ITEX Corporation Announces Results of Annual Meeting Re-Election of Board Members

ITEX Corporation Announces Results of Annual Meeting Re-Election of Board Members

BELLEVUE, Wash., Jan. 10 /PRNewswire-FirstCall/ -- ITEX Corporation (BULLETIN BOARD: ITEX) , a leading marketplace for cashless business transactions in North America, today announced the results of its annual meeting of stockholders held today at its headquarters in Bellevue, Washington. The only order of business was the re-election of Board members.

The re-elected Board members are:

Steven White of Bellevue, Washington. ITEX Chairman of the Board and
Chief Executive Officer.
Eric Best of Seattle, Washington. CEO of Mercent Corporation
John Wade of Sacramento, California. CFO of Aptimus Corp.

The newly elected Board convened immediately after the annual meeting.

Board Meeting Highlights

-- Steven White was re-appointed Chairman, CEO, President and continues as
interim CFO
-- John Wade was re-appointed Secretary and Treasurer
-- Committee structure:
- Audit -- John Wade (Chair), Steven White
- Compensation and Nominating -- Eric Best (Chair), John Wade



Steven White, Chairman and CEO, stated, "We are fortunate to have a professional, experienced Board to continue guiding ITEX in executing its business model of processing cashless business transactions, in its corporate governance, and in enhancing stockholder value. We earned more than $2.6 million in net income in fiscal 2004, including over $1.0 million in operating income, the first full year of operational profits in ITEX's history. Corporate overhead was reduced by 42% and all long-term debt was retired. We eliminated outstanding stock options and expensed equity-based compensation."

Mr. White concluded, "The future is bright based on our solid financial foundation and available growth opportunities. ITEX is a leading marketplace for cashless transactions, with more members, higher transaction volume, higher cash revenues and more offices than our competition. Our goal in 2005 is to increase market share, in addition to expanding the market with new businesses that have yet to experience the rewards of cashless transacting."

About ITEX

Founded in 1982, ITEX is a leading marketplace for cashless business transactions in North America. ITEX processes over $170 million a year in transactions through 13,000 member businesses managed by sixty franchisees and licensees. Member businesses increase sales and open new markets by utilizing the ITEX Dollar 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, Washington.

For more information, please visit www.itex.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 sustain profitability; our ability to integrate newly acquired exchanges or product lines; the availability of adequate working capital; our dependence both on key personnel and our broker 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, 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 January 10, 2005, and ITEX undertakes no duty to update this information.


Source: ITEX Corporation

CONTACT: Alan Zimmelman of ITEX Corporation, +1-425-463-4017, or
alan@itex.com

Web site: http://www.itex.com/


-------
Profile: intent