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

+12.4%

Jan 28 9:37 AM EST

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To: Arcane Lore who wrote (588)	9/29/1999 9:00:00 AM
From: Rambi	Read Replies (1) of 623

PORTLAND, Ore.--(BUSINESS WIRE)--Sept. 28, 1999--ITEX Corporation announced today that a complaint has been filed in the United States District Court for Oregon against the company and five former officers by the Securities and Exchange Commission (SEC). The company and the former officers have been the subject of an investigation by the SEC for over three years. The company has been cooperating fully with the SEC in all matters and will continue to do so. The company has had extensive discussions with the SEC with respect to their concerns about past accounting policies and principles used in the preparation of prior financial statements filed by the company with the SEC. The company has adopted policies and principles that it believes will be acceptable to the SEC and is attempting to reach final resolution on these matters that reach back several years with the SEC. None of the individuals named in the action by the SEC are presently officers or directors of the company. In May 1999 Collins M. Christensen became president and CEO of the company. Formerly, Christensen was the largest independent ITEX broker and operated an office in Sacramento, California. Christensen's brokerage operation has been merged into ITEX Corporation. Christensen is the largest shareholder of the company. Christensen stated, ''Many positive changes have occurred at ITEX in recent months and we believe we are setting a foundation on which to grow and build the company.'' Regarding the legal action by the SEC he stated, ''We believe that this is a necessary step to resolve past issues and we are optimistic that we can now reach final resolution on these matters with the SEC. The company will do its best to accomplish this.'' Requests for additional information from the company may be directed to Stephen C. Pearson at 503/244-4673. --------------------------------------------------------------------------------

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