ROME, May 16 /PRNewswire-FirstCall/ – 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