Ithaca Energy Regulatory News (ITH)

14 Sep 2005 07:00

ITIS Holdings PLC14 September 2005 14 September 2005 AGM Statement The following statement will be read by Sir Trevor Chinn, Chairman of ITISHoldings plc ("ITIS"), at the AGM to be held at Station House, Stamford NewRoad, Altrincham, Cheshire today at 10.00am. The Group has continued to trade profitably in the first five months of thisfinancial year in line with expectations. We are confident that this will bemaintained as demand for our services in the UK and overseas continues to growstrongly. We are very happy with the progress made with Cellular Floating Vehicle Data ("CFVD") which we currently operate primarily outside of the UK. Our partnershipwith Delcan.NET has so far been successful for both parties culminating lastweek in the Department of Transport of the State of Missouri commencingexclusive negotiations with us for the supply of CFVD to the cities of St. Louisand Kansas City and across 5,400 miles of roadway. This important contract waswon against competition from leading transportation consultancies and otherproviders of cellular traffic probe technologies. Interest in CFVD remains highin many areas, especially in the US, and as we win further contracts there weare confident the ITIS technology will become accepted as the benchmark againstwhich other technologies will be measured. The success of our UK business and impressive domestic and internationalcustomer base continues to reassure potential customers overseas of our abilityto deliver and we believe that over time many of our applications will bereplicated in these new markets. A key ingredient for CFVD is commercial and operational support from the mobilenetworks and on this basis our roll out plans will take into consideration thosecountries where a network can most easily meet our requirements. ITIS continues to be the clear market leader in RDS-TMC services and hascontracts with sixteen car manufacturers, all of the aftermarket suppliers andwith most suppliers in the Personal Navigation Device market. These includeTomTom, Navman, Naviflash, Route 66 and Co-Pilot. We are pleased to announce today that our success in this area continues withrecent agreements to provide traffic information to the AA for their Navigatorproduct and also with Blackspot Interactive who own the market leading RoadAngel products and have just launched their own navigation system, Road AngelNavigator. Central and local Government remains an important area for us and we areparticularly pleased to be providing our FVD system to Transport for London,which covers not only the main roads and motorways but is providing high qualityspeed and flow data in areas where cameras and fixed sensors are not availableNavTrak is now profitable and is enjoying growth as a result of our focus on manufacturer customers who include, Bentley Motors, Ferrari, Land Rover and Maserati. The Board are pleased with the recent contract wins and the financial performance of the Group and believe that ITIS is well positioned for further dynamic growth. - ends - Technology Demonstration: ITIS Holdings plc will be hosting a demonstration of their CFVD (CellularFloating Vehicle Data) Technology for analysts and fund managers, on Thursday15th September from 4-5:30pm at 3 London Wall Buildings. No further tradingupdate will be given. If you would like to attend please contact Jonathan Imlah, Altium on 020 74844040. Contact: Stuart Marks, Chief Executive, ITIS Holdings plc - 0161 929 5788 Ginny Pulbrook, Citigate Dewe Rogerson - 0207 638 9571 This information is provided by RNS The company news service from the London Stock Exchange