ITEX Corporation Announces Credit
Facility Increase
ITEX Corporation (OTCBB:ITEX), a leading marketplace for cashless
business transactions in North America, has announced that the
credit facility with its primary banking institution had been
expanded.
ITEX and U.S. Bank entered into an agreement to increase the
maximum loan amount under its revolving credit facility from $1
million to $1.5 million, to lower the interest rate of the facility,
to remove certain borrowing base limitations, and to extend the
maturity date to November 30, 2009.
Steven White, Chairman and CEO, noted, “ITEX continues to
position itself to take advantage of opportunities that may present
themselves in the current chaotic financial and difficult business
environment. Although there is currently no outstanding balance
under this line of credit and we have no immediate plans to use it,
we felt it prudent to increase our access to additional capital. We
may use the line of credit to finance short term working capital
requirements, initiate new revenue-generating projects or to pursue
strategic opportunities.”
Timothy J. Flynn, Vice President of Commercial Banking for U.S.
Bank, commented, “We are pleased with ITEX's continued financial
performance and overall success during the last five years, and look
forward to expanding our long-term relationship with ITEX
Corporation.”
For more information visit
www.itex.com.
