U.S. Bank Expands Line of Credit to $2.5 million

[newsroom]

BELLEVUE, Wash ITEX Corporation, The Membership Trading Community(SM), a leading marketplace for cashless business transactions in North America, today announced that the credit facility with its primary banking institution had been expanded to $2,500,000.

ITEX and U.S. Bank entered into an agreement to increase the maximum loan amount under its revolving credit facility from $1.5 million to $2.5 million. The interest rate of the facility is one-month LIBOR + 2%; equating to a current interest rate of 2.24%.

Steven White, Chairman and CEO noted, "There is currently no outstanding balance under this line of credit and we have no immediate plans for use. However, we felt it prudent to increase our access to additional capital in order to position us to take advantage of potential opportunities. U.S. Bank has been a great partner over the years and we appreciate the support it has provided to help us expand our business."

Timothy J. Flynn, Vice President of Commercial Banking for U.S. Bank, commented, "We are pleased with ITEX's consistent financial performance and overall success during the last six years. During this period, ITEX has done an exceptional job strengthening its balance sheet, increasing positive cash flow, eliminating debt associated with its acquisitions, and demonstrating sound fiscal management. These factors, along with our positive and open communications with ITEX's management, were instrumental in approving the increase in the line of credit limit."