ITEX is a Great Buy at under $6 Message Board

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Technology Stocks : ITEX is a Great Buy at under $6

ITEX 3.000

0.0%

Feb 6 9:30 AM EST

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To: Bruce Cullen who wrote (487)	12/5/1998 8:35:00 AM
From: Andrew Martin	Read Replies (1) of 623

biz.yahoo.com Well, considering they're audited numbers and are issued during the now verified SEC investigation I'm pleased to finally have some information to go on. Much better than the "they're boozing and whoring in Las Vegas..." stories over on the Yahoo BB. I am hoping the capitalization assets from Bxi will make up for whatever they lose in the light of investigative scrutiny. Since Bxi was the second largest barter exchange after Itex I'm guessing their assets should prevent a move to the OTC:BB. One question I have is why their income from operations would go from $4.472 mil. in '97 to $1.810 mil in '98. The rest of the income statement looks to reflect the effects of the SEC investigation since there is a significant paring from '97's numbers. Operations are operations though. If the '98 numbers are accurate they have some explaining to do regarding their '97 numbers. A 'situation' the SEC is focused on I'm sure. I suspect the finalized 10K will have further reductions in assets and income but at least it will give the company a clean slate to move forward. On the down side you have to consider what type of punitive action, if any, the SEC will take against them if they conclude sanctions are warranted. I'm guaging their new auditors/new auditing and BXI's addition to operations should allow them to continue on the Nasdaq and the SEC will be done with it. In other words, the company likely misstated their assets and revenue to get onto the Nasdaq but if they've made up for their "enthusiasm" with additions from the Bxi acquisition the SEC may well see sanctions and removal from the board as unnecessary. In this case it would boil down to the value of Bxi, the previous #2 barter exchange. No wonder the competition is so upset. Regards, -Andrew.

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