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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 12b-25
NOTIFICATION OF LATE FILING
[X] Form 10-K
SEC File Number 0-18275
CUSIP Number 465 647 105
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For Period Ended: July 31, 1996
NOTHING IN THIS FORM SHALL BE CONSTRUED TO IMPLY THAT THE COMMISSION HAS
VERIFIED ANY INFORMATION CONTAINED HEREIN.
If the notification relates to a portion of the filing checked above, identify
the Item(s) to which the notification relates:
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PART 1 - REGISTRANT INFORMATION
ITEX CORPORATION
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Full Name of Registrant
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Former Name if Applicable
10300 S.W. Greenburg Road, Suite 370
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Address of Principal Executive Office (Street and Number)
Portland, Oregon 97223
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City, State and Zip Code
PART II - RULES 12b-25(b) AND (c)
If the subject report could not be filed without unreasonable effort or
expense and the registrant seeks relief pursuant to Rule 12b-25(b), the
following should be completed. (Check box if appropriate)
(a) The reasons described in reasonable detail in Part III of this form
could not be eliminated without unreasonable effort or expense;
(b) The subject annual report, semi-annual report, transition report on
Form 10-K, Form 20-F, 11-K or Form N-SAR, or portion thereof, will
be filed on or before the fifteenth calendar day following
[x] the prescribed due date; or the subject quarterly report or
transition report on Form 10-Q, or portion thereof will be filed on
or before the fifth calendar day following the prescribed due date;
and
(c) The accountant's statement or other exhibit required by Rule 12b-
25(c) has been attached if applicable.
PART III - NARRATIVE
State below in reasonable detail the reasons why Forms 10-K, 20-F, 11-K, 10-Q,
N-SAR, or the transition report or portion thereof, could not be filed within
the prescribed time period.
The registrant's personnel who are responsible for preparation of
the registrant's reports filed under the Securities Exchange Act of 1934 have
been, in recent weeks, unexpectedly required to devote substantial time and
attention to certain legal proceedings involving the registrant. The
registrant's independent accountants have been similarly engaged in preparing
documents relating to such legal proceedings. Consequently, the audit of the
registrant's financial statements (Item 8 of Form 10-K) by its independent
accountants is not yet complete and the report of such independent accountants
with respect to such financial statements is not available. The balance of
the registrant's Form 10-K report is also not ready for filing with the
Securities and Exchange Commission. Due to the unexpected nature of the
delays, the registrant was not able to hire additional personnel to facilitate
the timely filing of its Form 10-K report because, among other matters, such
personnel would not have been able to adequately familiarize themselves with
the registrant's affairs in order to develop accurate and complete responses
to the required disclosure items in the time available.
PART IV - OTHER INFORMATION
(1) Name and telephone number of person to contact in regard to this
notification
Donovan C. Snyder (503) 244-4673 x105
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(Name) (Area Code) (Telephone Number)
(2) Have all other periodic reports required under Section 13 or 15(d) of the
Securities Exchange Act of 1934 or Section 30 of the Investment Company
Act of 1940 during the preceding 12 months or for such shorter period
that the registrant was required to file such report(s) been filed? If
answer is no, identify report(s). [X] Yes [ ] No
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(3) Is it anticipated that any significant change in results of operations
from the corresponding period for the last fiscal year will be reflected
by the earnings statements to be included in the subject report or
portion thereof? [ ] Yes [x] No
If so, attach an explanation of the anticipated change, both narratively
and quantitively, and, if appropriate, state the reasons why a reasonable
estimate of the results cannot be made.
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ITEX CORPORATION
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(Name of Registrant as Specified in Charter)
has caused this notification to be signed on its behalf by the undersigned
thereunto duly authorized.
Date: October 30, 1996 By: /s/Graham Norris
Name: Graham Norris
Title: President
INSTRUCTION: The form may be signed by an executive officer of the registrant
or by any other duly authorized representative. The name and title of the
person signing the form shall be typed or printed beneath the signature. If
the statement is signed on behalf of the registrant by an authorized
representative (other than an executive officer), evidence of the
representative's authority to sign on behalf of the registrant shall be filed
with the form.
ATTENTION
INTENTIONAL MISSTATEMENTS OR OMISSIONS OF FACT CONSTITUTE FEDERAL CRIMINAL
VIOLATIONS (SEE 18 U.S.C. 1001).
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Exhibit to Form 12b-25
as Required by Rule 12b-25(c)
As the independent auditors for ITEX Corporation, the undersigned
state that, due to being engaged in unexpected and substantial demands for the
production of documents relating to certain legal proceedings involving ITEX
Corporation, the undersigned have been unable to complete the audit of the
financial statements of ITEX Corporation and the report of the undersigned
with respect to such financial statements is not available on the date the
Form 10-K of ITEX Corporation must be filed.
DATED this 29th day of October, 1996.
ANDERSEN, ANDERSEN & STRONG LP
By /s/ Kevin Andersen
