Hello all,
Someone I know who is close to the company thinks Itex may be putting out a release regarding their overdue filing and may follow
up with a conference call for investors. This source seems to think that the delay is because Itex and the auditors want the numbers
to meet or outpace any concerns of the SEC in regards to ITEX's accounting practices.
The concept here is that this situation will lead to a settlement/explanation of the investigation and accusations of inflated/false
numbers.
Itex has 3 separate internet operations.
First business is the shopping mall. This will be added revenue's plus an existance of bartering extras for any company anywhere.
ITEX's second operation is Ibnet and Itex is a strategic partner in the development of www.worldchambers.net, this organization
helps bring trade solutions to the world of international Internet commerce. The World Chambers Network, a division/entity of the
Int'l Bureau of Commerce, HQ in Paris is an "e-business" solution/provider that provides worldwide scaled electronic networking for
businesses of all sizes.
Point three. Avenir Internet Solutions, Inc. (www.avenir.com) Itex holds a 45% stake in regards to this powerhouse. Unlike any
e-commerce engines today, ACTS, the Avenir system, allows for payment in dual currencies. Consider the advantages to this. Please
take a look at Avenir homepage and follow it around to discover what ITEX has their hands in. You WILL see that Avenir quotes in
one of their Globe/Mail articles, Avenir expects to hold $100 million worth of merchandise with over 100,000 members within 12
months. Now if you do the math and read my previous post regarding e-commerce growth and realize there are almost no barter
companies to compete with ITEX since the BXI deal, you have yourself in my opinion a goldmine. The year 2000 (Y2K) is
approaching fast, effects will start hurting the economies of the world starting in April 99. Barter will ease the pain of the problems
using new concepts to move goods without suffering from shortages and loss of crucial customers. From what I know ITEX has
resolved their entire Y2K problem, this I read in management discussions from a few months back,you can and shouls also read this.
For ITEX their combining of the general barter business and their internet plays, we have a STRONG growth stock, one that makes
money has a growth rate and has a PE below 8.
With the expected slew of consolidation/takeovers/aquisitions ITEX presents itself as a pie in the sky compared to EBAY, Amazon
Onsale etc. Do any of them make money? Infoseek barely makes money or has it even? And is one of the top ten www eyeball
grabbers on the net, yet Dell is making tens of thousands per day using the correct approach. ---> With e-commerce in the 100's of
billions expected in total business transactions by 2002 and only 2% of the combined corporate entities using e-commerce (small
hint..they will all be using e-commerce by 2002) you have a POWERHOUSE and one of a kind business. (ITEX)has it's hand out,
the storm's downfall... could the drops miss a newly begun surface to this new sector?...have you ever seen the rain miss a section on
the ground...there ya go it's really like that!
ITEX as long as they stay focused and honest, something I hear they really are doing thus the delay in fillings and attempt to put a
new face to their past can't hide from the hurricane to come to e-commerce.
Bruce Cullen
Sherwood Coast's Group
geocities.com
buylow@usa.net
Good trading all! |
