BELLEVUE, Wash., June 12 /-/ -- ITEX Corporation (OTC Bulletin Board: ITEX), The Membership Trading Community(SM), a leading marketplace for cashless business transactions in North America, today augmented its management team with veteran executive Douglas A. Dagenais, who assumed the position of National Sales Director with responsibility for increasing member registrations. His record in the industry dates back to 1981, when Dagenais was the first hire at BarterCorp located near Chicago.
"We are truly pleased to add Doug Dagenais, a seasoned and respected professional, to our team," said ITEX Corporation CEO Steven White. "Doug's sole focus will be to help the ITEX franchise network grow member registrations."
Dagenais brings to ITEX more than twenty years of experience in the barter industry beginning at BarterCorp, which enrolled more than 10,000 members under his guidance and direction. Dagenais personally registered more than 1,000 new clients for BarterCorp and served for 18 years as Senior Executive Vice President of the Oak Brook, Illinois venture.
Prior to his association with ITEX, Dagenais spent six years as a director of Shell Vacations LLC of Northbrook, Illinois, a leading operator of luxury vacation ownership resorts under the Shell Vacations Club name that reported $388 million in revenue in 2006.
CEO White said the Dagenais appointment is the second part of a three-point ITEX strategy to increase new small business members to the existing base of 22,000. "Doug's experience is expected to help make our registration program more successful, by bringing a new strategic focus to franchisee sales and registration activities." Additional steps in support of member acquisitions will be announced by ITEX later this month.
Dagenais has a long list of credentials, including the Distinguished Service Award for Sales Management from IRTA (International Reciprocal Trade Association); Illinois Small Business Advocate of the Year and Small Business White House Conference Delegate.
Dagenais, a 58-year-old native of Chicago, holds an MBA from Northern Illinois University.
About ITEX
ITEX, The Membership Trading Community(SM), is a thriving community of 22,000 member businesses buying and selling more than $250 million a year in ITEX dollar transactions. Member businesses increase sales through an exclusive distribution channel managed by 95 franchisees and licensees, by utilizing ITEX dollars to exchange goods and services. ITEX is powered by ITEX Payment Systems, the leading payment technology platform for processing cashless business transactions. ITEX is headquartered in Bellevue, Washington.
This press release contains forward-looking statements that involve risks and uncertainties concerning our expected performance (as described without limitation in the quotations from current management in this release) and comments within the safe harbor provisions established under The Private Securities Litigation Reform Act of 1995. Actual results may differ materially from the results predicted and reported results should not be considered as an indication of our future performance. We believe that these potential risks and uncertainties include, without limitation: the continuing development of successful marketing strategies for our concepts; our ability to increase revenues and sustain profitability; the availability of adequate working capital; our dependence both on key personnel and our broker network; and the effect of changes in the overall economy and in technology. Statements in this release should be evaluated in light of these factors. These risk factors and other important factors that could affect our business and financial results are discussed in our periodic reports and filings with the Securities and Exchange Commission, including our Forms 10-KSB and Forms 10-QSB, which are available at http://www.sec.gov., including under the caption, "Management's Discussion and Analysis of Financial Condition and Results of Operations." All information set forth in this release is as of June12, 2007, and ITEX undertakes no duty to update this information.
For more information, please visit http://www.itex.com
