ITEX - First Trading Community to Accept Bitcoin

BELLEVUE, Wash., Feb. 27, 2014 /PRNewswire/ -- ITEX Corporation (OTCQB: ITEX), The Membership Trading Community^SM, a leading marketplace for cashless business transactions in North America, today announced it now accepts Bitcoin as a payment option for its more than 20,000 member businesses.

Bitcoin is the world's largest circulated encrypted digital currency and ITEX is the largest trading community in the USA and Canada. The Bitcoin peer-to-peer network is made up of thousands of computers run by individuals around the world and doesn't have a central clearinghouse or answer to a singular authority. The finite supply of Bitcoins will grow at a mathematically determined rate of expansion from its current 12.5 million units to a maximum of 21 million units.

The ITEX dollar is a virtual currency used as a method of payment within our marketplace and trading community. In contrast to Bitcoin, ITEX utilizes a centralized system where it determines the amount of currency in circulation, based on numerous factors, including the needs of its member merchants.  ITEX seeks to provide a platform for peer-to-peer and centralized virtual currency models to co-exist and complement each other.

"We are excited about the momentum the nascent virtual currency industry is experiencing and anticipate greater support for our virtual currency, the ITEX dollar, as time progresses," stated Steven White, Chairman and CEO.

"ITEX contracted with Coinbase of San Francisco, the largest platform of merchants and consumers accepting Bitcoin, to create our e-wallet service, process payments and convert Bitcoin into U.S. dollars. We invite the millions of Bitcoin enthusiasts to participate in our trading community," Mr. White concluded.

About ITEX
ITEX, The Membership Trading Community^SM, is a leading marketplace for cashless business transactions. Our business services and virtual currency payment system allows member businesses to transfer value to acquire products and services without exchanging cash. We generate revenue by charging members percentage-based transaction fees and association fees. ITEX is headquartered in Bellevue, WA. We routinely post important information on the investor relations portion of our website.  For more information, please visit www.itex.com.

This press release contains forward-looking statements that involve risks and uncertainties concerning our expected performance and comments within the safe harbor provisions established under The Private Securities Litigation Reform Act of 1995. Actual results may differ materially from the results predicted and reported results should not be considered as an indication of our future performance. We believe that these potential risks and uncertainties include, without limitation: our revenue growth and success being tied to the operations of our broker network; our future revenue growth remaining uncertain; our business being subject to online security risks; unplanned system interruptions or system failures; claims and lawsuits against us that may result in adverse outcomes; increased regulation and competitive trading platforms resulting from the emergence of virtual currencies; and the effect of changes in the overall economy and in technology.   Statements in this release should be evaluated in light of these factors.  These risk factors and other important factors that could affect our business and financial results are discussed in our periodic reports and filings with the Securities and Exchange Commission, which are available at www.sec.gov.  ITEX undertakes no duty to update or revise any forward-looking statements.

SOURCE ITEX Corporation