IT&e signs HoA with Queensland Treasury Corporation to develop PTX

15 December 2006

The Board of IT&e Limited (ASX: ITE, AIM:ITEL), a leading technology solutions
provider to the global financial markets is pleased to announce, following a
tender process, the signing of a Heads of Agreement (“HoA”) with Queensland
Treasury Corporation (“QTC”).

Under the HoA, IT&e will scope and design a solution based on PTX to meet
QTC’s on-lending and investment administration requirements. Subject to
successful completion of the system design phase, a formal contract will be
entered into in the New Year.

The decision to select PTX was made by QTC after a comprehensive evaluation
of vendors with an emphasis on those best represented in Australia in terms of
custom and support. PTX’s open and flexible architecture provided the scope for
QTC to enhance the system to meet their specific business requirements.
James Maranis, CEO of IT&e commented: “We are pleased to have the
opportunity to implement PTX into this new segment market. The strategic
importance of this deal will enable IT&e in collaboration with QTC to further
enhance the PTX product line and provide solutions to other vertical markets.
This not only endorses strongly the new architectures behind our products but
makes available a wider target market than originally identified.”

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