ITEX to review alternatives

By Lisa Kerner

Charlotte, N.C., May 1 - ITEX Corp. said its board of directors will evaluate strategic alternatives to enhance shareholder value with the assistance of investment bank Montgomery & Co., LLC.

"ITEX continues to advance and execute well and we believe the time has come to engage an experienced advisor to build on our success," ITEX chairman and chief executive officer Steve White said in a company news release.

No timetable has been set for completion of the review, according to ITEX.

The company cautioned there can be no assurance that the review process will result in any specific strategic or financial transaction.

ITEX does not plan to comment further on the matter unless its board approves a definitive course of action or transaction, the release stated.

Western Sizzlin Corp. announced on Thursday it extended its exchange offer for up to 2.7 million shares of ITEX until 5 p.m. ET on May 13.

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

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