ITEX Stock

ITEX Corporation operates a marketplace (the ‘Marketplace’) in which products and services are exchanged by Marketplace members utilizing ITEX dollars (ITEX dollars).

ITEX dollars are usable in the Marketplace and allows various member businesses (its ‘members’) to acquire products and services without exchanging cash. The company services its member businesses through its independent licensed brokers and franchise network (individually, ‘broker’ and together, the ‘Broker Network’) in the United States and Canada. The company administers the Marketplace and provides record-keeping and payment transaction processing services for its members.

Marketplace Transactions

The Marketplace provides a forum for the company’s members to purchase from and sell their products and services to other members using ITEX dollars instead of b (United States dollars). An ITEX dollar is an accounting unit used to record the value of transactions as determined by the members in the Marketplace.

Businesses use the company’s Marketplace to attract new customers, increase sales and to utilize unproductive assets, surplus inventory, or excess capacity. The Marketplace is primarily useful to businesses where the variable costs of products or services are low, such as hospitality, media, and service related businesses.

Broker Network

Brokers are independent contractors with respect to the company. The company’s brokers provide Marketplace members with information about products and services that are available locally, nationally and in Canada. Brokers are responsible for enrolling new members, training them in Marketplace policies and procedures, facilitating their transactions and assuring payment in USD of transaction fees, association fees and other fees to the company.

The company offers the sale of ITEX franchises to qualified individuals under its franchise agreement, which it periodically amends as current events and circumstances deem necessary. Through its franchisees, the company distributes its services by licensing its business ideas and concepts while retaining legal ownership of those concepts and ideas, including its name, logos, trademarks and member relationships.

Its franchise agreement grants a limited license and right to use and operate a recognizable ITEX outlet to the franchisee by utilizing its business system, technology and proprietary marks.

The company provides ITEX Mobile that enables its members to register new prospects in the Marketplace; complete a transaction with ITEXpay; search for other members with ITEXmap; and to make payments to the company. The company’s members are located in the United States and Canada.

Business Strategy

The company’s strategy includes an efficient method to execute and track transactions in the Marketplace; a community where members could interact and safely transact business with other members; more coverage by increasing the size and effectiveness of its Broker Network; excellent customer service by the Broker Network and the company’s corporate staff; develop social media presence; and smart phone technology.

Competition

The company competes with various online and offline companies providing products and services to consumers and merchants, including big box stores, such as Best Buy, Costco, and Sam’s Club. The company also competes with eBay, Travelocity, Priceline, Amazon, and Overstock.

History

ITEX Corporation was founded in 1982. The company was incorporated in 1982.