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Ituran Location and Control Announces the Approval by Board of Directors of an Agreement With Pelephone to Provide MVNO Services
AZOUR, Israel, July 28, 2011/PRNewswire-FirstCall/ --
Ituran Location and Control Ltd. (NASDAQ: ITRN, TASE: ITRN), today
announced that an agreement with Pelephone to provide MVNO services, was
approved by boards of directors.
Following Ituran's announcement on July 29, 2010 that its wholly owned
Israeli subsidiary, Ituran Cellular Communication Ltd. obtained on July 28,
2010, a mobile virtual network operator (MVNO) license from the Israeli
Ministry of Communication, Ituran is pleased to announce that Ituran
Cellular signed an agreement with Pelephone Communications Ltd., one of
Israel's reputable cellular operators, to use Pelephone's infrastructure and
network in order to service the MVNO's customers and operation, against
payment as detailed in the agreement. The term of the agreement is thirty
six (36) months from the date on which Ituran shall commence servicing the
MVNO's customers, renewed automatically for further periods of twelve months
each, unless non-renewal notice of at least one hundred twenty (120) days is
delivered by either party prior to the renewal date and may be terminated by
either parties in certain circumstances as detailed in the agreement,
including in the event that any regulatory license enabling either party to
perform its obligations according to the agreement expired or revoked. The
agreement was approved today by Cellular Communication Ltd and Pelephone's
respective board of directors.
About Ituran
Ituran provides location-based services, consisting predominantly of
stolen vehicle recovery and tracking services, as well as wireless
communications products used in connection with its location-based services
and various other applications. Ituran offers mobile asset location, Stolen
Vehicle Recovery, management & control services for vehicles, cargo and
personal security. Ituran's subscriber base has been growing significantly
since the Company's inception to over 615,000 subscribers distributed
globally. Established in 1995, Ituran has over 1,300 employees worldwide,
provides its location based services and has a market leading position in
Israel, Brazil, Argentina and the United States.
For more information, please visit Ituran's website, at:
http://www.ituran.com
Certain statements in this press release are "forward-looking
statements" within the meaning of the Securities Act of 1933, as amended.
These forward-looking statements include, but are not limited to, our plans,
objectives, expectations and intentions and other statements contained in
this report that are not historical facts as well as statements identified
by words such as "expects", "anticipates", "intends", "plans", "believes",
"seeks", "estimates" or words of similar meaning. These statements are based
on our current beliefs or expectations and are inherently subject to
significant uncertainties and changes in circumstances, many of which are
beyond our control. Actual results may differ materially from these
expectations due to changes in global political, economic, business,
competitive, market and regulatory factors.
International Investor Relations
CCG Israel
Ehud Helft
ehud@ccgisrael.com
Kenny Green
kenny@ccgisrael.com
Tel: +1-646-201-9246
Source: Ituran Location and Control Ltd
.
Ituran Location and Control Announces the Approval by Board of Directors of an Agreement With Pelephone to Provide MVNO Services
AZOUR, Israel, July 28, 2011/PRNewswire-FirstCall/ --
Ituran Location and Control Ltd. (NASDAQ: ITRN, TASE: ITRN), today
announced that an agreement with Pelephone to provide MVNO services, was
approved by boards of directors.
Following Ituran's announcement on July 29, 2010 that its wholly owned
Israeli subsidiary, Ituran Cellular Communication Ltd. obtained on July 28,
2010, a mobile virtual network operator (MVNO) license from the Israeli
Ministry of Communication, Ituran is pleased to announce that Ituran
Cellular signed an agreement with Pelephone Communications Ltd., one of
Israel's reputable cellular operators, to use Pelephone's infrastructure and
network in order to service the MVNO's customers and operation, against
payment as detailed in the agreement. The term of the agreement is thirty
six (36) months from the date on which Ituran shall commence servicing the
MVNO's customers, renewed automatically for further periods of twelve months
each, unless non-renewal notice of at least one hundred twenty (120) days is
delivered by either party prior to the renewal date and may be terminated by
either parties in certain circumstances as detailed in the agreement,
including in the event that any regulatory license enabling either party to
perform its obligations according to the agreement expired or revoked. The
agreement was approved today by Cellular Communication Ltd and Pelephone's
respective board of directors.
About Ituran
Ituran provides location-based services, consisting predominantly of
stolen vehicle recovery and tracking services, as well as wireless
communications products used in connection with its location-based services
and various other applications. Ituran offers mobile asset location, Stolen
Vehicle Recovery, management & control services for vehicles, cargo and
personal security. Ituran's subscriber base has been growing significantly
since the Company's inception to over 615,000 subscribers distributed
globally. Established in 1995, Ituran has over 1,300 employees worldwide,
provides its location based services and has a market leading position in
Israel, Brazil, Argentina and the United States.
For more information, please visit Ituran's website, at:
http://www.ituran.com
Certain statements in this press release are "forward-looking
statements" within the meaning of the Securities Act of 1933, as amended.
These forward-looking statements include, but are not limited to, our plans,
objectives, expectations and intentions and other statements contained in
this report that are not historical facts as well as statements identified
by words such as "expects", "anticipates", "intends", "plans", "believes",
"seeks", "estimates" or words of similar meaning. These statements are based
on our current beliefs or expectations and are inherently subject to
significant uncertainties and changes in circumstances, many of which are
beyond our control. Actual results may differ materially from these
expectations due to changes in global political, economic, business,
competitive, market and regulatory factors.
International Investor Relations
CCG Israel
Ehud Helft
ehud@ccgisrael.com
Kenny Green
kenny@ccgisrael.com
Tel: +1-646-201-9246
Source: Ituran Location and Control Ltd
.