BarterNews Logo

949-831-0607

E-mail: bmeyer@barternews.com
 

Bob Meyer
 

Beyond The Limits Of Cash or Credit

Platinum Sponsors:
 

IMS Barter Logo


Fast Start Programs

Mentor Capital
 

HOME

Sponsors Menu




 
Google
Web www.barternews.com

04/17/2012

ITEX�s Tender-Offer A Big Success

ITEX Corporation (OTCBB:ITEX) has announced the preliminary results of its tender-offer to purchase up to 1,000,000 shares of its common stock at a price of $4.20 per share, which expired at midnight, New York City time on April 13, 2012.

Based on the preliminary count by OTR Inc., the depositary for the tender-offer, approximately 1,226,253 shares of ITEX�s common stock were properly tendered and not withdrawn. In accordance with the terms and conditions of the tender-offer, ITEX expects to acquire 1,072,827 shares of its common stock at a price of $4.20 per share, for an aggregate cost of $4,505,873, excluding fees and expenses relating to the tender-offer.

The total number of shares expected to be purchased includes an additional 72,827 shares purchased pursuant to ITEX�s right to increase the number of shares purchased by no more than 2-percent of its outstanding shares, without amending or extending the tender offer. The shares expected to be purchased in the tender-offer represent approximately 26.5% of ITEX�s currently outstanding common shares (including shares of unvested restricted stock).

Since the offer was oversubscribed, the number of shares that ITEX will purchase from each tendering shareholder will be prorated. Based upon the preliminary count by the Depositary of shares tendered, ITEX estimates that the proration factor will be approximately 87.5%.

As of March 15, 2012, ITEX had approximately 4,040,925 shares of common stock outstanding (including approximately 399,584 shares of unvested restricted stock). After giving effect to the results of the tender-offer, ITEX expects to have approximately 2,968,098 shares of common stock outstanding (including unvested restricted stock).

Questions concerning the tender-offer may be directed to Investor Relations of ITEX Corporation at 800-277-9722, extension 4017. 

For more information on ITEX click here


Receive many articles via e-mail regarding the Barter World!

:
:

New every week!
The Tuesday Report - a weekly commentary on the barter world. If you wish to receive a summary of The Tuesday Report via e-mail every Tuesday, enter your name and e-mail address and click the Get More Info! Button