ITEX Announces Second Quarter Filing — Fiscal 2010

ITEX (OTCBB:ITEX) has filed form 10-Q with the Securities and Exchange Commission, and have announced the results for its fiscal 2010 second quarter ended January 31, 2010.

Second quarter 2010 highlights:

·         Income from operations of $526,000, compared to $235,000 in the same period last year;

·         Revenue of $4,537,000, compared to $4,365,000 in the same period last year;

·         Net income of $172,000, compared to $134,000 in the same period last year;

·         Cash at end of period of $3,627,000, compared to $2,557,000 on July 31, 2009;

·         Stockholder equity of $14,460,000, compared to $13,981,000 on July 31, 2009;

·         Broker incentive expense of $79,000 for a computer upgrade initiative planned in conjunction with the upcoming launch of Office 2010.

(The ITEX report on Form 10-Q can be found at www.sec.gov.)

ITEX Authorizes Stock Repurchases

On March 9, the ITEX Board of Directors authorized the repurchase of up to $2 million of its outstanding common stock. The timing and actual number of share repurchases will depend on a variety of factors.

The repurchase program does not obligate ITEX to acquire any particular amount of common stock, and may be modified or discontinued at any time. ITEX currently has 18,051,248 shares of common stock outstanding