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06/09/2009

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.

Mr. 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 technology.

�We 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 and ITEX.�

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:

         One-time platform subscription fee;

         Monthly transaction processing fee based on gross merchandise volume (GMV);

         Management by ITEX of the back end processing, e-statement mailing, web hosting and electronic collection of payments.

For more information on ITEX go to http://www.ITEX.com.



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