Bellevue, WA March 9, 2010 ITEX Corporation (OTCBB: ITEX), The Membership Trading CommunitySM, a leading marketplace for cashless business transactions in North America, announced today that its board of directors has authorized the repurchase of up to $2.0 million of its outstanding common stock.
The shares will be repurchased from time to time in open market purchases or privately negotiated transactions at times and in such amounts as management deems appropriate, in accordance with Securities and Exchange Commission Rule 10b-18 and other legal requirements. The timing and actual number of share repurchases will depend on a variety of factors, including price, corporate and regulatory requirements, alternative investment opportunities and market conditions. The stock repurchase program does not obligate ITEX to acquire any particular amount of common stock and may be modified or discontinued at any time.
ITEX will use its available working capital to fund the repurchase program. ITEX currently has 18,051,248 shares of common stock outstanding.
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