BELLEVUE, Wash., June 14, 2011 /PRNewswire/ -- ITEX Corporation (OTCBB: ITEX), The Membership Trading Community(SM),a leading marketplace for cashless business transactions in North America, summarized its stock repurchase plan activity.
In its most recent Form 10-Q, filed with the SEC on June 7, 2011, ITEX reported 92,125 shares of common stock had been purchased during the quarter, leaving approximately $1.57 million available for future repurchases under the plan. The $2.0 million buyback program was first announced on March 9, 2010.
Steven White, Chairman and CEO noted, "From time to time we receive inquiries about the progress of our stock repurchase program. The repurchase program follows the safe harbor provisions of SEC Rule 10b-18 and other legal requirements. The actual number of shares we can repurchase depends on a variety of factors including price, corporate and regulatory requirements, timing and volume restrictions and suspension of activity during quarterly blackout periods."
Mr. White continued, "Although somewhat limited by our trading volume on the OTCBB, our repurchase program continues to advance our goal of creating long-term stockholder value. During the period from August 2003 through our 3rd fiscal quarter ending April 30, 2011, we have repurchased 521,125 shares, representing approximately 14% of the current number of common shares outstanding."
ITEX, The Membership Trading Community(SM), is a leading marketplace for cashless business transactions. Members increase sales through an exclusive distribution channel managed by our broker and franchise network, by utilizing ITEX dollars to exchange goods and services. 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 (as described without limitation in the quotations from current management in this release) 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: the continuing development of successful marketing strategies for our concepts; our ability to increase revenues and sustain profitability; the availability of adequate working capital; our dependence both on key personnel and our franchise network; 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, including our Forms 10-K and Forms 10-Q, which are available at www.sec.gov. All information set forth in this release is as of June 14, 2011, and ITEX undertakes no duty to update this information.
For more information, please visit www.itex.com
SOURCE ITEX Corporation