IT&e Trading update and Appointment to Board of Directors

14 January 2009

IT&e today issued the following trading update ahead of the company’s half year results which are scheduled to be announced on or before 27 February 2009.

Move to profitability with good cash generation despite difficult economic conditions

Ellis Bugg, Chairman commented “Significant improvements have taken place in the company resulting in both a move to profitability and the strengthening of the balance sheet through cash generation. As of 31st December 2008, cash and cash deposits at bank were in excess of $2.0m. As reported at the Annual General Meeting, following the appointment of Andrew Wood as CEO in September, reorganisation of the company’s management team and the implementation of a global structure for client operations, have resulted in improvements to client margins and the lowering of the cost base.”

Appointment to Board of Directors

Mr Bugg went on to note “Andrew Wood, the Group CEO, has been invited to join the Board of Directors and will do so effective 1st February 2009. This recognises his ability to set and exercise strategy, including the refocussing of the company and the related right sizing of operations based on the world economic climate.”

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