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01/04/2016

ITEX�s White Responds to Western Sizzlin�s Unsolicited Tender Offer Changes

ITEX Corporation (OTCBB:ITEX), a leading marketplace for cashless business transactions in North America, has issued the following statement regarding Western Sizzlin�s (NASDAQ:WEST) decision to remove conditions to its unsolicited exchange offer to acquire shares of ITEX for consideration consisting solely of shares of Western Sizzlin common stock:

�The situation has not changed -- our Board of Directors continues to believe that Western Sizzlin�s bid is wholly inadequate and recommends that shareholders NOT tender their shares. Not only is the offer worth less now than originally announced, it does not reflect the true value of ITEX or its growth prospects. Furthermore, the value of the consideration being offered is uncertain, illiquid, and fully dependent on the future value of Western Sizzlin common stock. For the few ITEX shareholders that have tendered, we urge them to withdraw their shares by notifying the Western Sizzlin exchange agent immediately, as they will lose the right to withdraw tomorrow (3/26/08) afternoon.�

Steven White, ITEX Chairman/CEO explained, �Demonstrating the volatility and illiquidity of Western Sizzlin common stock, since the exchange offer commenced on December 27, 2007, the stock price has declined by approximately 12%; there have been nine days with no trading activity, and at one point their stock hit a low of $12.80.

�Western Sizzlin believed that obtaining its recent NASDAQ listing would result in enhanced liquidity. But lack of liquidity continues to weigh on its stock. ITEX�s stock continues to have almost twenty times the average daily trading volume of Western Sizzlin.

�Western Sizzlin has extended its exchange offer twice with the latest extension and shareholder withdrawal rights set to expire on March 26, 2008. The firm has continued to pursue its offer with minimal success. The vast majority of ITEX shareholders have demonstrated that they recognize the offer is not beneficial to them.

�On March 13, 2008, Western Sizzlin dropped many of the conditions related to its offer, including a previous requirement that it acquire 60% of ITEX�s shares before the exchange could take place,� White continued. �Essentially admitting failure, Western Sizzlin can now accept whatever shares are tendered with no minimum. More concerning to me is that the offer is scheduled to close, terminating ITEX shareholder withdrawal rights, three business days before Western Sizzlin must file its Form 10-K disclosing its operating results for the 2007 fiscal year. Thus, our shareholders are placed in the position of having to make an irrevocable decision shortly before the release of information that might be material.�

(Schedule 14D-9 and other public filings made by ITEX with the SEC are available without charge from http://www.sec.gov, or from http://www.itex.com.)

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