SECURITIES AND EXCHANGE COMMISSION

                             Washington, D.C. 20549

                                    Form 8-K

                Current Report Pursuant to Section 13 or 15(d) of
                       The Securities Exchange Act of 1934

         Date of Report (Date of earliest event reported) March 1, 2001

                                ITEX CORPORATION
             -------------------------------------------------------
             (Exact name of registrant as specified in its charter)


            Nevada                       0-18275                  93-0922994
  -------------------------------   ---------------------    -------------------
 (State or other jurisdiction of    (Commission File No.)     (I.R.S. Employer
 incorporation or organization)                              Identification No.)


                                3400 Cottage Way
                          Sacramento, California 95825
                                 (916) 679-1111
          -------------------------------------------------------------
          (Address and telephone number of principal executive offices)


ITEM 2. ACQUISITION OR DISPOSITION OF ASSETS

Acquisition of Assets in Canada

On March  1,  2001,  ITEX  Corporation  (the  "Company"),  pursuant  to an Asset
Purchase Agreement (the "Purchase Agreement"), acquired substantially all of the
assets of Ubarter.com  Canada,  a wholly owned  subsidiary of Network  Commerce,
Inc. In addition to the assets,  the Company assumed the facility lease and will
continue  operations at that  location.  These assets include a customer list of
more than  7,000  trade and  barter  exchange  members,  inventories  throughout
Canada, and furnishings of the branch office. The Company has offered employment
to the four former employees of Ubarter.com, and intends to add additional sales
and  trade  brokering  staff  in  Toronto.  The  Toronto  office  will  continue
operations as a branch office of ITEX  Corporation in connection with its retail
trade and barter exchange business.

The assets were acquired pursuant to an Asset Purchase Agreement in exchange for
cash and a promissory note secured against those assets.  The essential terms of
the  transaction  include payment by the Company of $250,000 (US) at the closing
and  delivery  of a  promissory  note for  $500,000  (US),  payable  in  monthly
installments  of $41,666.67  (US);  the  assumption of certain  liabilities  and
obligations in connection  with the branch  office,  including the lease of that
facility, located at 5955 Airport Road, Suite 224, Mississauga, Ontario, Canada;
and the  assumption of the seller's trade deficit of  approximately  $4,500,000.
The  seller  further  agreed  to  indemnify  the  Company  in the  event  of any
non-disclosed and non-assumed liabilities.


<PAGE>2

The foregoing summary is intended to highlight certain essential elements of the
transaction and is not intended to be a complete description of all of the terms
of the  acquisition.  The Asset Purchase  Agreement is attached as an exhibit to
this Current  Report and the  foregoing is qualified in its entirety by the more
detailed provisions and disclosure contained in the actual agreement.

 Forward Looking Statements

This Current Report on Form 8-K contains  forward-looking  statements  which are
made pursuant to the safe harbor provisions of the Private Securities Litigation
Reform  Act  of  1995.  These  statements   involve  known  and  unknown  risks,
uncertainties  and  other  factors  that may  cause the  actual  results  of the
operations of ITEX to be materially different from those expressed or implied in
such statements.  These factors  include,  but are not limited to the continuing
development of successful marketing  strategies for the company's concepts;  the
effect of international, national, and regional economic conditions; the ability
of the company to satisfy its debt  obligations;  the  availability  of adequate
working  capital;  competitive  barter  exchanges and;  changes in  legislation;
demographic  changes,  the  ability to attract and retain  qualified  personnel;
changes in business strategy or development plans; business disruptions; changes
in the demand for goods and services  offered by members of its trade  exchange.
These risk factors and others are discussed in the periodic  reports and filings
of ITEX Corporation with the Securities and Exchange  Commission,  including but
not  limited  to its Form  10-K's  and Form  10-Qs.  All  statements  other than
statements of historical fact included in this Current Report, including without
limitations,   company's   business   strategy,   plans  and   objectives,   are
forward-looking statements

ITEM 7. FINANCIAL STATEMENTS, PRO FORMA FINANCIAL INFORMATION AND
        EXHIBITS

     (a)  Financial Statements of Business Acquired

          (1)  Financial  statements  representing  the assets  and  liabilities
               acquired from Ubarter.com, Inc. will be filed by amendment within
               75 days.

     (b)  Pro Forma Financial Information

          (1)  Pro forma financial information will be filed by amendment within
               75 days.

     (c)  Exhibits

        Exhibit No.   Exhibit Description

          10.1        Copy of the Asset Purchase Agreement with Ancillary
                      Agreements

<PAGE>3

                                    SIGNATURE

    Pursuant to the  requirements  of the  Securities  Exchange Act of 1934, the
registrant  has duly  caused  this  report  to be  signed  on its  behalf by the
undersigned hereunto duly authorized.


Dated: March 7, 2001                ITEX CORPORATION
                                       a Nevada Corporation


                                   S/  COLLINS M. CHRISTENSEN
                                       --------------------------------------
                                       Collins M. Christensen
                                       President and Chief Executive Officer
[{"type": "8-K", "sequence": "1", "filename": "0001.txt", "description": "FORM 8-K", "secsgml_size_bytes": 6054}]
{"company-data": {"conformed-name": "ITEX CORPORATION", "cik": "0000860518", "assigned-sic": "7389", "irs-number": "930922994", "state-of-incorporation": "NV", "fiscal-year-end": "0731"}, "filing-values": {"form-type": "8-K", "act": "34", "file-number": "000-18275", "film-number": "1568534"}, "business-address": {"street1": "3400 COTTAGE WAY", "city": "SACRAMENTO", "state": "CA", "zip": "95825", "phone": "5032444673"}, "mail-address": {"street1": "10300 S W GREENBURG ROAD", "street2": "SUITE 370", "city": "PORTLAND", "state": "OR", "zip": "97223"}, "former-company": {"former-conformed-name": "ITEX BARTER SYSTEMS INC", "date-changed": "19600201"}}
SECURITIES AND EXCHANGE COMMISSION

                             Washington, D.C. 20549

                                    Form 8-K

                Current Report Pursuant to Section 13 or 15(d) of
                       The Securities Exchange Act of 1934

         Date of Report (Date of earliest event reported) March 1, 2001

                                ITEX CORPORATION
             -------------------------------------------------------
             (Exact name of registrant as specified in its charter)

            Nevada                       0-18275                  93-0922994
  -------------------------------   ---------------------    -------------------
 (State or other jurisdiction of    (Commission File No.)     (I.R.S. Employer
 incorporation or organization)                              Identification No.)

                                3400 Cottage Way
                          Sacramento, California 95825
                                 (916) 679-1111
          -------------------------------------------------------------
          (Address and telephone number of principal executive offices)

ITEM 2. ACQUISITION OR DISPOSITION OF ASSETS

Acquisition of Assets in Canada

On March  1,  2001,  ITEX  Corporation  (the  "Company"),  pursuant  to an Asset
Purchase Agreement (the "Purchase Agreement"), acquired substantially all of the
assets of Ubarter.com  Canada,  a wholly owned  subsidiary of Network  Commerce,
Inc. In addition to the assets,  the Company assumed the facility lease and will
continue  operations at that  location.  These assets include a customer list of
more than  7,000  trade and  barter  exchange  members,  inventories  throughout
Canada, and furnishings of the branch office. The Company has offered employment
to the four former employees of Ubarter.com, and intends to add additional sales
and  trade  brokering  staff  in  Toronto.  The  Toronto  office  will  continue
operations as a branch office of ITEX  Corporation in connection with its retail
trade and barter exchange business.

The assets were acquired pursuant to an Asset Purchase Agreement in exchange for
cash and a promissory note secured against those assets.  The essential terms of
the  transaction  include payment by the Company of $250,000 (US) at the closing
and  delivery  of a  promissory  note for  $500,000  (US),  payable  in  monthly
installments  of $41,666.67  (US);  the  assumption of certain  liabilities  and
obligations in connection  with the branch  office,  including the lease of that
facility, located at 5955 Airport Road, Suite 224, Mississauga, Ontario, Canada;
and the  assumption of the seller's trade deficit of  approximately  $4,500,000.
The  seller  further  agreed  to  indemnify  the  Company  in the  event  of any
non-disclosed and non-assumed liabilities.
2

The foregoing summary is intended to highlight certain essential elements of the
transaction and is not intended to be a complete description of all of the terms
of the  acquisition.  The Asset Purchase  Agreement is attached as an exhibit to
this Current  Report and the  foregoing is qualified in its entirety by the more
detailed provisions and disclosure contained in the actual agreement.

 Forward Looking Statements

This Current Report on Form 8-K contains  forward-looking  statements  which are
made pursuant to the safe harbor provisions of the Private Securities Litigation
Reform  Act  of  1995.  These  statements   involve  known  and  unknown  risks,
uncertainties  and  other  factors  that may  cause the  actual  results  of the
operations of ITEX to be materially different from those expressed or implied in
such statements.  These factors  include,  but are not limited to the continuing
development of successful marketing  strategies for the company's concepts;  the
effect of international, national, and regional economic conditions; the ability
of the company to satisfy its debt  obligations;  the  availability  of adequate
working  capital;  competitive  barter  exchanges and;  changes in  legislation;
demographic  changes,  the  ability to attract and retain  qualified  personnel;
changes in business strategy or development plans; business disruptions; changes
in the demand for goods and services  offered by members of its trade  exchange.
These risk factors and others are discussed in the periodic  reports and filings
of ITEX Corporation with the Securities and Exchange  Commission,  including but
not  limited  to its Form  10-K's  and Form  10-Qs.  All  statements  other than
statements of historical fact included in this Current Report, including without
limitations,   company's   business   strategy,   plans  and   objectives,   are
forward-looking statements

ITEM 7. FINANCIAL STATEMENTS, PRO FORMA FINANCIAL INFORMATION AND
        EXHIBITS

     (a)  Financial Statements of Business Acquired

          (1)  Financial  statements  representing  the assets  and  liabilities
               acquired from Ubarter.com, Inc. will be filed by amendment within
               75 days.

     (b)  Pro Forma Financial Information

          (1)  Pro forma financial information will be filed by amendment within
               75 days.

     (c)  Exhibits

        Exhibit No.   Exhibit Description

          10.1        Copy of the Asset Purchase Agreement with Ancillary
                      Agreements
3

                                    SIGNATURE

    Pursuant to the  requirements  of the  Securities  Exchange Act of 1934, the
registrant  has duly  caused  this  report  to be  signed  on its  behalf by the
undersigned hereunto duly authorized.

Dated: March 7, 2001                ITEX CORPORATION
                                       a Nevada Corporation

                                   S/  COLLINS M. CHRISTENSEN
                                       --------------------------------------
                                       Collins M. Christensen
                                       President and Chief Executive Officer