BELLEVUE, Wash., March 12, 2014 /PRNewswire/ -- Virtual Currency
Systems ("VCS"), a subsidiary of ITEX Corporation (OTCQB: ITEX),
today announced at the 26th Annual Roth Capital
Conference at the Ritz-Carlton in Dana
Point, California, it is offering licenses for its
cloud-hosted virtual currency software platform to businesses and
entrepreneurs worldwide.
ITEX Corporation, The Membership Trading CommunitySM, utilizes
the platform to power its own b2b business model and virtual
currency, the ITEX dollar. VCS is offering the hosted operating
system to enterprising businesses and end users interested in
creating a centralized virtual currency model. A centralized system
determines the amount of currency in circulation, based on many
factors, including the needs of its consumer or business
customers.
"Virtual currencies that supplement cash, check and credit card
transactions or are used as promotional or reward tools are
increasingly used in a variety of business models. As the
marketplace becomes more innovative and the acceptance of these
currencies grows, VCS is well positioned to support the development
of this emerging industry," stated Steven
White, CEO of Virtual Currency Systems.
"Encrypted digital currencies like Bitcoin, Ripple or Litecoin
are decentralized peer-to-peer payment platforms without a
centralized authority. In contrast, VCS utilizes a centralized
system where the licensee determines by its own policies and
business objectives how to distribute, market, redeem and/or
convert its own branded virtual currency."
Mr. White concluded, "Our virtual currency platform is hosted on
Windows Azure, a global cloud platform that offers the scalability
and reliability that VCS requires to run efficiently."
About ITEX
ITEX, The Membership Trading CommunitySM,
is a leading marketplace for cashless business transactions. Our
business services and virtual currency payment system allows member
businesses to transfer value to acquire products and services
without exchanging cash. We generate revenue by charging members
percentage-based transaction fees and association fees. ITEX is
headquartered in Bellevue, WA. We
routinely post important information on the investor relations
portion of our website. For more information, please visit
www.itex.com.
Windows Azure is a registered trademark of Microsoft®
Corporation and used by permission.
This press release contains forward-looking statements that
involve risks and uncertainties concerning our expected performance
and comments within the safe harbor provisions established under
The Private Securities Litigation Reform Act of 1995. Actual
results may differ materially from the results predicted and
reported results should not be considered as an indication of our
future performance. We believe that these potential risks and
uncertainties include, without limitation: our revenue growth and
success being tied to the operations of our broker network; our
future revenue growth remaining uncertain; our business being
subject to online security risks; unplanned system interruptions or
system failures; claims and lawsuits against us that may result in
adverse outcomes; increased regulation and competitive trading
platforms resulting from the emergence of virtual currencies; and
the effect of changes in the overall economy and in technology.
Statements in this release should be evaluated in light of these
factors. These risk factors and other important factors that could
affect our business and financial results are discussed in our
periodic reports and filings with the Securities and Exchange
Commission, which are available at www.sec.gov. ITEX undertakes no
duty to update or revise any forward-looking statements.
SOURCE ITEX Corporation