IT InterGroup to focus solely on its software division FastPassCorp
With a divestiture of its consulting division to PricewaterhouseCoopers in Denmark, the First North-company IT InterGroup now focuses all forces in the company's international software division, FastPassCorp. "FastPassCorps ambitious growth and internationalization strategy requires our full attention, and now that we have had sales successes, and sales pipeline is rapidly growing in the selected markets in Britain, Germany and Scandinavia, we have chosen to concentrate 100 percent on expanding the software business further in the rest of the world" says Chairman Finn Jensen of IT InterGroup.

Employees from the consulting division will continue with PwC.
As part of the divestiture of IT InterGroups consulting divison, ‘Services & Solutions’, eight employees transfer to PwC, including Henrik Kaaber; one of the original founders of IT InterGroup. Henrik is currently affiliated to IT InterGroup as chief of consulting and board member. "With PwC's expertise in IT Security, we have found the right future owner for our consulting division, and our employees can continue and reinforce the work for our customers" says Chairman Finn Jensen, IT InterGroup. The other terms of the agreement are confidential. In connection with the sale of the consulting division to PwC, IT InterGroup forecast a change to the company's expectations for 2008, to a positive result after tax of approximately $ 2-4 million. The company has previously forecast a result of around zero.

Long-term financing in place.
The transfer of the consulting division to PwC means that IT InterGroup now can focus on adapting the whole organization to continue the development, marketing and sales of the company's software ‘FastPass’, which can help businesses to resolve problems with forgotten passwords. In order to ensure liquidity which can finance IT InterGroups long-term global expansion plans, the company in addition to the divestiture of Services & Solutions, chose to issue convertible bonds. The company therefore offers a limited number of bonds with a nominal value of at least $ 400,000 and a maximum of $ 2,000, 000. The convertible bonds are offered to IT InterGroups current shareholders and continuing employees. "Together with the divestiture of our consulting division the bonds program will provide IT InterGroup with a very good liquidity, which will help to finance our long-term global expansion," says Chairman Finn Jensen, IT InterGroup.

Additional information:
IT InterGroup A / S, Chairman of the Board Finn Jensen, mobile: +45 2481 1279, fj@fastpasscorp.com Managing Director Jesper Østergaard, mobile: +45 2887 9797, jo@fastpasscorp.com

About IT InterGroup A/S
IT InterGroup A/S was founded in 2000. With the market's fastest and safest self service password management solution, FastPass, remove large parts of the work load in a customer's Help Desks helping customers to achieve both cost reductions and greater employee efficiency. IT InterGroup A/S has headquarters in Lyngby outside Copenhagen and a development centre in Bangladesh. See also www.itintergroup.com and www.fastpasscorp.com.