The board of directors of ITEX Corp. increased the size of the board from three to four directors and appointed Mr. Timothy Morones as a Director to fill the resulting vacancy, effective November 19, 2012, with a term expiring at the next annual meeting of stockholders. Mr. Morones will initially serve on each of the company's Audit, Compensation, and Nominating and Corporate Governance Committees.

Mr. Morones, 47, has been the Vice President of Finance and Operations for DataSphere Technologies Inc., a Seattle-based technology company, since June of 2011. The board of directors of the company also appointed John Wade to the position of Chief Financial Officer of the company, effective January 1, 2013. Mr. Wade has served as a director of the company since 2003, and currently serves as a consultant with the company to assist with certain aspects of the accounting process, SEC reporting, and financial statement preparation.

Mr. Wade, age 50, brings more than 29 years of financial and public accounting experience to ITEX Corp. Mr. Wade serves as part-time Director of Finance of Mercent Corporation. Mr. Wade served as Chief Financial Officer of Aptimus Inc.