ITH Ithaca Energy Plc

RNS Number:0943Q
ITIS Holdings PLC
17 January 2002



                                                               17 January 2002



                    ITIS EXITS FROM JOINT VENTURE IN SPAIN

ITIS Holdings plc ("ITIS") has announced today that it has sold to Minorplanet
Systems plc ("Minorplanet") its wholly owned subsidiary Novcom Limited
("Novcom"). Novcom was run as a joint venture funded by both ITIS and
Minorplanet and develops routing and scheduling software predominantly for
fleets. This will enable ITIS to focus all its resources on the core business
of telematics services and the further development of its Floating Vehicle
Data network. The 20 year licensing agreement with Minorplanet is unaffected
by the sale and ITIS will continue to work closely with Minorplanet in the
fields of Vehicle Security, Floating Vehicle Data and Traffic Information.

The consideration of #2,731,000 is satisfied by the payment to ITIS of #
1,450,000 in cash (which will be placed on deposit and used as part of the
working capital) and #1,281,000 in credits against future purchases from
Minorplanet. The proceeds from the sale fully covers the initial investment
made and all costs incurred by ITIS since the formation of Novcom in February
2001.

                                   - End -




Enquiries:       Mark Simpkins
                 Finance Director
                 ITIS Holdings plc
                 Telephone: 0161 929 5788
                 Ginny Pulbrook/ Rupert Steveney
                 Citigate Dewe Rogerson
                 Telephone: 020 7282 2945/020 7282 2843

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