Bellevue, WA May 12, 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 approved the initiation of a cash dividend to its shareholders.
The quarterly cash dividend of 2.5 cents per share will be paid on June 30, 2010, to shareholders of record at the close of business on June 15, 2010. Thereafter, the Company plans to pay regular quarterly dividends of 2.5 cents per share, or 10 cents per share annually. Future dividends will be subject to Board approval after its review of the Company’s financial performance.
We anticipate continued profitability with strong operational cash flow to increase our healthy cash position, said Steven White, Chairman and CEO. We will continue to use our resources to grow our business, enhance our technology infrastructure and to attract small businesses into our trading community, while also returning cash to our shareholders. We believe a dividend enhances shareholder value, provides better visibility for our company in the financial community, and attracts shareholders that seek dividends as part of their investment strategy.
