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03/20/2012

ITEX Tenders Offer To Purchase 1-Million Shares Of Common Stock

ITEX Corporation (OTCBB:ITEX) has announced commencement of a partial tender-offer to purchase up to 1,000,000 shares of its common stock, at a price of $4.20 per share.

The maximum number of shares proposed to be purchased in the tender offer represents approximately 24.7% of ITEX�s currently outstanding common shares (including shares of unvested restricted stock). On March 15, 2012, the last trading day prior to the commencement of the tender offer, the last sale price of its shares reported on the OTC Bulletin Board was $3.40 per share.

The tender offer will expire on April 13, 2012, at midnight EST, unless extended. Tenders of shares of ITEX�s common stock must be made on or prior to the expiration of the tender offer, and may be withdrawn at any time on or prior to the expiration of the tender offer. Only shares properly tendered and not properly withdrawn pursuant to the tender offer will be purchased. The tender offer will be financed entirely with cash on hand.

Questions concerning the tender offer or requests for copies of the Offer to Purchase, Letter of Transmittal and related documents should be directed to Investor Relations at ITEX Corporation at 800-277-9722, extension 4017. OTR, Inc. is the depository for the tender offer. The Offer to Purchase, Letter of Transmittal and related documents are being mailed to registered stockholders and will also be made available for distribution to beneficial owners of ITEX�s common stock.

None of ITEX, its Board of Directors, or the depository (OTR) is making any recommendation to stockholders as to whether to tender or refrain from tendering any shares. Stockholders and investors should read carefully the Offer to Purchase, Letter of Transmittal and related materials, should consult with their own financial and tax advisors, and should make their own decisions about whether to tender shares, and, if so, how many shares to tender.

This press release is for informational purposes only and does not constitute an offer to purchase or the solicitation of an offer to sell shares of ITEX�s common stock. The tender offer is being made pursuant to the Offer to Purchase, Letter of Transmittal and related materials that ITEX will be distributing to its stockholders and filing with the Securities and Exchange Commission.

For more information contact Alan Zimmelman alan@itex.com, phone 425-463-4017, or click here.


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