ITEX Increases Bank Line-Of-Credit To $2,500,000
ITEX Corporation (OTCBB:ITEX) has announced that it has entered into
an agreement with U.S. Bank, its primary banking institution, to
increase the maximum loan amount under its revolving credit line
from $1.5 million to $2.5 million. The interest rate is one-month
LIBOR+ 2%, equating to a current interest rate of 2.24%.
Steven White, Chairman and CEO, noted, “There is currently no
outstanding balance under this line-of-credit and we have no
immediate plans for use. However, we felt it prudent to increase our
access to additional capital in order to position us to take
advantage of potential opportunities. U.S. Bank has been a great
partner over the years and we appreciate the support it has provided
to help us expand our business.”
Timothy J. Flynn, Vice President of Commercial Banking for U.S.
Bank, commented, “We are pleased with ITEX’s consistent financial
performance and overall success during the last six years. During
this period ITEX has done an exceptional job strengthening its
balance sheet, increasing positive cash flow, eliminating debt
associated with its acquisitions, and demonstrating sound fiscal
management. These factors, along with our positive and open
communications with ITEX’s management, were instrumental in
approving the increase in the line-of-credit limit.”
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