Internet Technology - Re Issue of Shrs to GECapital

RNS No 355p
INTERNET TECHNOLOGY GROUP 
30th October 1998

                                  
                    INTERNET TECHNOLOGY GROUP plc
                                  
      GE Capital Equity Capital Group Europe takes 5% Interest

ITG,  through  its subsidiaries, Global Internet and GX Networks,  is
the UK's largest independent Internet Service Provider ("ISP").

The  Board  of Internet Technology Group plc ("ITG") today  announced
that,  under  the  authority  granted at the  Company's  last  Annual
General Meeting, it has issued 2,085,435 new ordinary shares  of  20p
each  in ITG ("Ordinary Shares"), equivalent to approximately  5%  of
the  issued  equity  capital of the Company,  to  GE  Capital  Equity
Capital Group Europe.

The shares have been issued at a price of 85p per share in cash.  The
price is at a premium to the average mid market closing price of  the
Company's  shares over the last 15 days.  Application has  been  made
for  these  new  Ordinary Shares to be admitted  to  trading  on  the
Alternative Investment Market and this is expected at 9.00am today.

Equity Capital Group Europe is one of the leading providers of equity
capital  to growing companies across continental Europe.  It  has  $1
billion a year available to invest in growth capital, replacement  or
secondary  capital, buy-outs and buys-ins.  Headquartered in  London,
it has offices in Italy, Warsaw, Stockholm and Frankfurt.

The placing raises approximately #1.772 million in cash for ITG.  The
proceeds of the issue will be applied towards the further development
of  ITG's already extensive network.  In particular, ITG will look to
increase  its  presence in the European communications  market,  with
emphasis placed on the business connectivity market, in which it  has
already  established a strong position in the UK through GX Networks,
its business-to-business subsidiary.

ITG's Chief Executive, Laurence Blackall, said:

"I  am delighted to have GE Capital Equity Capital Group Europe as an
investor  in  our company.  This funding will enable  us  to  further
realise  our  development  plans and  ambitions  to  become  a  truly
European operator."
                                                                     
                                                      30 October 1998

ENQUIRIES:

Internet Technology Group plc        Tel: 0181 957 1180
Laurence Blackall                    Email: lb@globalnet.co.uk
Richard Brocksom                     Email: rb@globalnet.co.uk

College Hill                         Tel: 0171 457 2020
Nicola Weiner                        Email: nicola@collegehill.co.uk
Archie Berens                        Email: archie@collegehill.co.uk

Hill & Knowlton                      Tel: 0171 413 3000
Rebecca Parkhouse                    Email: rparkhouse@hillandknowlton.com

                      =========================
                                  
Background Notes:

GE Capital

GE  Capital,  with assets of more than US$250 billion, is  a  global,
diversified   financial   services  company   with   28   specialised
businesses.   A wholly-owned subsidiary of General Electric  Company,
GE Capital, based in Stamford, CT, provides equipment management, mid-
market  and specialised financing, specialty insurance and a  variety
of  consumer services, such as car leasing, home mortgages and credit
cards,  to  businesses and individuals around the  world.   GE  is  a
diversified  manufacturing,  technology  and  services  company  with
operations worldwide.


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