ITEX Trading Community
Expands Into Latin America
ITEX Corporation (OTCBB: ITEX), has entered into a web services
agreement with ITEX Latin America (ILA), a Panamanian corporation.
ILA is currently developing a trading community in Panama, with
future expansion planned in selected Central and South American
countries. John Castoro, a principal in ILA, is also a principal of
ITEX�s largest franchisee, based in New York and New Jersey.
Castoro noted that he�s �used ITEX�s technology successfully for
years and it was simply no contest when it came to making a choice
for our technology host and platform in Panama. The system is
practical, efficient and scaleable. I am very pleased to have
reached an agreement with ITEX to use their proven web-based
anticipate bringing many valuable trading opportunities to ITEX and
to its 24,000 members in the United States and Canada in the
hospitality field and other sectors of Latin America's economy.
Expansion to Panama, with its stable democracy, good economic growth
and a dollar-based currency provides an exciting opportunity for ILA
Steven White, ITEX Chairman and CEO, observed, �Our enhanced
technology platform strategy, offering web-based services to other
businesses, has allowed us to expand our cashless transaction
processing opportunities beyond the ITEX Marketplace.
�With two web service agreements executed, we have demonstrated that
our dynamic web-based platform is marketable, capable of providing
new revenue streams for our company, and also provides added trading
opportunities for our members. We are pleased to see a return on the
technology investments we have made over the past several years.�
Pursuant to the web services agreements, ITEX hosts the web
interface, client relationship management (CRM) platform, and is
responsible for all transactional processing on the site. The first
web services agreement was executed in February 2009 with Idearc
Media LLC, a subsidiary of Idearc Inc. ITEX launched Idearc�s online
marketplace SuperTradeExchange, in March 2009.
Deal points for each of the Web services agreements include:
platform subscription fee;
transaction processing fee based on gross merchandise volume (GMV);
by ITEX of the back end processing, e-statement mailing, web hosting
and electronic collection of payments.
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