Ituran Location and Control Ltd. (NASDAQ: ITRN) Today Announced That its Board of...

Ituran Location and Control Ltd. (NASDAQ: ITRN) Today Announced That its Board
of Directors has Authorized the Additional Repurchase of its Ordinary Shares
up to $10 Million

AZOUR, Israel, May 20 /PRNewswire/ -- Ituran Location and Control Ltd.
(NASDAQ: ITRN) today announced that today its Board of Directors has
authorized the Company to utilize up to additional $10 million to repurchase
ordinary shares in the Company. This Decision follows previous decisions of
July 2006, December 2007 and January 24 2008, to repurchase ordinary shares
in the Company up to $20 million, which were utilized to the fullest extent
(1,626,620 shares).
The purchases may be made from time to time on the open market at the
management's discretion depending on share price and market conditions. No
time limit was set for the repurchase program, and the program may be
suspended from time to time or discontinued. The share repurchase will be
funded from available working capital.
The Company currently has approximately 23.475 million shares
outstanding. The closing price for the Company's shares on The NASDAQ
National Market on May 19, 2008 was $12.32.
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 464,000 subscribers distributed
globally. Established in 1995, Ituran has approximately 1,000 employees
worldwide, provides its location based services and has a market leading
position in Israel, Brazil, Argentina and the United States.
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

Info@gkir.com
Ehud Helft

kenny@gkir.com
Kenny Green
GK Investor Relations
(US) +1-866-704-6710

Investor Relations in Israel
Oded Ben Chorin (oded@km-ir.co.il)
KM Investor Relations
(Israel) +972-3-5167620

SOURCE Ituran Location & Control Ltd

International Investor Relations: Info@gkir.com, Ehud Helft; kenny@gkir.com,
Kenny Green, GK Investor Relations, (US) +1-866-704-6710; Investor Relations
in Israel, Oded Ben Chorin (oded@km-ir.co.il), KM Investor Relations, (Israel)
+972-3-5167620