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06/16/2009

ITEX Earnings For Third Quarter Fiscal 2009

ITEX Corporation (OTCBB:ITEX), a leading marketplace for cashless business transactions in North America, filed its Form 10-Q with the Securities and Exchange Commission and announced results for its fiscal 2009 third quarter ended April 30, 2009.

�ITEX continues to be resilient to the fallout from the global financial crisis,� said Steven White, Chairman and CEO. �We realized a small increase in revenues for the quarter with expenses and earnings in line with what we anticipated.

�Our cash from operations was strong and we continued to invest in our technology, support staff, and sales, marketing and advertising efforts during the quarter. Additionally, we elected to pay off our remaining Note balance incurred as a result of the 2007 Intagio Trading Community acquisition, eliminating all long term debt. All four acquisitions entered into since 2005, totaling more than $8 million in cash payments, have been paid in full and are fully integrated. We plan to continue to capitalize on the opportunities that arise in difficult economic conditions.�

White continued, �We are pleased that our web services initiative has had early successes � providing new revenue streams for the company in addition to expanding trading opportunities for our members. Our first web-services agreement was executed during the quarter with Idearc, LLC. For a one-time platform subscription fee and a monthly transaction processing fee, ITEX hosts the web interface, client relationship management platform, and is responsible for all transactional processing.

�We also provide a proprietary processing technology that enables members of any of our web-services clients to seamlessly accept the digital currency of another web-services client; a very exciting tool for all users. In our second web-services agreement executed in May, we added services to selected areas of Central and South America.�

Third Quarter 2009 Highlights

         Revenue of $3,981,000, compared to $3,871,000 in the same period last year;

         Income from operations of $344,000 compared to $408,000 in the same period last year;

         Net income of $224,000, compared to $230,000 in the same period last year;

         Net cash provided from operations of $1,535,000, compared to $1,770,000 in the same nine-month period last year;

         Cash at end of period was $1,194,000, compared to $1,061,000 at July 31, 2008;

         Signed first web-services agreement with a Fortune 1000 company which included a one-time $350,000 platform subscription fee and a monthly transaction processing fee based on gross merchandise volume (GMV).

ITEX�s report on Form 10-Q can be found at www.sec.gov.



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