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withdrawn at any time on or prior to the expiration of the tender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 Only shares properly tendered and not properly withdrawn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.
more information contact Alan Zimmelman