The Committee to Enhance ITEX Mobilizes Executive Leadership Team

CRANFORD, N.J., Oct. 20 /PRNewswire/ -- The Committee to Enhance ITEX (the "Committee") announces continuing discussions with experienced executives to lead the business operations of the ITEX Corporation ("ITEX") if necessary.  While discussions continue, the following two executives have currently indicated their interest in joining ITEX's management team and are prepared to successfully transition ITEX and implement the Committee's plan:

• A Partner at a prominent $90+ million capital firm, with over 16 years of experience serving as a CEO of high-growth companies and turnarounds. He has served as CEO and founder of one of the first dynamically generated e-commerce sites; President and Founder of an enterprise Software-as-a-Service company with Fortune 500 customers; CEO and founder of a technology company serving clients such as Albertsons, Bain & Company, and Exodus Computing; CTO and board member of a venture-backed online mortgage bank which became one of the five largest in the US during his tenure; and turnaround CEO of a multi-office recruiting and technology business.
• A senior executive with operational experience that includes a career of over 15 years within the barter industry.  As an operator he has been able to significantly grow his barter business through organic growth.  Beyond his operational experience, the candidate has served on numerous boards and maintains a high level of peer acknowledgement.

The Committee will continue to communicate with you regarding details of our ideas to improve ITEX.  Our website, www.enhanceitex.com (the "Website"), will be the primary channel over which we will impart information on vital matters.  We encourage shareholders to visit our website regularly and to share their thoughts with us.

CERTAIN INFORMATION CONCERNING THE PARTICIPANTS

The Committee, together with the Participants (as defined on the Website), intends to make a preliminary filing with the United States Securities and Exchange Commission (the "SEC") of a proxy statement and accompanying proxy card to be used to solicit proxies for the election of its slate of director nominees at the 2010 annual meeting of stockholders of the ITEX Corporation.

THE COMMITTEE STRONGLY ADVISES ALL STOCKHOLDERS OF THE COMPANY TO READ THE PROXY STATEMENT WHEN IT IS AVAILABLE BECAUSE IT WILL CONTAIN IMPORTANT INFORMATION.  SUCH PROXY STATEMENT WILL BE AVAILABLE AT NO CHARGE ON THE SEC'S WEBSITE AT http://www.sec.gov. IN ADDITION, THE PARTICIPANTS IN THE SOLICITATION WILL PROVIDE COPIES OF THE PROXY STATEMENT WITHOUT CHARGE UPON REQUEST.  REQUESTS FOR COPIES SHOULD BE DIRECTED TO THE PARTICIPANTS' PROXY SOLICITOR, INVESTORCOM, INC. AT ITS TOLL-FREE NUMBER (877) 972-0090 OR VIA EMAIL AT [email protected].

Please refer to the Website for further information about the Participants.

SOURCE The Committee to Enhance ITEX