Ituran Location and Control Ltd. Announces Closing of the Telematics Wireless Sale Transaction

AZOUR, Israel, January 8 -- Ituran Location and Control Ltd. is pleased to announce that further to its announcement made on November 19, 2007 concerning the execution of an agreement for the sale of it's subsidiary Telematics wireless Ltd to ST Electronics (Info-Comm Systems) Pte Ltd, at a valuation of $90 million, consummation of the transaction took place on January 7, 2008 following fulfillment of all closing conditions in full.

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 430,000 subscribers distributed globally. Established in 1995, Ituran has approximately 900 employees worldwide, provides its location based services and has a market leading position in Israel, Brazil, Argentina and the United States.