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03/18/2008

Western Sizzlin Discloses ITEX Offer Amendment

Western Sizzlin Corp. (WEST), engaged in the operations of restaurants, reported it has amended its exchange offer for ITEX Corporation (OTCBB:ITEX). The new offer is for up to 2,700,000 shares of ITEX common stock, at the same exchange ratio of one share of ITEX common stock, for .06623 shares of Western common stock. The exchange offer is scheduled to expire on Wednesday, March 26, 2008, unless extended.

Previously on January 29, 2008, Western Sizzlin offered $16.4 million to acquire Bellevue (WA)-based ITEX. Western Sizzlin said that the offer price was higher than the current market value of $14.2 million and representing a premium of 16% of ITEX stock.

Western Sizzlin also noted that the combination of both companies would increase the barter volume of ITEX through its other subsidiaries, reduce redundant public company costs, and provide financing for other acquisitions.

As a result of its amended offer, Western has eliminated some significant conditions to the offer such as 60% of ITEX�s shares being validly tendered in the exchange offer and not withdrawn, Western being satisfied in its reasonable discretion that the Nevada anti-takeover statutes will not be applicable, the expiration or termination of any waiting periods under applicable antitrust laws, the receipt of all required consents under the terms of ITEX�s debt agreements, and stockholder approval of the issuance of Western shares in the offer.

The complete terms and conditions of the amended exchange offer are set forth in the amended registration statement and the other offering documents filed by Western Sizzlin with the SEC.

WEST closed Thursday�s regular trading session at $15.01, down $1.24 or 7.63%. ITEX closed Thursday�s regular trade at $0.97, down a penny or 1.02%.


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