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ITEX Corporation Announces Fiscal 2009 First-Quarter Results

ITEX Corporation (OTCBB:ITEX), a leading marketplace for cashless business transactions in North America, has filed its Form 10-Q with the Securities and Exchange Commission and announced results for its fiscal 2009 first quarter ended October 31, 2008.

�Even with the continuing economic instability and a weakened business climate, we are pleased to report a profit for the quarter,� noted Steven White, Chairman and CEO. �We recognized a modest revenue increase for the first quarter compared to the same quarter last year, and our net cash from operations remained strong.�

White explained, �In the first quarter of fiscal 2009, we increased staffing in our sales department and continued to invest in our technology infrastructure to further strengthen our foundation for future revenue growth. We are building in areas we believe will generate positive returns without exposing the company to significant risk. As a result, corporate salaries, wages, and employee benefits increased over last year due to strategic hires.

�We expanded our staff in our broker support team, including a senior management position, sales specialists for our new media services sector in connection with our August 2008 acquisition of the media services company assets, and additional staff in our technology department in order to pursue our Software as a Service (SaaS) initiatives.

�SG&A (selling, general & administrative) expense also increased over last year primarily due to an increase in professional consulting expenses for investor relations and investment banking, and to a lesser extent, outsourced development of our technology platform.

�For the remainder of this fiscal year we expect to continue to invest in our future; to be aggressive in investing our cash flow and earnings, and utilizing ITEX Marketplace resources to build market share, grow our business and capitalize on opportunities that arise in difficult economic conditions.

�During recent months we have had several positive news stories providing us with great media exposure, which can be viewed in the News section of our website at,� he concluded.

First Quarter 2009 Highlights

         Revenue of $3,899,000, compared to $3,853,000 in the same period last year.

         Net income of $45,000, compared to $156,000 in 2008.

         Net cash provided from operations of $706,000, compared to $803,000 in 2008.

         Cash at end-of-period was $1,282,000, compared to $1,061,000 at July 31, 2008.

         ITEX Media Services was launched with the August 1, 2008 acquisition of a media trading platform and media and travel clients.

        Created a new business development department tasked with creating relationships with companies that have a national presence to assist with our growth on the local level.

         Signed a partnership agreement with iCare, a division of SYSCO, Inc., an enterprise-level supplier of products and services to the food service and hospitality industries.

Subsequent Events

         In November, entered into an agreement with U.S. Bank to increase the maximum loan amount under our revolving credit facility from $1.0 million to $1.5 million, to lower the interest rate of the facility, to remove certain borrowing base limitations, and to extend the maturity date to November 30, 2009.

         In November, paid off the remaining balance of our Promissory Note due to The Intagio Group for the recently acquired media services assets.

ITEX Corporation�s report on Form 10-Q can be found at

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