ITEX intends to file their response to the WSZL offer sometime this week.
ITEX Advises Shareholders to Take No Action at This Time in Response to Unsolicited Western Sizzlin Offer
Monday January 7, 6:00 am ET
BELLEVUE, Wash., Jan. 7 /PRNewswire-FirstCall/ -- ITEX Corporation (OTC Bulletin Board: ITEX - News), The Membership Trading Community(SM), a leading marketplace for cashless business transactions in North America, today requested that its shareholders take no action at this time in response to the announcement by Western Sizzlin Corporation (OTC Bulletin Board: WSZL - News; "Western Sizzlin") that it has commenced an unsolicited exchange offer to acquire all the outstanding shares of ITEX for .06623 shares of Western Sizzlin common stock (valued by Western Sizzlin at $1.19 per ITEX share) for each outstanding share of ITEX common stock.
Western Sizzlin's exchange offer is being assessed by ITEX's Board of Directors and its advisors. On or before January 11, 2008, ITEX intends to file with the Securities and Exchange Commission a Solicitation/ Recommendation Statement on Schedule 14D-9 in which it will make a formal recommendation to ITEX shareholders as to how they should respond to the unsolicited exchange offer.
ITEX shareholders are urged to take no action with respect to the exchange offer until they have been advised of the ITEX Board's recommendation.
Steven White, ITEX Chairman and CEO stated, "The Board is evaluating Western Sizzlin's offer. Currently, we are struggling to find adequate benefit for our shareholders: what we do see is a tremendous amount of risk. In my view, the valuation is far too low and the consideration offered far too uncertain. However, in an effort to better evaluate the offer, we are sending a communication to the CEO of Western Sizzlin inviting him to meet with us in our Bellevue, Washington headquarters, or to otherwise provide us feedback prior to finalizing our Schedule 14D-9 recommendation later this week."
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