Attached files
| file | filename |
|---|---|
| EX-99.1 - ITEX CORP | v165783_ex99-1.htm |
| EX-10.1 - ITEX CORP | v165783_ex10-1.htm |
SECURITIES
AND EXCHANGE COMMISSION
Washington,
D.C. 20549
FORM
8-K
Current
Report
Pursuant
to Section 13 or 15(d) of
the
Securities Exchange Act of 1934
Date
of Report (Date of earliest event reported): November 10, 2009
ITEX
Corporation
(Exact
Name of Registrant as Specified in its Charter)
|
Nevada
|
0-18275
|
93-0922994
|
|
(State
or other jurisdiction of incorporation)
|
(Commission
file number)
|
(IRS
employer identification number)
|
|
3326
160th
Avenue SE, Suite 100, Bellevue, WA
|
98008
|
|
|
(Address
of principal executive offices)
|
(Zip
code)
|
|
|
Registrant’s
telephone, including area code (425)
463-4000
|
|
N/A
|
|
(Former
name or former address, if changed since last
report)
|
Check the
appropriate box below if the Form 8-K filing is intended to simultaneously
satisfy the filing obligation of the registrant under any of the following
provisions (see General
Instruction A.2. below):
o Written
communications pursuant to Rule 425 under the Securities Act (17 CFR
230.425)
o Soliciting
material pursuant to Rule 14a-12 under the Exchange Act (17 CFR
240.14a-12)
o Pre-commencement
communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR
240.14d-2(b))
o Pre-commencement
communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR
240.13e-4(c))
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Item 1.01
|
Entry
into a Material Definitive
Agreement
|
On
November 10, 2009, ITEX Corporation and U.S. Bank entered into an Amendment to
the Revolving Credit Agreement and Note (the “Amendment”), to increase the
maximum loan amount under its revolving credit facility from $1.5 million to
$2.5 million, and to extend the maturity date to November 30,
2010. The line of credit facility was originally established with
U.S. Bank on December 2, 2004. There is no current outstanding
balance on the line of credit. In connection with the Amendment, ITEX
paid a $3,125 loan fee.
The
foregoing summary of the Amendment is qualified in its entirety by the terms and
provisions of the Amendment. A copy of the Amendment is filed as Exhibit 10.1 to
this report. The Business Security Agreement granting a security interest in
specified Collateral (defined in the Security Agreement) to U.S. Bank to secure
obligations under the Credit Agreement and Note was attached as Exhibit 10.2 to
our current report on Form 8-K, filed July 6, 2005, and is incorporated by
reference.
|
Item 2.03
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Creation
of a Direct Financial Obligation
|
The
information set forth above under Item 1.01 is incorporated into this Item 2.03
by reference.
|
Item 7.01
|
Regulation
FD Disclosure
|
On
November 12, 2009, ITEX Corporation issued a press release announcing it had
increased its line of credit with U.S. Bank to $2.5 million. A copy
of the press release is furnished as Exhibit 99.1 to this report. The
attached Exhibit 99.1 is furnished to, but not filed with, the Securities and
Exchange Commission.
|
Item 9.01
|
Financial
Statements and Exhibits
|
|
(d)
|
Exhibits.
|
|
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Exhibit
Number
|
Description
|
|
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10.1
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Amendment
to Revolving Credit Agreement and Note, dated November 10,
2009
|
|
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99.1
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Press
release dated November 12, 2009
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|
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SIGNATURES
Pursuant
to the requirements of the Securities Exchange Act of 1934, the registrant has
duly caused this report to be signed on its behalf by the undersigned hereunto
duly authorized.
|
ITEX
Corporation
(Registrant)
|
||
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By:
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/s/ Steven White
|
|
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Steven
White
Chief
Executive Officer
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||
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Date: November 12,
2009
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