Western Sizzlin amends offer for ITEX to eliminate conditions

By Jennifer Chiou

New York, March 13 - Western Sizzlin Corp. announced amendments to its exchange offer for up to 2.7 million of the outstanding shares of ITEX Corp.

The offer was previously extended to 5 p.m. ET on March 26 from Feb. 28.

As a result of its amended offer, Western Sizzlin has eliminated the following conditions:

• 60% of ITEX's shares being validly tendered in the exchange offer;

• Western Sizzlin being satisfied in its reasonable discretion that the Nevada anti-takeover statutes will not be applicable;

• The expiration or termination of any waiting periods under applicable antitrust laws;

• The receipt of all required consents under the terms of ITEX's debt agreements; and

• Stockholder approval of the issuance of Western Sizzlin shares in the offer.

Some 900,174 shares of ITEX common stock had been tendered at the close of business on Feb. 28, a previous Western Sizzlin news release stated.

As already reported, ITEX had recommended its shareholders reject the unsolicited offer of 0.06623 shares of Western Sizzlin common stock for each share of ITEX.

It was previously noted that the board of directors of ITEX believes Western Sizzlin's offer undervalues ITEX and that an exchange offer with an illiquid stock is far too risky.

Based in Bellevue, Wash., ITEX operates a marketplace for cashless business transactions for member businesses in North America.

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