LONDON, Nov. 6, 2007 (PRIME NEWSWIRE) -- IT Group Holdings, Inc. (OTCBB:ITGL) announced today that its operating entity, Internet Telecommunications Plc ("ITPLC"), has re-activated its billing and revenue collection facility and reported unaudited revenues in excess of $700,000 for the month of September 2007, up significantly from the previous month.
Most of the revenues have been generated by Resellers and their customers, many of which have been added to ITPLC's network since the beginning of 2007. With the restatement of prior period financials being awaited, it is nevertheless estimated that the Company is now posting more than a 100% increase in revenues on a monthly basis compared with our current estimates of our restated revenues for the start of the year.
New management is very confident that customers remain keenly interested in ITPLC's commercial offering despite the previously reported disclosures about the Company's recent challenges. The rebounding in revenue strengthens the Company's determination and prospects for continued growth in clients and revenues, the corporate goal being to eventually reach full capacity of the recently acquired and installed Telecom Switch with a capacity to handle over 500 million minutes of telecommunications traffic every month. ITGL has the network capacity to generate approximately $500 million in annual revenues without the need for major new capital investments.
About IT Group Holdings, Inc.
IT Group Holdings, Inc. trades through its wholly owned UK subsidiary Internet Telecommunications Plc (IT). IT is a provider of telecommunications services in the UK. IT Group Holdings is now established as a carrier-operator supplying resellers (in the UK: service providers) with wholesale access to competitively priced telecommunications lines and high-quality telephone call services including voice, data, value-added services and carrier services such as Voice-over-Internet Protocol (VoIP). IT also offers residential and business subscribers retail access to selected telecommunications services.
Forward-Looking Statements
This press release may include forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. These statements are based on the Company's current expectations as to future events. However, the forward-looking events and circumstances discussed in this press release might not occur, and actual results could differ materially from those anticipated or implied in the forward-looking statements