Ituran Location and Control Ltd. Files Registration Statement for Initial Public Offering

AZOR, Israel, September 6 -- Ituran Location and Control Ltd. (TASE: ITNR) announced today that it has filed a registration statement with the U.S. Securities and Exchange Commission for a proposed initial public offering in the United States of 4,800,000 of its ordinary shares (following a three-to-one stock split), of which 3,840,000 ordinary shares would be issued by the company and 960,000 ordinary shares would be sold by certain shareholders of the company. The company and the selling shareholders have granted the underwriters an option to purchase an additional 720,000 ordinary shares to cover any over-allotments.

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, management & control services for vehicles, cargo and personal security, and radio frequency identification products for various purposes including automatic meter reading, electronic toll collection, electronic security seals and electronic weigh stations. Ituran holds approximately 75% of the market share in stolen vehicle recovery services in Israel. Established in 1995, Ituran has approximately 760 employees worldwide, provides its location based services in Israel, Brazil, Argentina and the United States and sells its products in those countries as well as in China and South Korea.

UBS Investment Bank will act as the sole book-running manager of the offering and JPMorgan will act as joint lead manager. William Blair & Company and C.E. Unterberg, Towbin will act as co-managers.

The offering will be made only by means of a prospectus, which, when available, may be obtained by contacting UBS Investment Bank, Prospectus Department, 299 Park Avenue, New York, NY 10171.

A registration statement relating to these securities has been filed with the U.S. Securities and Exchange Commission but has not yet become effective. These securities may not be sold nor may offers to buy be accepted prior to the time that the registration statement becomes effective. This news release shall not constitute an offer to sell or the solicitation of an offer to buy, nor shall there be any sale of these securities in any state or jurisdiction in which such offer, solicitation, or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction.

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. The proposed IPO is subject to a number of conditions and approvals and there can be no assurance that an offering will be completed as described or within the time periods outlined above. Actual results may differ materially from these expectations due to changes in global political, economic, business, competitive, market and regulatory factors.

Eyal Sheratzky, Co-CEO, Tel: +972-3-5571314, eyal_s@ituran.com