March 24, 2015
by Bob Meyer, Editor of BarterNews
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ITEX Commences Tender Offer To Purchase Its Common Stock
ITEX Corporation (OTC Marketplace: ITEX), The Membership Trading
Community®, a leading marketplace for cashless business
transactions in North America, announced today that it has commenced
a partial tender offer to purchase up to 750,000 shares of its
common stock, at a price of $4.00 per share.
number of shares proposed to be purchased in the tender offer
represents approximately 26.1% of ITEX's currently outstanding
common shares (including shares of unvested restricted stock). On
March 13, 2015, the last trading day prior to the commencement of
the tender offer, the last sale price of ITEX's shares reported on
the OTC Marketplace was $2.71 per share.
The tender offer
will expire on April 15, 2015, at midnight (one minute after 11:59
p.m.), New York City time, unless extended. Tenders of shares of
ITEX's common stock must be made on or prior to the expiration of
the tender offer and may be withdrawn at any time on or prior to the
expiration of the tender offer.
Only shares properly
tendered and not properly withdrawn pursuant to the tender offer
will be purchased. The tender offer will be financed entirely with
cash on hand. ITEX reserves the right, in its sole discretion, to
purchase in the tender offer, subject to applicable law, an
additional number of shares not to exceed 2% of the outstanding
shares without amending or extending the tender offer.
Questions concerning the tender offer or requests for copies of the
Offer to Purchase, Letter of Transmittal and related documents
should be directed to Corporate Communications at ITEX Corporation
at 800-277-9722, extension 4003. OTR, Inc. is the Depositary
for the tender offer. The Offer to Purchase, Letter of
Transmittal and related documents are being mailed to registered
stockholders and will also be made available for distribution to
beneficial owners of ITEX's common stock.
None of ITEX, its
Board of Directors, or the Depositary is making any recommendation
to stockholders as to whether to tender or refrain from tendering
any shares. Stockholders and investors should read carefully the
Offer to Purchase, Letter of Transmittal and related materials,
should consult with their own financial and tax advisors, and should
make their own decisions about whether to tender shares, and, if so,
how many shares to tender.
(This press release is for
informational purposes only and does not constitute an offer to
purchase or the solicitation of an offer to sell shares of ITEX's
common stock. The tender offer is being made pursuant to the Offer
to Purchase, Letter of Transmittal and related materials that ITEX
will be distributing to its stockholders and filing with the
Securities and Exchange Commission.)
For more information on
ITEX, click here.
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Having The Guts To Be Bold In Business
What if you
came face to face with the realization that to survive and thrive
five to ten years from now, you would have to dismantle your company —
throw out all the old policies and procedures, the way things have
always been done — and rebuild it from the ground up in the
next 30 days?
Are you tough enough?
"It take real
guts to be a leader in today's turbulent times," says Irv
Rothman, President and CEO of HP Financial Services. "Successful
corporate leaders have to be bold enough to build a culture of
innovation. You must have the guts to manage your organization so
that it creates the products and services that will allow your
company to be successful five to ten years from now."
Rothman has recently developed a new educational platform called
Gutsball Leadership, to help leaders meet this special
challenge. This system teaches business leaders the essential
strategies and tactics they must develop and deploy, in order to
create and inspire a culture of innovation in their organizations.
Among the numerous elements this innovative program contains
are the following:
1. Get the results you
You must design and quantify the
results. An organization's culture does not form and build randomly;
rather it is built through the CEO's actions and decisions. These
decisions form the basis for the values and assumptions that will
become the organization's culture and influence every outcome from
daily interactions to annual financial reports.
Be insanely customer-centric. A customer is a customer for life.
At its core, customer relationships start with recognizing the
values of your audience. With a proper gutsball mindset, an
organization can not only match those values and meet those needs,
but also deliver above and beyond performance when compared to
previous experiences with business relationships anywhere.
3. Share the wealth with those who create it.
Inspire ownership and motivate employees by ensuring their hard
work is appreciated and rewarded. When goals are exceeded, make sure
they're compensated accordingly.
4. Let those
closest to the customer make the key performance decisions.
Give your employees and colleagues the freedom to be nimble and
decisive within their realm. The person dealing directly with your
customers and clients not only has a stronger grasp of their needs
and values, but also is at the cutting edge of building the
relationship the customer has with your company. Empower them.
5. Give employees the autonomy over their sphere of
Your staff has to trust that you have
their back. Stop micromanaging and support their decisions —
taking a reasonable risk and failing is better than never having
tried. Let them fail and try again.
your employees act as if they are owners of the business.
Employees are far more invested when they control their
decisions, feel their opinion matters, see their efforts rewarded —
and this investment translates not only to a stronger customer
experience, but an overall pride in your product. Let them feel like
they own the business.
7. Never violate your
commitments – always deliver.
Integrity isn't just
a word our parents threw around. Your word is your bond. Without
trust that you'll follow through, employees and customers are unable
and unwilling to invest in your vision.
Never compromise your key principles.
compromise on your foundation — whether for expediency or
otherwise. Your principles are the foundation of your culture and
keep all other actions in alignment. Without that consistency, the
entire machine falls apart.
Rothman's definition of gutsball:
Gutsball (gŭts'bôl) n. 1. The ability to overcome
apprehension or anxiety and rise to the occasion. 2. To feel free to
take action while acknowledging potential consequences, but not
and CEO of HP Financial Services, Mr. Rothman leads over 1500
employees and oversees $12.5 billion in assets by championing a
culture of trust, collaboration, autonomy, and ethical behavior that
work to better serve their customers. With over thirty years of
experience, Rothman cemented his gutsball ethos in the 2002
HP/Compaq merger, a deal that married Compaq’s global reach with
HP's technological prowess and resulted in a state-of-the-art
finance and leasing company now producing over $3.5 billion in
All royalties from the sales of Rothman's
first book, Out-Executing the Competition, were donated to an
international charitable organization dedicated to promoting
children's literacy with a particular focus on undeveloped and
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The Growth and Use of Secondary
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