AGM Statement

RNS Number:9684A
ITIS Holdings PLC
10 September 2002

                               ITIS Holdings PLC

                             Annual General Meeting
                          Tuesday 10th September 2002


Sir Trevor Chinn, Chairman of ITIS Holdings included the following update in his
speech at the company's AGM today.

"Since our last statement on May 24th the company has progressed well with its
key objectives of managing cash, reducing costs and increasing revenues.

Last month, we introduced two significant enhancements to our NavTrak product.
Firstly, NavTrak ADR (Automatic Driver Recognition) tackles the rising problem
of vehicle theft using the owner's keys - often as a result of house burglary or
car-jacking.  Secondly, through its agreement with EuroWatch Central Ltd,
NavTrak uniquely offers tracking, police liaison and vehicle recovery throughout
Europe to its customers. NavTrak is now a market leading, premium product that
meets specific requirements for prestige vehicle manufacturers and insurers.
For our business customers, we now offer a lease rental agreement via First
National Business Equipment Leasing which has led to improved sales to fleets.

NavTrak is building an excellent portfolio of case histories including the
successful recovery of vehicles and stolen goods for Eddie Stobart and our first
recovery in Germany.   We believe that the enhanced NavTrak product offering
will stimulate sales grow both as a result of referrals from the insurance
industry and manufacturer endorsement.

At the time of our last results we announced a long term contract and strategic
relationship with the Automobile Association (the AA) to provide traffic flow
information using Floating Vehicle Data.  This will start in November and we are
on schedule to launch the service which will cover 8,200 miles of major A roads
and motorways, known as the Strategic Road Network.  Because of the way we
collect and analyse data from FVD, there is an emerging market for our historic
data to help industry and Government manage congestion.  As a result we have
been awarded a contract by the Scottish Executive to provide them with Floating
Vehicle Data to cover the Trans European Road Network in Scotland.  Under the
terms of a five year contract, ITIS will develop and maintain a journey time
website which will be accessed by the general public and a traffic alert website
which will be used by the Scottish National Network Control Centre.  The journey
time website will also compare current journey times with normal journey times
for the given day and time period.

Our RDS TMC service remains the most cost effective and technically robust
system for manufacturers to offer telematics services and until now we have
provided this service to Toyota, BMW and Siemens VDO in the after-fit market.  A
number of other manufacturers are currently evaluating RDS-TMC and we are
confident that they will be adopting the service.

In November 2001, we started a programme of cost reduction to ensure that we had
sufficient funds to meet our objectives.  This, coupled with increases in
revenues, will significantly reduce cash usage during this financial year and
beyond.

We believe that ITIS, with its strong portfolio of products and services and
healthy cash reserves, is in a very strong position to capitalise on the growth
that we are now beginning to see in the telematics market."



Enquiries

ITIS Holdings                                       Tel - 0161 927 3600
Stuart Marks, Chief Executive

Citigate Dewe Rogerson                              Tel - 020 7282 2945
Ginny Pulbrook
Charles Vivian




                      This information is provided by RNS
            The company news service from the London Stock Exchange
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