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%

Jan 28 9:37 AM EST

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To: Ed Hoftell who wrote (542)	1/27/1999 10:24:00 PM
From: Bruce Cullen	Read Replies (1) of 623

Some of the challenges facing the accounting profession and the changes that have developed from today's technology can be directly applied to ITEX. In (ITEX) Corporation, recently there have been numerous problems with the SEC and the failure for the company to release it's 10-k/10-Q reports. Since the company has been formally investigated by the SEC they have been delisted from the NASDAQ market due to public concerns and failure to report. I have spoken to the CEO Graham Norris and V.P. Ed Whitman on these issues. The company uses an old type of business called barter. When ITEX places their earnings on the books their barter credits are taxed as a dollar (a barter dollar) but the SEC feels the barter dollar is worth less than one American dollar. Since the price of the stock has declined considerably as of recent they have failed to produce their yearly reports, possibly in fear of applying the wrong data and thus subject to suits. I have spoken to the company/industry regulary. This fascinating situation is in my view a setback but one that needs to be resolved and thus far the SEC has not budged. The "current proposal" if not accepted by the SEC will possibly bring the SEC and ITEX to the round table. (in my and a select few's opinion) What is important in this dilemma is that I feel the SEC is dragging it's feet on this issue and their failure to accept the changes taking place in international and financial worlds, they need to be resolved. Before these new companies did what they had to and felt they were filling the required procedures using FASB, now the government is stepping in at an awkward time. It is a little to late and I fear this will drag on for months to come unless the SEC in dealing with the FASB or ITEX makes new guidelines for this new type of sector. With (EBAY) and Amazon.com (AMZN) climbing to 200-400/share with no earnings and ITEX having a great growth rate for trailing few years It seems quite antagonizing for this investigation to take place now. ITEX is in the middle of this, therefore so are the American people that are shareholders in this company. The world is changing and the effects do hit your wallet. Times like these as an investor in public companies require the SEC and FASB to be timely in making new standards and guidelines in this new exploding worldwide E-commerce market. Bruce Cullen Sherwood Coast's Group geocities.com Sherwoodgroup@usa.net

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