ITEX Corporation (OTCBB:ITEX) reported it has executed an agreement with Roger Boroway, ITEX franchise owner based in Fairfield (CT), granting for $500,000 the right and license to manage approximately 500 of the recently acquired former Intagio members located in Connecticut and Massachusetts.

On August 1, 2007, ITEX announced it had acquired the commercial trading system previously operated by Intagio Corporation for $3,137,000. As a result of the acquisition, ITEX added 2,800 members and now has more than 24,000 on its roster.

Through the purchase, Boroway, whose ITEX franchise regularly ranks within the top offices, has almost doubled his membership to well over 1,000 members. The collective member base is expected to generate nearly $750,000 in cash transactions and subscription fee revenue annually, and to conduct $10 million per year in transaction volume … making it the third largest franchise in the ITEX trading community.

At the time that Intagio was acquired, ITEX reported that NYTO Trade Incorporated, a franchise operated by John Castoro in New York and New Jersey, obtained approximately 200 former Intagio clients under similar terms for $200,000.

“Our top priority is acquiring members, followed by increasing transaction volume between the business members in our community,” said ITEX Chairman and CEO Steven White.

“The Intagio acquisition advances our first objective; it is now the task of Mr. Boroway’s team to increase transaction volume within this member base. Roger operates a very efficient and productive franchise, and I am confident he will provide these new trading partners with exceptional service.”

Boroway commented, “I am pleased to have reached this agreement with ITEX. Expanding my franchise operations has been an ongoing goal and this acquisition has afforded me the opportunity to double in size overnight.

“We expect only positive results from the addition of these new members into our client base. My goal is to redouble my franchise over the next three years, becoming the top ITEX franchisee in the country.”


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This entry was posted on Sunday, August 26th, 2007 at 9:38 am and is filed under Industry News. You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.