International Monetary Systems CEO Responds to Statements of ITEX Chairman

New Berlin, Wis., January 27, 2003 -- Donald Mardak, CEO of International Monetary Systems, Ltd. (OTC BB: INLM) today denied that International Monetary Systems, Ltd. has any current interest in acquiring ITEX Corporation (OTC BB: ITEX) as recently suggested by the Chairman of the Board of ITEX Corporation. In connection with a pending shareholder dispute at ITEX, the ITEX chairman recently questioned, in a press release issued Jan. 25, 2003, if Steven White, an executive business consultant and candidate for the ITEX board of directors, is seeking his seat to facilitate a later acquisition of ITEX by International Monetary Systems. Mardak denied this connection.

International Monetary Systems, Ltd. is a holding company that owns trade exchanges in the United States and Canada. It has been growing both internally and through acquisition. Mardak noted that while his company had retained White as a consultant from February 2002 through July 2002, he never discussed the acquisition of ITEX with White and has no current plans to make any offer to acquire ITEX or any part of it. Mardak said he has known Steven White for a number of years but has no connection to the group that he currently represents. White is a member of the Committee for the Advancement of Stockholder Equity ("CASE") whose five nominees are opposing the incumbent slate of the ITEX outside board at their upcoming annual shareholders meeting.

Mardak stated: "I have known Steven White for fifteen years through our association at the National Association of Trade Exchanges (NATE). He and I have both served as president and chairman, including several terms on the board of directors. White founded NATE's technology committee and is a co-founder of the Barter Association National Currency (BANC). His participation in the barter community has been a great asset to all of us in the industry. Further, he is a person of the highest integrity" stated Mardak. "Mr. White served as a consultant to our company during 2002 because I respect his competence, longevity in the barter industry, and his experience in running a public barter company. I believe it to be common knowledge that Mr. White has advised many of us in the barter industry, as his knowledge and experience are held in high regard."

Mardak continued: "It is true that International Monetary Systems is acquiring barter companies. But our concentration has been on independent trade exchanges, who follow a different model than that used by ITEX. Therefore, we currently have no plans to try to acquire the ITEX operation. But we do share with ITEX and its stockholders a common belief in the viability and future growth of the barter industry. In fact, our growth is a result of the dynamic power of barter to enhance the profitibility of our clients."

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Source: International Monetary Systems, Ltd.