ITEX Corporation Completes Intagio
ITEX Corporation (OTCBB:ITEX), a
leading marketplace for cashless business transactions in North
America, reported it had completed the acquisition of the trade
exchange marketplace previously operated by Intagio Corporation of
San Francisco. (See Tuesday Report dated July 31, 2007.)
In addition, it entered into a
separate agreement with NYTO Trade Incorporation, ITEX's largest
franchise, granting for $200,000 the right and license to manage the
newly acquired members located in New Jersey and New York. The New
York franchise is owned and managed by John Castoro, president.
Chairman and CEO Steven White,
stated, �We are pleased to have successfully completed this
acquisition, expanding our member base in the ITEX community as well
as contributing to the growth of our franchisees. We swiftly reached
an agreement with our largest franchise to manage a group of our
newly acquired members (from Intagio).
�We are confident John and his
team will quickly welcome and assimilate these members into our
trading community,� continued White. �The remaining members will be
closely managed by corporate-owned offices in San Francisco,
Chicago, Cleveland, and two suburbs near Hartford (CT).
Castoro, president of NYTO Trade
Incorporation, purchased the right and license from ITEX to manage
certain former Intagio members in New York and New Jersey. This
transaction creates an enterprise for him that generates nearly
$1.25 million in cash transaction and subscription fee revenue a
year, with more than 1,400 members conducting $18 million per year
in transaction volume.