ITEX launches online trading center
PORTLAND, Ore.--(BUSINESS WIRE)--July 14, 1998--ITEX Corporation
(NASDAQ:ITEX) today announced the launch of its Online Trading
Center, where users can purchase goods and services from mall
merchants for trade dollars or cash.
Graham H. Norris, President, announced, "ITEX has been offering a
similar business opportunity for their clients for more than 10 years,
originally through a proprietary AOL dial up service and then through
the ITEX website, www.itex.com.
"Similar to www.amazon.com," Norris continued, "visitors to the
site can complete either cash or barter transactions by providing
their ITEX trade account number and/or credit card information." Usage
of the Online Trading Center will expand and expedite this service.
This complete Internet buying capability uses the e-commerce
engine of Avenir Internet Solutions Inc. (www.avenir.com), a company
in which ITEX holds a 45% interest. Unique to e-commerce engines,
ACTS, the Avenir system, allows for payment in dual currencies. "As
implemented for ITEX these currencies are trade dollars, via accounts
with national trade exchanges, and US dollars, via traditional credit
card payments," said Jagdeep Bachher, president of Avenir.
In a related project, ITEX's participation with IBNET, Ltd.,
(www.ibnet.com), as a strategic partner in the development of
www.worldchambers.net, brings trade solutions to the world of
international Internet commerce. The World Chambers Network, a project
of the International Bureau of Chambers of Commerce, headquartered in
Paris, is an e-business solution that provides a worldwide electronic
network for businesses of all sizes.
ITEX is a trading and financial services company with domestic
and international operations. The sister ITEX and BXI trade exchanges
operates through more than 250 broker offices in the U.S. and among
its foreign licensed exchanges. The Company currently has licensed
exchanges in Australia, Canada, the Caribbean, Kuwait, New Zealand,
Norway, Romania, Syria, and Turkey with developing exchanges in eight
other Middle Eastern countries and Africa. |
