ITP ENERGY CORPORATION - ACQUISITION OF ITP BENELLI S.P.A., A MANUFACTURER AND INTEGRATOR OF OIL AND GAS INDUSTRY EQUIPMENT WITH ANNUAL REVENUES OF U$ 63,642,000.00 IN 2010

ROME, May 16 /CNW/ - ITP Energy Corporation (OTCBB: ITPG), is pleased to announce that, effective April 29, 2011, it acquired 100% of the issued and outstanding capital stock of ITP Benelli S.p.A., an Italian corporation ("ITP"), in exchange for 34,000,000 shares of our common stock par value $0.001 ("Common Stock"), which were issued to ITP Oil & Gas International S.A. ("ITP-Lux").  The shares issued to ITP-Lux represent 94% of the issued and outstanding capital stock of the company.  Our sole business is now the business of ITP.

ITP is an engineering, procurement and construction contractor that provides design, fabrication and installation of process equipment, skid packaged units and complete process plants for the oil and gas industry and top engineering companies.  Through its subsidiaries, ITP has designed, manufactured and marketed oil and gas production equipment and systems, mainly used for the separation and treatment of unprocessed hydrocarbon fluids into sellable oil and gas.

ITP owns and operates three equipment production facilities in Italy: a facility located in Cassina de' Pecchi (in the vicinity of Milan) with a 75,347 square feet fabrication shop; a facility located in Ravenna, with a 30,000 square feet fabrication shop; and a facility located in Moscazzano (in the vicinity of Cremona) with a 32,291 square feet fabrication shop. It also owns and operates an equipment production facility that has 62,136 square feet of fabrication shops, in Kilgore Texas.

In addition to our headquarters in Rome, the company has a total of four offices, located in Kilgore (Texas), Brno (Czech Republic), Moscazzano (Italy) and Ravenna (Italy). In addition the company has an industrial yard located in Ravenna (Italy) and another one in Batam (Indonesia).

At the time of closing, the company appointed Manfredi Mazziotti di Celso as the Chief Executive Officer, Secretary, and Treasurer and accepted the resignation of Charles El-Moussa as an officer of the company.

Manfredi Mazziotti di Celso is currently the founder and General Manager of ITP and with his family he is the indirect controlling shareholder of ITP Energy Corporation. During the last five years, Mr. Mazziotti acted as General Manager of ITP, developing ITP in Italy and expanding the company's business and markets in the U.S., Egypt, the Far East, Byelorussia and Russia. Mr. Mazziotti graduated in mechanical engineering from the University of Rome in 1976.

Mr. Manfredi Mazzioti di Celso, stated that "he is very pleased to have the company trading, on the otcbb (Symbol: ITPG), in the United States, and is very excited about the opportunities that this will present for the company."

In connection with the closing, ITP Energy Corporation also accepted the resignation of Mr. El-Moussa as director to be effective 10 days after the mailing of Schedule 14F, (the "Information Statement"), to our shareholders. ITP Energy Corporation also appointed Manfredi Mazziotti di Celso, Gianfranco Turrini, and Andrea Bardavid as its directors effective 10 days after the mailing of the Information Statement to our shareholders.

During the last five years, Mr. Turrini acted as Director and Vice president of ITP and has been responsible for the management of ITP's growth from ITP S.r.l., to ITP S.p.A.  He is not a director of any other publicly traded company. Mr. Turrini graduated in chemical engineering from the University of Milan in 1963.

Mr. Andrea Bardavid will be an independent director. During the last five years, Mr. Bardavid has been a Managing Partner of Todah S.r.l., a corporate finance and investment firm, which he founded. He is not a director of any other publicly traded company. Mr. Bardavid graduated in Economics from Bocconi University of Milan in 1998.

Clark Wilson LLP acted as counsel to ITP Energy Corporation and Pellegrini & Mendoza LLP acted as special New York counsel to ITP-Lux.

ITP ENERGY CORPORATION

Manfredi Mazziotti di Celso
Chief Executive Officer

This news release contains forward-looking statements. Forward-looking statements are projections in respect of future events or our future financial performance. In some cases, you can identify forward-looking statements by terminology such as "may", "should", "intend", "expect", "plan", "anticipate", "believe", "estimate", "predict", "potential", or "continue" or the negative of these terms or other comparable terminology. These forward-looking statements include, among other things, statements relating to the anticipated appointment of Manfredi Mazziotti di Celso, Gianfranco Turrini, and Andrea Bardavid as directors of our company; and Andrea Bardavid will be an independent director. These statements are only predictions and involve known and unknown risks, uncertainties and other factors, which may cause our or our industry's actual results, levels of activity or performance to be materially different from any future results, levels of activity or performance expressed or implied by these forward-looking statements.  These risks and uncertainties include our inability to appoint the directors for any reason.

These statements also represent our assumptions only as of the date that they were made and we expressly disclaim any duty to provide updates to them or the estimates and assumptions associated with them after the date of this filing to reflect events or changes in circumstances or changes in expectations or the occurrence of anticipated events.

SOURCE ITP Energy/ITP Group

For further information:

Investors Relation, Tel. + 39 (06) 5728 8176, extension 4.

Profil de l'entreprise

ITP Energy/ITP Group

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