BELLEVUE, Wash., April 20, 2015 /PRNewswire/ -- ITEX Corporation
(OTC Marketplace: ITEX), The Membership Trading
Community®, a leading marketplace for cashless business
transactions in North America,
announced today the results of its tender offer to purchase up to
750,000 shares of its common stock at a price of $4.00 per share, which expired at 12:00 midnight,
New York City time, on
Wednesday, April 15, 2015.
Based on the tabulation by OTR, Inc., the Depositary for the
tender offer, approximately 885,741 shares of ITEX common stock
were properly tendered and not withdrawn and not excluded because
tendered conditionally. ITEX accepted for purchase 750,032 shares
of its common stock, including all "odd lots" properly tendered, at
a purchase price of $4.00 per share,
for an aggregate cost of $3,000,128,
excluding fees and expenses relating to the tender offer.
After adjustments, the total number of shares purchased in the
tender offer included an additional 32 shares purchased pursuant to
ITEX's right to increase the number of shares purchased by no more
than 2 percent of its outstanding shares, without amending or
extending the tender offer. The shares purchased in the tender
offer represent approximately 26.1% of ITEX's outstanding common
stock (including shares of unvested restricted stock) prior to
completion of the purchase. ITEX has been informed by the
Depositary that, after giving effect to the priority for "odd
lots," the final proration factor was approximately 83.3%.
The Depositary will promptly issue payment for the shares
validly tendered and accepted for purchase and will return all
other shares tendered.
After giving effect to the purchase of shares in the tender
offer, ITEX expects to have approximately 2,096,994 shares of its
common stock outstanding (including shares of unvested restricted
stock).
Questions concerning the tender offer may be directed to
Corporate Communications at ITEX Corporation at 800-277-9722,
extension 4003.
About ITEX
ITEX, The Membership Trading
Community®, is a leading marketplace for cashless
business transactions. Our business services and virtual currency
payment system allows member businesses to transfer value to
acquire products and services without exchanging cash. We generate
revenue by charging members percentage-based transaction fees and
association fees. ITEX is headquartered in Bellevue, WA. We routinely post important
information on the investor relations portion of our website. For
more information, please visit www.itex.com.
This press release contains forward-looking statements that
are other than statements of historical fact. These statements
are based on our current plans and expectations and involve risks
and uncertainties that could cause actual future events or results
to be different from those described in or implied by such
forward-looking statements. Except as required by applicable law or
regulation, ITEX undertakes no duty to update or revise any
forward-looking statements.
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SOURCE ITEX Corporation