schedule13d5172012.htm - Generated by SEC Publisher for SEC Filing

0001385152-12-000028.txt : 20120517 0001385152-12-000028.hdr.sgml : 20120517 20120517082356 ACCESSION NUMBER: 0001385152-12-000028 CONFORMED SUBMISSION TYPE: SC 13D/A PUBLIC DOCUMENT COUNT: 2 FILED AS OF DATE: 20120517 DATE AS OF CHANGE: 20120517 FILED BY: COMPANY DATA: COMPANY CONFORMED NAME: Polonitza David CENTRAL INDEX KEY: 0001385152 FILING VALUES: FORM TYPE: SC 13D/A MAIL ADDRESS: STREET 1: 54B SANDRA CIRCLE STREET 2: APT B1 CITY: WESTFIELD STATE: NJ ZIP: 07090 SUBJECT COMPANY: COMPANY DATA: COMPANY CONFORMED NAME: ITEX CORP CENTRAL INDEX KEY: 0000860518 STANDARD INDUSTRIAL CLASSIFICATION: SERVICES-BUSINESS SERVICES, NEC [7389] IRS NUMBER: 930922994 STATE OF INCORPORATION: NV FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: SC 13D/A SEC ACT: 1934 Act SEC FILE NUMBER: 005-42668 FILM NUMBER: 12850348 BUSINESS ADDRESS: STREET 1: 3326 160TH AVE SE STREET 2: SUITE 100 CITY: BELLEVUE STATE: WA ZIP: 98008-6418 BUSINESS PHONE: 425-463-4000 MAIL ADDRESS: STREET 1: 3326 160TH AVE SE STREET 2: SUITE 100 CITY: BELLEVUE STATE: WA ZIP: 98008-6418 FORMER COMPANY: FORMER CONFORMED NAME: ITEX CORPORATION DATE OF NAME CHANGE: 19930328 FORMER COMPANY: FORMER CONFORMED NAME: ITEX BARTER SYSTEMS INC DATE OF NAME CHANGE: 19600201 SC 13D/A 1 schedule13d5172012.htm schedule13d5172012.htm - Generated by SEC Publisher for SEC Filing

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

SCHEDULE 13D

(Rule 13d-101)

INFORMATION TO BE INCLUDED IN STATEMENTS FILED PURSUANT

TO RULE 13d-1(a) AND AMENDMENTS THERETO FILED PURSUANT TO

RULE 13d-2(a)

(Amendment No. 13)*

ITEX CORPORATION

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(Name of Issuer)

COMMON STOCK, PAR VALUE $.01 PER SHARE

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(Title of Class of Securities)

465647204

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(CUSIP Number)

David Polonitza

54B Sandra Circle, Apt B-1

Westfield, NJ 07090

(502) 460-3141

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(Name, Address and Telephone Number of the Person

Authorized to Receive Notices and Communications)

May 16, 2012

----------------

(Date of Event Which Requires Filing of this Statement)

If the filing person has previously filed a statement on Schedule 13G to report the acquisition that is the subject of this Schedule 13D, and is filing this schedule because of Rule 13d-1(e), 13d-1(f) or 13d-1(g), check the following box [X].

Note. Schedules filed in paper format shall include a signed original and five copies of the schedule, including all exhibits. See Section 240.13d-7 for other parties to whom copies are to be sent.

* The remainder of this cover page shall be filled out for a reporting person's initial filing on this form with respect to the subject class of securities, and for any subsequent amendment containing information which would alter disclosures provided in a prior cover page.

The information required on the remainder of this cover page shall not be deemed to be "filed" for the purpose of Section 18 of the Securities Exchange Act of 1934 or otherwise subject to the liabilities of that section of the Act but shall be subject to all other provisions of the Act (however, see the Notes.)

(Continued of following pages)

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1. Name of Reporting Person

David Polonitza

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2. Check the Appropriate Box (a) [X]

if a Member of a Group (b) [_]

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3. S.E.C. Use Only

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4. Source of Funds

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5. Check box if disclosure of legal proceedings is required

pursuant to items 2(D) or 2(E): / /

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6. Citizenship or Place of Organization

United States of America

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Number of Shares (7) Sole Voting Power 128,640

Beneficially (8) Shared Voting Power 0

Owned by Each (9) Sole Dispositive Power 128,640

Reporting Person (10) Shared Dispositive Power 0

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11. Aggregate Amount Beneficially Owned by Each Reporting Person

128,640

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12. Check if the Aggregate Amount in Row (11) Excludes Certain

[_]

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13. Percent of Class Represented by Amount in Row 11

4.33%

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14. Type of Reporting Person IN

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1. Name of Reporting Person

Wayne P. Jones

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2. Check the Appropriate Box (a) [X]

if a Member of a Group (b) [_]

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3. S.E.C. Use Only

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4. Source of Funds

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5. Check box if disclosure of legal proceedings is required

pursuant to items 2(D) or 2(E): / /

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6. Citizenship or Place of Organization

United States of America

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Number of Shares (7) Sole Voting Power 0

Beneficially (8) Shared Voting Power 0

Owned by Each (9) Sole Dispositive Power 0

Reporting Person (10) Shared Dispositive Power 0

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11. Aggregate Amount Beneficially Owned by Each Reporting Person

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12. Check if the Aggregate Amount in Row (11) Excludes Certain

[_]

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13. Percent of Class Represented by Amount in Row 11

0.00%

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14. Type of Reporting Person IN

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1. Name of Reporting Person

Kirk Anderson

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2. Check the Appropriate Box (a) [X]

if a Member of a Group (b) [_]

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3. S.E.C. Use Only

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4. Source of Funds

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5. Check box if disclosure of legal proceedings is required

pursuant to items 2(D) or 2(E): / /

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6. Citizenship or Place of Organization

United States of America

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Number of Shares (7) Sole Voting Power 71,645

Beneficially (8) Shared Voting Power 0

Owned by Each (9) Sole Dispositive Power 71,645

Reporting Person (10) Shared Dispositive Power 0

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11. Aggregate Amount Beneficially Owned by Each Reporting Person

71,645

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12. Check if the Aggregate Amount in Row (11) Excludes Certain

[_]

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13. Percent of Class Represented by Amount in Row 11

2.41%

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14. Type of Reporting Person IN

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1. Name of Reporting Person

Richard and Greta Polonitza Jt. Ten.

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2. Check the Appropriate Box (a) [X]

if a Member of a Group (b) [_]

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3. S.E.C. Use Only

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4. Source of Funds

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5. Check box if disclosure of legal proceedings is required

pursuant to items 2(D) or 2(E): / /

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6. Citizenship or Place of Organization

United States of America

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Number of Shares (7) Sole Voting Power 8,402

Beneficially (8) Shared Voting Power 0

Owned by Each (9) Sole Dispositive Power 8,402

Reporting Person (10) Shared Dispositive Power 0

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11. Aggregate Amount Beneficially Owned by Each Reporting Person

8,402

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12. Check if the Aggregate Amount in Row (11) Excludes Certain

[_]

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13. Percent of Class Represented by Amount in Row 11

0.28%

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14. Type of Reporting Person IN

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AMENDMENT NO. 13 TO SCHEDULE 13D

The following constitutes Amendment No. 13 ("Amendment No. 13") to the Schedule 13D filed by the undersigned. Amendment No. 13 amends the Schedule 13D as specifically set forth herein.

Item 4 is hereby amended and restated to read as follows:

Item 4. Purpose of Transaction.

On May 16, 2012, the Polonitza Group issued a press release related to the voting results of ITEX Corporation’s 2011 Annual Meeting. The press release is attached as Exhibit 99.1 and incorporated herein by reference.

Item 7 is hereby amended and restated to read as follows:

Item 7. Material to be Filed as Exhibits.

99.1 Press release, dated May 16, 2012.

SIGNATURES

After reasonable inquiry and to the best of my knowledge and belief, I certify that the information set forth in this statement is true, complete and correct.

Date: May 16, 2012

By: /s/ David Polonitza

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Name: David Polonitza

By: /s/ David Polonitza

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Name: David Polonitza as attorney-in-fact for Richard Polonitza

By: /s/ David Polonitza

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Name: David Polonitza as attorney-in-fact for Greta Polonitza

By: /s/ David Polonitza

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Name: David Polonitza as attorney-in-fact for Kirk Anderson

By: /s/ David Polonitza

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Name: David Polonitza as attorney-in-fact for Wayne P. Jones

EX-1 2 exhibit991.htm exhibit991.htm - Generated by SEC Publisher for SEC Filing

Exhibit 99.1

WESTFIELD, N.J.—May 16, 2012—The Polonitza Group today issued the following statement with respect to the results of ITEX Corporation’s just-concluded annual meeting:

The preliminary report of ITEX’s Inspector of Elections indicates the margin of difference between the votes received by the Incumbents and those received by the Polonitza Group’s nominees is less than the amount of shares that the current Board created in 2011 through stock grants and a private placement to select franchisees. The voting of these shares and their inclusion or exclusion in the directorial election are being challenged in the Washington State Superior Court. David Polonitza has offered the court evidence which he believes demonstrates that these shares were created for the purpose of entrenchment by the Board of Directors in order to frustrate the Polonitza Group’s proxy contest. If Mr. Polonitza is successful in challenging the voting of these stock shares, we believe the Polonitza Group’s two nominees will have received more votes than each of the three Incumbent’s nominees. The final certification of the 2011 Annual Meeting stockholder vote is currently subject to court approval pending further proceedings before the Washington State Superior Court.

Contact:

InvestorCom, Inc.
John Grau, 203-972-9300
or
The Polonitza Group
David Polonitza, 502-460-3141
polonitza@enhanceitex.com