Second Franchisee Acquires Rights To Manage Former Intagio Members
For $500,000
ITEX Corporation (OTCBB:ITEX) reported it has executed an
agreement with Roger Boroway, ITEX franchise owner based in
Fairfield (CT), granting for $500,000 the right and license to
manage approximately 500 of the recently acquired former Intagio
members located in Connecticut and Massachusetts.
On August 1, 2007, ITEX announced it had acquired the commercial
trading system previously operated by Intagio Corporation for
$3,137,000. As a result of the acquisition, ITEX added 2,800 members
and now has more than 24,000 on its roster.
Through the purchase, Boroway, whose ITEX franchise regularly
ranks within the top offices, has almost doubled his membership to
well over 1,000 members. The collective member base is expected to
generate nearly $750,000 in cash transactions and subscription fee
revenue annually, and to conduct $10 million per year in transaction
volume ... making it the third largest franchise in the ITEX trading
community.
At the time that Intagio was acquired, ITEX reported that NYTO
Trade Incorporated, a franchise operated by John Castoro in New York
and New Jersey, obtained approximately 200 former Intagio clients
under similar terms for $200,000.
“Our top priority is acquiring members, followed by increasing
transaction volume between the business members in our community,”
said ITEX Chairman and CEO Steven White.
“The Intagio acquisition advances our first objective; it is now
the task of Mr. Boroway’s team to increase transaction volume within
this member base. Roger operates a very efficient and productive
franchise, and I am confident he will provide these new trading
partners with exceptional service.”
Boroway commented, “I am pleased to have reached this agreement
with ITEX. Expanding my franchise operations has been an ongoing
goal and this acquisition has afforded me the opportunity to double
in size overnight.
“We expect only positive results from the addition of these new
members into our client base. My goal is to redouble my franchise
over the next three years, becoming the top ITEX franchisee in the
country.”
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