
SYSCO iCare provides restaurateurs with connections to business partners that help them compete, stay in the game and focus on what they do best. iCare offers a suite of value-added resources specifically designed to help the restaurant operator boost sales, hire and retain the industry's best employees, streamline and protect business operations, and acquire sufficient working capital.
What does it take for a business owner in the foodservice and hospitality industries to be successful? Besides talent and a lot of gusto, it takes resources! With SYSCO iCare, you have connections to some of the most innovative and valuable tools in the industry. What's more, these resources are all dedicated to serving your needs and helping you achieve your business objectives.
SYSCO Corporation introduced the vision of delivering value-added services to its customers in 2002. The result was iCare and the aim was simple: leverage SYSCO's scale and sophistication to assemble a suite of services that can help customers succeed in the ultra-competitive restaurant industry.
About ITEX
ITEX, The Membership Trading CommunitySM, is a thriving community of member businesses. 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. We routinely post important information on the investor relations portion of our website.
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 November 6, 2008, and ITEX undertakes no duty to update this information. For more information, please visit www.itex.com
