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ITEX Reveals Fourth Consecutive Profitable Year

ITEX Corporation (OTCBB: ITEX) filed its Form 10-KSB with the Securities and Exchange Commission and announced its results for the fiscal year ended July 31, 2007.

�Over the past four fiscal years, we have increased operational income and cash flow year over year,� stated Steven White, Chairman and CEO. �During the same period, we increased stockholder equity from a negative $481,000 to more than $12 million, increased revenue 34%, and almost doubled our membership base.

�We attribute our growth to focusing our model on cashless transaction processing for small businesses in a unique, vertical marketplace. Our fiscal 2007 results reflect another solid year with gains in key areas including income from operations, operational cash flow, and earnings per share,� he continued.

�As a result of our gains and strong cash flow, our balance sheet continued to strengthen in fiscal 2007 with total assets increasing 34% and total liabilities decreasing 27%. Our ability to invest in technology and to initiate new projects in order to grow revenue affords us a firm footing for the future.

�During fiscal 2007, we upgraded and expanded the franchise portion of our web site, we retained outside technology and marketing firms to help execute a multi-faceted strategy to increase revenue, and we announced our Executive Privileges Program.

�We anticipate that these programs and initiatives will have a long-term positive effect on our operations by expanding our Trading Community member base and increasing participation in our Marketplace,� White concluded.

Fiscal Year 2007 Highlights

Income from operations increased 12% in fiscal year 2007 to $1,505,000, from $1,341,000 for fiscal year 2006.

Operational cash flow increased 12% in fiscal year 2007 to $2,057,000, from $1,836,000 for fiscal year 2006.

Total net income increased 31% in fiscal year 2007 to $4,504,000, from $3,433,000 for fiscal year 2006.

In fiscal year 2007 and 2006 the firm realized gains of $2,843,000 and $1,975,000, respectively, as an income tax benefit. Most of ITEX�s future tax benefit is now recorded on its balance sheet as a deferred tax asset.

Earnings per share (diluted) increased 39% in fiscal year 2007 to 25 cents, from 18-cents for fiscal year 2006. Earnings per share (diluted) from operations increased 14% in fiscal year 2007 to 8-cents, from 7 cents for fiscal year 2006.

Cash and cash equivalents increased 458% in fiscal year 2007 to $1,753,000, from $314,000 for fiscal year 2006.

Assets increased 34% in fiscal year 2007 to $14,304,000, from $10,663,000 for fiscal year 2006. Total liabilities decreased 27% in fiscal 2007 to $1,974,000, from $2,695,000 in fiscal year 2006.

ITEX repurchased 438,000 and 1,050,000 shares of common stock during fiscal years 2007 and 2006, respectively. There were 17,918,632 total outstanding shares as of October 2, 2007, with no outstanding options or warrants.

The firm completed more than $270,000,000 in ITEX dollar transactions by processing 314,000 transactions in fiscal year 2007.

ITEX Corporation�s report on Form 10-KSB can be found at, and on the investor relations portion of its web site at

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