ITEX Increases Bank Line-Of-Credit To $2,500,000

ITEX Corporation (OTCBB:ITEX) has announced that it has entered into an agreement with U.S. Bank, its primary banking institution, to increase the maximum loan amount under its revolving credit line from $1.5 million to $2.5 million. The interest rate is one-month LIBOR+ 2%, equating to a current interest rate of 2.24%.

Steven White, Chairman and CEO, noted, �There is currently no outstanding balance under this line-of-credit and we have no immediate plans for use. However, we felt it prudent to increase our access to additional capital in order to position us to take advantage of potential opportunities. U.S. Bank has been a great partner over the years and we appreciate the support it has provided to help us expand our business.�

Timothy J. Flynn, Vice President of Commercial Banking for U.S. Bank, commented, �We are pleased with ITEX�s consistent financial performance and overall success during the last six years. During this period ITEX has done an exceptional job strengthening its balance sheet, increasing positive cash flow, eliminating debt associated with its acquisitions, and demonstrating sound fiscal management. These factors, along with our positive and open communications with ITEX�s management, were instrumental in approving the increase in the line-of-credit limit.�

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