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- For other similar names, see Itex (disambiguation).
Itex Corporation (OTCQB: ITEX) is an American company that provides a marketplace for cashless business transactions. The firm specializes in information technology and electronic funds transfer lifecycle management in an emerging niche market of cashless payment between firms. It works by supporting its clients' IT requirements and organizing information technology on life-cycle management techniques concerning cashless payment and barter trading systems between various firms via the direct transfer of goods for a notional inter-corporate currency value set by the client.
The company was founded in Washington in 1982. An early branch opened at Nassau in the Bahamas by 1991. Branches were also operating in Toronto and Quebec City (Canada) </ref> [dead link] in 1995 and Vancouver in 1996 . Other branches exist in Switzerland, Australia, New Zealand, Romania, South Africa, parts of Russia, Peru, Puerto Rico and parts of India. Operations are also being planned for Costa Rica.
==Economic activities== Products are bought and sold by the use of 'ITEX dollars', which are earned by the selling of- surplus products, corporate services, excess inventory and or corporate capacity on to other members via Itex's online services. The member businesses increase their sales and open new markets by utilizing ITEX dollars to exchange corporate goods and services amongst each other. This method of trading is known as 'inter-corporate barter trading'. Newly added online: The Membership Trading Community℠ - a marketplace for B2B cashless transactions across North America. ITEX processes more than $140 million a year in Gross Merchandise Value (GMV) through thousands of member businesses and 90 franchisees and licensees. The company offers unique member benefits for increasing sales and reducing costs:
•ITEX Trade Directors help you generate new customers by advertising your business to other ITEX members and will assist you with your purchasing needs •ITEX dollars are used to buy and sell products and services among members instead of spending cash •Record keeping services for expediting and simplifying the transaction process with 24x7 online account access.
ITEX processed over $300 million a year in transactions across 21,500 member businesses and sixty regional licensees in 2007. ITEX is powered by ITEX Payment Systems, the leading payment technology platform for cashless business transactions. ITEX is headquartered in Bellevue, Washington and has a varying business portfolio with a diversified and growing clientele throughout North America. The core firm itself had 32 (up 1 on 2008) employees, the ticker label (OTCBB: ITEX) Total Sales in 2009 were worth $16.5M (up 3.4%), while the net income for 2009 stood at $0.6M and income growth was 35.0%.
ITEX now processes more than $140 million a year in Gross Merchandise Value (GMV) between 24,000+ businesses and 90 franchisees and licensees.
Fiscal Year 2012 Highlights
· Revenue of $15,786,000 · Income before income taxes of $1,524,000 · Cash at end of the fiscal year of $1,942,000 · Four quarterly cash dividends, returning $604,000 or $0.16 per share to shareholders · Repurchased and retired 1,090,000 shares of common stock returning $4,574,000 to shareholders Earnings per share of $0.29 
- Electronic money
- Eagle Cash
- Digital currency exchangers
- Credit Card
- Afro (currency)
- Fiat money
- Bank loan
- Identity Lifecycle Manager
- "ITEX Expands National Partnership Team". Reuters. 2008-09-02. Retrieved 2010-04-21.
- "ITEX Payment Systems - a small business community and barter network". Itex.com. Retrieved 2010-04-21.
- "ITEX Acquires BXI Exchange". Securities and Exchange Commission. Retrieved 2005-07-29.
- "ITEX Corporation Completes BXI Acquisition". Securities and Exchange Commission. Retrieved 2005-08-01.
- "ITEX Canada acquires Quebec based barter exchange | Business Wire | Find Articles at BNET". Findarticles.com. 1997-04-16. Retrieved 2010-04-21.
- [dead link]
- "ITEX announces creation of ITEX Canada | Business Wire | Find Articles at BNET". Findarticles.com. 1995-10-13. Retrieved 2010-04-21.
- Gary Bryant, Accuweigh, Australia. "Itex Australia And New Zealand". Hotfrog.com.au. Retrieved 2010-04-21.
- "ITEX Corp. licenses Romanian barterexchange. | Europe > Eastern Europe from". AllBusiness.com. Retrieved 2010-04-21.[dead link]
- "Balancing Act News Update - African internet developments". Balancingact-africa.com. Retrieved 2010-04-21.[dead link]
- "ITEX Corporation Company Profile - ITEX UNITED STATES Market Size, Market Share and Demand Forecast". Wrightreports.ecnext.com. Retrieved 2010-04-21.[dead link]