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    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>UNITED
      STATES</strong></font></div>
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      AND EXCHANGE COMMISSION</strong></font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>Washington,
      DC 20549</strong></font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left">&#160;</div>
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    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>FORM
      8-K</strong></font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>______________</strong></font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>CURRENT
      REPORT</strong></font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>Pursuant
      to Section 13 or 15(d) of the</strong></font></div>
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      Exchange Act of 1934</strong></font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>Date
      of Report: June 20, 2006</strong></font></div>
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      of Earliest Event Reported)</em></font></div>
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    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">ISRAEL
      TECHNOLOGY ACQUISITION CORP.</font></div>
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      Name of Registrant as Specified in Its Charter)</em></font></div>
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                Organization)</em></font></div>
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                Employer Identification No.)</em></font></div>
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      Gush
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                972-3-532-5918</font></div>
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    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><br></div>
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      satisfy the filing obligation of the registrant under any of the following
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                communications pursuant to Rule 14d-2(b) under the Exchange Act (17
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                240.14d-2(b))</font></div>
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                communications pursuant to Rule 13e-4(c) under the Exchange Act (17
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    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left">&#160;</div><br>
    <div id="PGBRK" style="MARGIN-LEFT: 0pt; WIDTH: 100%; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt">
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        <div style="WIDTH: 100%; TEXT-ALIGN: center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">1</font></div>
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    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">ISRAEL
      TECHNOLOGY ACQUISITION CORP. (THE &#8220;COMPANY&#8221;) INTENDS TO HOLD PRESENTATIONS FOR
      CERTAIN OF ITS STOCKHOLDERS, AS WELL AS OTHER PERSONS WHO MIGHT BE INTERESTED
      IN
      PURCHASING THE COMPANY&#8217;S SECURITIES, REGARDING ITS MERGER WITH IXI MOBILE, INC.
      (&#8220;IXI&#8221;), AS DESCRIBED IN THE COMPANY&#8217;S CURRENT REPORT ON FORM 8-K FILED WITH THE
      SECURITIES AND EXCHANGE COMMISSION ON MARCH 1, 2006. THIS CURRENT REPORT ON
      FORM
      8-K MAY BE DISTRIBUTED TO PARTICIPANTS AT SUCH PRESENTATIONS.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">EARLYBIRDCAPITAL,
      INC. (&#8220;EBC&#8221;), THE MANAGING UNDERWRITER OF THE COMPANY&#8217;S INITIAL PUBLIC OFFERING
      (&#8220;IPO&#8221;) CONSUMMATED IN JULY 2005, AND MAXIM GROUP (&#8220;MAXIM&#8221;), A MEMBER OF THE
      UNDERWRITING SYNDICATE FOR THE IPO, ARE ASSISTING THE COMPANY IN THESE EFFORTS
      WITHOUT CHARGE, OTHER THAN THE REIMBURSEMENT OF THEIR OUT-OF-POCKET EXPENSES.
      THE COMPANY AND ITS DIRECTORS AND EXECUTIVE OFFICERS AND EBC AND MAXIM MAY
      BE
      DEEMED TO BE PARTICIPANTS IN THE SOLICIATION OF PROXIES FOR THE SPECAL MEETING
      OF THE COMPANY&#8217;S STOCKHOLDERS TO BE HELD TO APPROVE THE MERGER.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">STOCKHOLDERS
      OF THE COMPANY AND OTHER INTERESTED PERSONS ARE ADVISED TO READ, WHEN AVAILABLE,
      THE COMPANY&#8217;S PRELIMINARY PROXY STATEMENT/PROSPECTUS AND DEFINITIVE PROXY
      STATEMENT/PROSPECTUS IN CONNECTION WITH ITS SOLICITATION OF PROXIES FOR THE
      SPECIAL MEETING BECAUSE THESE PROXY STATEMENTS WILL CONTAIN IMPORTANT
      INFORMATION. SUCH PERSONS CAN ALSO READ THE COMPANY&#8217;S FINAL PROSPECTUS, DATED
      JULY 12, 2005, FOR A DESCRIPTION OF THE SECURITY HOLDINGS OF THE COMPANY&#8217;S
      OFFICERS AND DIRECTORS AND OF EBC AND MAXIM AND THEIR RESPECTIVE INTERESTS
      IN
      THE SUCCESSFUL CONSUMMATION OF THIS BUSINESS COMBINATION. THE DEFINITIVE PROXY
      STATEMENT/PROSPECTUS WILL BE MAILED TO STOCKHOLDERS AS OF A RECORD DATE TO
      BE
      ESTABLISHED FOR VOTING ON THE MERGER. STOCKHOLDERS WILL ALSO BE ABLE TO OBTAIN
      A
      COPY OF THE DEFINITIVE PROXY STATEMENT/PROSPECTUS, WITHOUT CHARGE, BY DIRECTING
      A REQUEST TO: ISRAEL TECHNOLOGY ACQUISITION CORP., 7 GUSH ETZION, 3</font><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: Times New Roman"><sup>RD</sup></font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">
      FLOOR,
      GIVAAT SHMUEL, ISRAEL 54030. THE PRELIMINARY PROXY STATEMENT/PROSPECTUS AND
      DEFINITIVE PROXY STATEMENT/PROSPECTUS, ONCE AVAILABLE, CAN ALSO BE OBTAINED,
      WITHOUT CHARGE, AT THE SECURITIES AND EXCHANGE COMMISSION&#8217;S INTERNET SITE
      (</font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><u>http://www.sec.gov</u></font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">).</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>Item
      1.01</strong></font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">.</font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&#160;</font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>Entry
      into a Material Definitive Agreement</strong></font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">1.
      </font><font id="TAB2" style="COLOR: black; LETTER-SPACING: 34.2pt">&#160;</font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">On
      June
      20, 2006, Israel Technology Acquisition Corp. (the &#8220;Company&#8221;) executed a
      certification (the &#8220;SP Certification&#8221;), effective June 19, 2006, in favor of
      Southpoint Master Fund LP (&#8220;Southpoint&#8221;). The SP Certification was provided by
      the Company in order to support a loan agreement dated June 19, 2006 (the &#8220;Loan
      Agreement&#8221;), as amended as of June 26, 2006,&#160;entered into by and between
      Southpoint, IXI Mobile, Inc. (&#8220;IXI&#8221;) and IXI Mobile (R&amp;D) Ltd. (&#8220;IXI
      R&amp;D&#8221;), a wholly owned subsidiary of IXI. The Company, ITAC Acquisition
      Subsidiary Corp. (the &#8220;ITAC Subsidiary&#8221;), a wholly owned subsidiary of the
      Company, and IXI are parties to an Agreement and Plan of Merger, dated February
      28, 2006 (the &#8220;Merger Agreement&#8221;), under which the ITAC Subsidiary, subject to
      the fulfilment of certain conditions, will merge with and into IXI (the
&#8220;Merger&#8221;) following which IXI will become a wholly owned subsidiary of the
      Company. </font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">The
      Merger Agreement requires IXI to obtain the Company&#8217;s prior approval of certain
      transactions, including the transactions contemplated by the Loan Agreement.
      The
      Loan Agreement provides that the Company furnish the SP Certification in
      connection with its approval of IXI&#8217;s participation therein. The Loan Agreement
      provides for financing to IXI R&amp;D in the principal amount of $20,000,000,
      evidenced by convertible promissory notes of IXI R&amp;D with IXI acting in the
      capacity as guarantor thereunder. The notes bear interest at the rate of 10%
      per
      annum prior to the Merger. The notes are payable, subject to a conversion right
      described below, within 60 business days of the closing of the
      Merger.</font></div><br>
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        </div>
      </div>
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        <div style="WIDTH: 100%; TEXT-ALIGN: center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">2</font></div>
        <div style="WIDTH: 100%; TEXT-ALIGN: center">
          <hr style="COLOR: black" noshade size="2">
        </div>
      </div>
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        </div>
      </div>
    </div><br>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">By
      entering into the SP Certification, the Company has confirmed that (i) the
      Merger Agreement has been duly and validly executed by the Company and is a
      binding obligation on the Company, (ii) the Company&#8217;s Board of Directors has
      unanimously granted approval for IXI and IXI (R&amp;D) to enter into the Loan
      Agreement and has unanimously approved the execution by the Company of the
      SP
      Certification and (iii) each representation and warranty of the Company
      contained in the Merger Agreement that was qualified as to materiality was
      true
      and correct as of the date of the Merger Agreement and that each representation
      and warranty of the Company contained in the Merger Agreement that was not
      qualified as to materiality was true and correct in all material respects as
      of
      the date of the Merger Agreement.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 36pt; TEXT-INDENT: -36pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Additionally
      by executing the SP Certification, the Company, subject to and conditional
      upon
      the consummation of the Merger, has certified and agreed that all of IXI&#8217;s and
      IXI R&amp;D&#8217;s obligations under the Loan Agreement will be assumed by the
      Company in their entirety at the time the Merger is effective. As a result,
      upon
      consummation of the Merger, Southpoint shall be entitled, among other things,
      to: (i) convert all or any part of any outstanding principal amount of its
      convertible promissory notes of IXI R&amp;D and all or any part of any accrued
      interest thereon into shares of the Company&#8217;s Common Stock (&#8220;ITAC Stock&#8221;) at a
      conversion price of $6.50 per share as provided in the Loan Agreement and (ii)
      receive six hundred thousand (600,000) shares of ITAC Stock upon the
      consummation of the Merger. Additionally, to induce Southpoint to convert at
      least 50% of its outstanding loan into ITAC Stock (the &#8220;Conversion Inducement
      Threshold&#8221;) upon the consummation of the Merger, the Company will issue to
      Southpoint warrants&#160;to purchase&#160;ITAC Stock (&#8220;ITAC Warrants&#8221;) to the
      extent that Southpoint meets or exceeds the Conversion Inducement Threshold.
      The
      number of ITAC Warrants to be issued by the Company to Southpoint will be
      calculated at the rate of 0.0357 of an ITAC Warrant for each converted dollar,
      with an aggregate of 714,286 ITAC Warrants being issued to Southpoint if the
      entire debt to Southpoint is converted. The ITAC Warrants will be identical
      to
      the Company&#8217;s currently outstanding warrants (&#8220;ITAC Public Warrants&#8221;) issued in
      connection with its initial public offering. </font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">If
      the
      Merger is consummated, the Company has further agreed, among other things,
      to
      reserve a sufficient amount of shares of its equity securities to effectuate
      the
      issuance to Southpoint of the ITAC Stock at the effective time and has committed
      that shares of ITAC Stock issued to Southpoint will be duly authorized, validly
      issued, fully paid and non-assessable. Additionally, subject to Southpoint&#8217;s
      execution of a lock-up letter in substantially the same form as those executed
      by IXI&#8217;s shareholders in connection with the Merger Agreement, to grant to
      Southpoint registration rights with respect to all shares of ITAC Stock which
      Southpoint may receive pursuant to the Loan Agreement and the SP Certification
      (such registration rights being equivalent to the demand and piggyback
      registration rights granted to significant shareholders of IXI in connection
      with the Merger Agreement).</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Southpoint,
      by accepting the SP Certification, has agreed that it will have no right or
      claim of any kind in or to any monies in the Company&#8217;s trust fund in the amount
      of $33,812,870 (the &#8220;Trust Fund&#8221;) as of March 31, 2006, for the benefit of the
      Company&#8217;s stockholders and has waived any claims it may have in the future as a
      result of any negotiations, contracts or agreements with the Company and will
      not seek recourse against the Trust Fund for any reason whatsoever. The
      foregoing will not be construed to constitute a waiver of any claim by
      Southpoint against the Company in the event that the Merger is
      consummated.</font></div><br>
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        </div>
      </div>
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        <div style="WIDTH: 100%; TEXT-ALIGN: center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">3</font></div>
        <div style="WIDTH: 100%; TEXT-ALIGN: center">
          <hr style="COLOR: black" noshade size="2">
        </div>
      </div>
      <div id="HDR">
        <div id="GLHDR" style="WIDTH: 100%" align="right">
        </div>
      </div>
    </div><br>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">2.
      </font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">On
      June&#160;20, 2006, the Company executed a certification (the "G/L
      Certification"), effective June 19, 2006, in favor of Gemini Israel III Limited
      Partnership, Gemini Israel III Parallel Fund Limited Partnership, Gemini Israel
      III Overflow Fund Limited Partnership, Gemini Partner Investors Limited
      Partnership (collectively &#8220;Gemini&#8221;) and Landa Ventures Ltd. ("Landa"). Gemini
      and Landa are both major stockholders of IXI. The G/L Certification was provided
      by the Company in connection with a Letter Agreement executed simultaneously
      with the G/L Certification and effective June 19, 2006 (the "G/L Letter
      Agreement") entered into by Gemini, Landa, IXI and IXI R&amp;D providing for the
      terms and conditions pursuant to which Gemini and Landa will extend a guaranty
      previously provided by Gemini and Landa in favor of IXI R&amp;D to secure IXI
      R&amp;D&#8217;s debt, in the principal amount of $8 million,&#160;to Bank Leumi
      Le'Israel Ltd. (the "Bank") and the terms and conditions under which Gemini
      and
      Landa may assume the debt of IXI R&amp;D (or any portion thereof) to the Bank.
      The G/L Letter Agreement was entered into by the parties thereto in connection
      with the Loan Agreement and incorporates certain of the provisions of the Loan
      Agreement.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">The
      G/L
      Certification is substantially similar to the SP Certification except for
      certain differences necessary to reflect the Company&#8217;s approval of IXI and IXI
      R&amp;D entering into the G/L Letter Agreement and the Company assuming all of
      IXI&#8217;s and IXI R&amp;D&#8217;s obligations pursuant to the G/L Letter Agreement,
      subject to and conditional upon the consummation of the Merger, in addition
      to
      the obligations assumed pursuant to the Loan Agreement. Gemini and Landa will
      be
      entitled to receive a total amount of two hundred and forty thousand (240,000)
      shares of ITAC Stock pursuant to the provisions of the G/L Letter Agreement
      and
      the Loan Agreement, together with ITAC Warrants on Gemini and Landa meeting
      or
      exceeding the Conversion Inducement Threshold as set forth above in the event
      that Gemini and Landa assume all or a portion of IXI R&amp;D&#8217;s debt to the Bank.
      The number of ITAC Warrants to be issued by the Company to Gemini and Landa
      will
      be calculated at the rate of 0.0357 of an ITAC Warrant for each converted
      dollar, with an aggregate of 285,714 ITAC Warrants being issued to Gemini and
      Landa if this entire debt is converted. The ITAC Warrants will be identical
      to
      the ITAC Public Warrants. Any assumed debt is repayable or convertible on the
      same terms as the notes under the Loan Agreement.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">The
      preceding is qualified in its entirety by reference to the Loan Agreement,
      as
      amended, SP Certification, G/L Certification and G/L Letter Agreement, which
      are
      attached hereto as Exhibits 10.1, 10.2, 10.3, 10.4 and 10.5, respectively and
      are incorporated herein by reference.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>Item
      2.03.</strong></font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&#160;</font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>Creation
      of a Direct Financial Obligation or an Obligation under an Off-Balance Sheet
      Arrangement</strong></font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Please
      see the disclosure set forth above in Item 1.01. </font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><br></div><br>
    <div id="PGBRK" style="MARGIN-LEFT: 0pt; WIDTH: 100%; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt">
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        </div>
      </div>
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        <div style="WIDTH: 100%; TEXT-ALIGN: center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">4</font></div>
        <div style="WIDTH: 100%; TEXT-ALIGN: center">
          <hr style="COLOR: black" noshade size="2">
        </div>
      </div>
      <div id="HDR">
        <div id="GLHDR" style="WIDTH: 100%" align="right">
        </div>
      </div>
    </div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>Item
      8.01 Other Events</strong></font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Attached
      and incorporated herein by reference as Exhibit 99.1 is a copy of a press
      release of IXI, dated June 21, 2006, reporting IXI's entering into of the Loan
      Agreement.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">The
      information set forth in Exhibit 99.1 attached hereto shall not be deemed
&#8220;filed&#8221; for purposes of Section 18 of the Securities Act of 1934, as amended,
      nor shall such information be deemed incorporated by reference in any filing
      under the Securities Act of 1933, as amended, except as shall be expressly
      set
      forth by specific reference in such filing.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>Item
      9.01.</strong></font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&#160;</font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>Financial
      Statements and Exhibits</strong></font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">(c)
      Exhibits</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left">&#160;</div>
    <div>
      <table cellpadding="0" cellspacing="0" width="100%">

          <tr>
            <td align="left" valign="top" width="12%" style="border-bottom: black thin solid;">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Exhibit
                No</font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">.</font></div>
            </td>
            <td width="5%">&#160;</td>
            <td align="left" valign="top" width="83%" style="border-bottom: black thin solid;">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Description</font></div>
            </td>
          </tr>
          <tr>
            <td align="left" valign="top" width="12%">&#160;</td>
            <td width="5%">&#160;</td>
            <td align="left" valign="top" width="83%">&#160;</td>
          </tr>
          <tr>
            <td align="justify" valign="top" width="12%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">10.1</font></div>
            </td>
            <td width="5%">&#160;</td>
            <td align="justify" valign="top" width="83%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Loan
                Agreement</font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">,&#160;dated
                as of&#160;</font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">June
                19, 2006, by and among IXI Mobile (R&amp;D) Ltd., IXI Mobile, Inc. and the
                lenders named therein.</font></div>
            </td>
          </tr>
          <tr>
            <td align="left" valign="top" width="12%">&#160;</td>
            <td width="5%">&#160;</td>
            <td align="left" valign="top" width="83%">&#160;</td>
          </tr>
          <tr>
            <td align="justify" valign="top" width="12%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">10.2</font></div>
            </td>
            <td width="5%">&#160;</td>
            <td align="justify" valign="top" width="83%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Certification,
                executed June 20, 2006 and effective June 19, 2006, by Israel Technology
                Acquisition Corp. to Southpoint Master Fund LP.</font></div>
            </td>
          </tr>
          <tr>
            <td align="justify" valign="top" width="12%">&#160;</td>
            <td width="5%">&#160;</td>
            <td align="justify" valign="top" width="83%">&#160;</td>
          </tr>
          <tr>
            <td align="justify" valign="top" width="12%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">10.3</font></div>
            </td>
            <td width="5%">&#160;</td>
            <td align="justify" valign="top" width="83%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Certification,
                executed June 20, 2006 and effective June 19, 2006 by Israel Technology
                Acquisition Corp. to Gemini Israel Funds, Landa Ventures Ltd. and
                the
                investors named therein.</font></div>
            </td>
          </tr>
          <tr>
            <td align="justify" valign="top" width="12%">&#160;</td>
            <td width="5%">&#160;</td>
            <td align="justify" valign="top" width="83%">&#160;</td>
          </tr>
          <tr>
            <td align="justify" valign="top" width="12%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">10.4</font></div>
            </td>
            <td width="5%">&#160;</td>
            <td align="justify" valign="top" width="83%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Letter
                Agreement, executed June 20, 2006 and effective June 19, 2006 by
                and among
                IXI Mobile, Inc, IXI Mobile (R&amp;D) Ltd. Gemini Israel Funds and Landa
                Ventures.</font></div>
            </td>
          </tr>
          <tr>
            <td align="justify" valign="top" width="12%">&#160;</td>
            <td width="5%">&#160;</td>
            <td align="justify" valign="top" width="83%">&#160;</td>
          </tr>
          <tr>
            <td align="justify" valign="top" width="12%">
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                Amendment to the Loan Agreement, dated as of June 26, 2006, by and
                among
                IXI Mobile (R&amp;D) Ltd., IXI Mobile, Inc. and Southpoint Master Fund
                LP.</font></div>
            </td>
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                Release of IXI, dated June 21,
                2006.</font></div>
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      duly authorized.</font></div>
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                TECHNOLOGY ACQUISITION CORP.</font></div>
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{"company-data": {"conformed-name": "Israel Technology Acquisition Corp.", "cik": "0001319644", "assigned-sic": "6770", "irs-number": "202374143", "state-of-incorporation": "DE", "fiscal-year-end": "1231"}, "filing-values": {"form-type": "8-K", "act": "34", "file-number": "000-51259", "film-number": "06924250"}, "business-address": {"street1": "23 KARLIBACH STREET", "city": "TEL AVIV", "state": "L3", "zip": "67132", "phone": "972545582452"}, "mail-address": {"street1": "23 KARLIBACH STREET", "city": "TEL AVIV", "state": "L3", "zip": "67132"}}
UNITED
      STATES
SECURITIES
      AND EXCHANGE COMMISSION
Washington,
      DC 20549
______________
FORM
      8-K
______________
CURRENT
      REPORT
Pursuant
      to Section 13 or 15(d) of the
Securities
      Exchange Act of 1934
Date
      of Report: June 20, 2006
(Date
      of Earliest Event Reported)
______________
ISRAEL
      TECHNOLOGY ACQUISITION CORP.
(Exact
      Name of Registrant as Specified in Its Charter)
______________
Delaware
Commission
                File:
20-2374143
(State
                or Other Jurisdiction of Incorporation or
                Organization)
000-51259
(I.R.S.
                Employer Identification No.)
7
      Gush
      Etzion, 3
rd
Floor,
      Givaat Shmuel, Israel
(Address
      of Principal Executive Offices)
(011)
                972-3-532-5918
(Registrant's
                Telephone Number, Including Area
                Code)
N/A
(Former
                Name or Former Address, if Changed Since Last
                Report)
Check
      the
      appropriate box below if the Form 8-K filing is intended to simultaneously
      satisfy the filing obligation of the registrant under any of the following
      provisions:
x
Written
                communications pursuant to Rule 425 under the Securities Act (17
                CFR
                230.425
)
o
Soliciting
                material pursuant to Rule 14a-12 under the Exchange Act (17 CFR
                240.14a-12)
o
Pre-commencement
                communications pursuant to Rule 14d-2(b) under the Exchange Act (17
                CFR
                240.14d-2(b))
o
Pre-commencement
                communications pursuant to Rule 13e-4(c) under the Exchange Act (17
                CFR
                240.13e-4(c))
1
ISRAEL
      TECHNOLOGY ACQUISITION CORP. (THE "COMPANY") INTENDS TO HOLD PRESENTATIONS FOR
      CERTAIN OF ITS STOCKHOLDERS, AS WELL AS OTHER PERSONS WHO MIGHT BE INTERESTED
      IN
      PURCHASING THE COMPANY'S SECURITIES, REGARDING ITS MERGER WITH IXI MOBILE, INC.
      ("IXI"), AS DESCRIBED IN THE COMPANY'S CURRENT REPORT ON FORM 8-K FILED WITH THE
      SECURITIES AND EXCHANGE COMMISSION ON MARCH 1, 2006. THIS CURRENT REPORT ON
      FORM
      8-K MAY BE DISTRIBUTED TO PARTICIPANTS AT SUCH PRESENTATIONS.
EARLYBIRDCAPITAL,
      INC. ("EBC"), THE MANAGING UNDERWRITER OF THE COMPANY'S INITIAL PUBLIC OFFERING
      ("IPO") CONSUMMATED IN JULY 2005, AND MAXIM GROUP ("MAXIM"), A MEMBER OF THE
      UNDERWRITING SYNDICATE FOR THE IPO, ARE ASSISTING THE COMPANY IN THESE EFFORTS
      WITHOUT CHARGE, OTHER THAN THE REIMBURSEMENT OF THEIR OUT-OF-POCKET EXPENSES.
      THE COMPANY AND ITS DIRECTORS AND EXECUTIVE OFFICERS AND EBC AND MAXIM MAY
      BE
      DEEMED TO BE PARTICIPANTS IN THE SOLICIATION OF PROXIES FOR THE SPECAL MEETING
      OF THE COMPANY'S STOCKHOLDERS TO BE HELD TO APPROVE THE MERGER.
STOCKHOLDERS
      OF THE COMPANY AND OTHER INTERESTED PERSONS ARE ADVISED TO READ, WHEN AVAILABLE,
      THE COMPANY'S PRELIMINARY PROXY STATEMENT/PROSPECTUS AND DEFINITIVE PROXY
      STATEMENT/PROSPECTUS IN CONNECTION WITH ITS SOLICITATION OF PROXIES FOR THE
      SPECIAL MEETING BECAUSE THESE PROXY STATEMENTS WILL CONTAIN IMPORTANT
      INFORMATION. SUCH PERSONS CAN ALSO READ THE COMPANY'S FINAL PROSPECTUS, DATED
      JULY 12, 2005, FOR A DESCRIPTION OF THE SECURITY HOLDINGS OF THE COMPANY'S
      OFFICERS AND DIRECTORS AND OF EBC AND MAXIM AND THEIR RESPECTIVE INTERESTS
      IN
      THE SUCCESSFUL CONSUMMATION OF THIS BUSINESS COMBINATION. THE DEFINITIVE PROXY
      STATEMENT/PROSPECTUS WILL BE MAILED TO STOCKHOLDERS AS OF A RECORD DATE TO
      BE
      ESTABLISHED FOR VOTING ON THE MERGER. STOCKHOLDERS WILL ALSO BE ABLE TO OBTAIN
      A
      COPY OF THE DEFINITIVE PROXY STATEMENT/PROSPECTUS, WITHOUT CHARGE, BY DIRECTING
      A REQUEST TO: ISRAEL TECHNOLOGY ACQUISITION CORP., 7 GUSH ETZION, 3
RD
FLOOR,
      GIVAAT SHMUEL, ISRAEL 54030. THE PRELIMINARY PROXY STATEMENT/PROSPECTUS AND
      DEFINITIVE PROXY STATEMENT/PROSPECTUS, ONCE AVAILABLE, CAN ALSO BE OBTAINED,
      WITHOUT CHARGE, AT THE SECURITIES AND EXCHANGE COMMISSION'S INTERNET SITE
      (
http://www.sec.gov
).
Item
      1.01
.
Entry
      into a Material Definitive Agreement
1.
On
      June
      20, 2006, Israel Technology Acquisition Corp. (the "Company") executed a
      certification (the "SP Certification"), effective June 19, 2006, in favor of
      Southpoint Master Fund LP ("Southpoint"). The SP Certification was provided by
      the Company in order to support a loan agreement dated June 19, 2006 (the "Loan
      Agreement"), as amended as of June 26, 2006, entered into by and between
      Southpoint, IXI Mobile, Inc. ("IXI") and IXI Mobile (R&D) Ltd. ("IXI
      R&D"), a wholly owned subsidiary of IXI. The Company, ITAC Acquisition
      Subsidiary Corp. (the "ITAC Subsidiary"), a wholly owned subsidiary of the
      Company, and IXI are parties to an Agreement and Plan of Merger, dated February
      28, 2006 (the "Merger Agreement"), under which the ITAC Subsidiary, subject to
      the fulfilment of certain conditions, will merge with and into IXI (the
"Merger") following which IXI will become a wholly owned subsidiary of the
      Company.
The
      Merger Agreement requires IXI to obtain the Company's prior approval of certain
      transactions, including the transactions contemplated by the Loan Agreement.
      The
      Loan Agreement provides that the Company furnish the SP Certification in
      connection with its approval of IXI's participation therein. The Loan Agreement
      provides for financing to IXI R&D in the principal amount of $20,000,000,
      evidenced by convertible promissory notes of IXI R&D with IXI acting in the
      capacity as guarantor thereunder. The notes bear interest at the rate of 10%
      per
      annum prior to the Merger. The notes are payable, subject to a conversion right
      described below, within 60 business days of the closing of the
      Merger.
2
By
      entering into the SP Certification, the Company has confirmed that (i) the
      Merger Agreement has been duly and validly executed by the Company and is a
      binding obligation on the Company, (ii) the Company's Board of Directors has
      unanimously granted approval for IXI and IXI (R&D) to enter into the Loan
      Agreement and has unanimously approved the execution by the Company of the
      SP
      Certification and (iii) each representation and warranty of the Company
      contained in the Merger Agreement that was qualified as to materiality was
      true
      and correct as of the date of the Merger Agreement and that each representation
      and warranty of the Company contained in the Merger Agreement that was not
      qualified as to materiality was true and correct in all material respects as
      of
      the date of the Merger Agreement.
Additionally
      by executing the SP Certification, the Company, subject to and conditional
      upon
      the consummation of the Merger, has certified and agreed that all of IXI's and
      IXI R&D's obligations under the Loan Agreement will be assumed by the
      Company in their entirety at the time the Merger is effective. As a result,
      upon
      consummation of the Merger, Southpoint shall be entitled, among other things,
      to: (i) convert all or any part of any outstanding principal amount of its
      convertible promissory notes of IXI R&D and all or any part of any accrued
      interest thereon into shares of the Company's Common Stock ("ITAC Stock") at a
      conversion price of $6.50 per share as provided in the Loan Agreement and (ii)
      receive six hundred thousand (600,000) shares of ITAC Stock upon the
      consummation of the Merger. Additionally, to induce Southpoint to convert at
      least 50% of its outstanding loan into ITAC Stock (the "Conversion Inducement
      Threshold") upon the consummation of the Merger, the Company will issue to
      Southpoint warrants to purchase ITAC Stock ("ITAC Warrants") to the
      extent that Southpoint meets or exceeds the Conversion Inducement Threshold.
      The
      number of ITAC Warrants to be issued by the Company to Southpoint will be
      calculated at the rate of 0.0357 of an ITAC Warrant for each converted dollar,
      with an aggregate of 714,286 ITAC Warrants being issued to Southpoint if the
      entire debt to Southpoint is converted. The ITAC Warrants will be identical
      to
      the Company's currently outstanding warrants ("ITAC Public Warrants") issued in
      connection with its initial public offering.
If
      the
      Merger is consummated, the Company has further agreed, among other things,
      to
      reserve a sufficient amount of shares of its equity securities to effectuate
      the
      issuance to Southpoint of the ITAC Stock at the effective time and has committed
      that shares of ITAC Stock issued to Southpoint will be duly authorized, validly
      issued, fully paid and non-assessable. Additionally, subject to Southpoint's
      execution of a lock-up letter in substantially the same form as those executed
      by IXI's shareholders in connection with the Merger Agreement, to grant to
      Southpoint registration rights with respect to all shares of ITAC Stock which
      Southpoint may receive pursuant to the Loan Agreement and the SP Certification
      (such registration rights being equivalent to the demand and piggyback
      registration rights granted to significant shareholders of IXI in connection
      with the Merger Agreement).
Southpoint,
      by accepting the SP Certification, has agreed that it will have no right or
      claim of any kind in or to any monies in the Company's trust fund in the amount
      of $33,812,870 (the "Trust Fund") as of March 31, 2006, for the benefit of the
      Company's stockholders and has waived any claims it may have in the future as a
      result of any negotiations, contracts or agreements with the Company and will
      not seek recourse against the Trust Fund for any reason whatsoever. The
      foregoing will not be construed to constitute a waiver of any claim by
      Southpoint against the Company in the event that the Merger is
      consummated.
3
2.
On
      June 20, 2006, the Company executed a certification (the "G/L
      Certification"), effective June 19, 2006, in favor of Gemini Israel III Limited
      Partnership, Gemini Israel III Parallel Fund Limited Partnership, Gemini Israel
      III Overflow Fund Limited Partnership, Gemini Partner Investors Limited
      Partnership (collectively "Gemini") and Landa Ventures Ltd. ("Landa"). Gemini
      and Landa are both major stockholders of IXI. The G/L Certification was provided
      by the Company in connection with a Letter Agreement executed simultaneously
      with the G/L Certification and effective June 19, 2006 (the "G/L Letter
      Agreement") entered into by Gemini, Landa, IXI and IXI R&D providing for the
      terms and conditions pursuant to which Gemini and Landa will extend a guaranty
      previously provided by Gemini and Landa in favor of IXI R&D to secure IXI
      R&D's debt, in the principal amount of $8 million, to Bank Leumi
      Le'Israel Ltd. (the "Bank") and the terms and conditions under which Gemini
      and
      Landa may assume the debt of IXI R&D (or any portion thereof) to the Bank.
      The G/L Letter Agreement was entered into by the parties thereto in connection
      with the Loan Agreement and incorporates certain of the provisions of the Loan
      Agreement.
The
      G/L
      Certification is substantially similar to the SP Certification except for
      certain differences necessary to reflect the Company's approval of IXI and IXI
      R&D entering into the G/L Letter Agreement and the Company assuming all of
      IXI's and IXI R&D's obligations pursuant to the G/L Letter Agreement,
      subject to and conditional upon the consummation of the Merger, in addition
      to
      the obligations assumed pursuant to the Loan Agreement. Gemini and Landa will
      be
      entitled to receive a total amount of two hundred and forty thousand (240,000)
      shares of ITAC Stock pursuant to the provisions of the G/L Letter Agreement
      and
      the Loan Agreement, together with ITAC Warrants on Gemini and Landa meeting
      or
      exceeding the Conversion Inducement Threshold as set forth above in the event
      that Gemini and Landa assume all or a portion of IXI R&D's debt to the Bank.
      The number of ITAC Warrants to be issued by the Company to Gemini and Landa
      will
      be calculated at the rate of 0.0357 of an ITAC Warrant for each converted
      dollar, with an aggregate of 285,714 ITAC Warrants being issued to Gemini and
      Landa if this entire debt is converted. The ITAC Warrants will be identical
      to
      the ITAC Public Warrants. Any assumed debt is repayable or convertible on the
      same terms as the notes under the Loan Agreement.
The
      preceding is qualified in its entirety by reference to the Loan Agreement,
      as
      amended, SP Certification, G/L Certification and G/L Letter Agreement, which
      are
      attached hereto as Exhibits 10.1, 10.2, 10.3, 10.4 and 10.5, respectively and
      are incorporated herein by reference.
Item
      2.03.
Creation
      of a Direct Financial Obligation or an Obligation under an Off-Balance Sheet
      Arrangement
Please
      see the disclosure set forth above in Item 1.01.
4
Item
      8.01 Other Events
Attached
      and incorporated herein by reference as Exhibit 99.1 is a copy of a press
      release of IXI, dated June 21, 2006, reporting IXI's entering into of the Loan
      Agreement.
The
      information set forth in Exhibit 99.1 attached hereto shall not be deemed
"filed" for purposes of Section 18 of the Securities Act of 1934, as amended,
      nor shall such information be deemed incorporated by reference in any filing
      under the Securities Act of 1933, as amended, except as shall be expressly
      set
      forth by specific reference in such filing.
Item
      9.01.
Financial
      Statements and Exhibits
(c)
      Exhibits
Exhibit
                No
.
Description
10.1
Loan
                Agreement
, dated
                as of
June
                19, 2006, by and among IXI Mobile (R&D) Ltd., IXI Mobile, Inc. and the
                lenders named therein.
10.2
Certification,
                executed June 20, 2006 and effective June 19, 2006, by Israel Technology
                Acquisition Corp. to Southpoint Master Fund LP.
10.3
Certification,
                executed June 20, 2006 and effective June 19, 2006 by Israel Technology
                Acquisition Corp. to Gemini Israel Funds, Landa Ventures Ltd. and
                the
                investors named therein.
10.4
Letter
                Agreement, executed June 20, 2006 and effective June 19, 2006 by
                and among
                IXI Mobile, Inc, IXI Mobile (R&D) Ltd. Gemini Israel Funds and Landa
                Ventures.
10.5
First
                Amendment to the Loan Agreement, dated as of June 26, 2006, by and
                among
                IXI Mobile (R&D) Ltd., IXI Mobile, Inc. and Southpoint Master Fund
                LP.
99.1
Press
                Release of IXI, dated June 21,
                2006.
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SIGNATURE
Pursuant
      to the requirements of the Securities Exchange Act of 1934, the registrant
      has
      duly caused this report to be signed on its behalf by the undersigned hereunto
      duly authorized.
Dated:
      June 26, 2006
ISRAEL
                TECHNOLOGY ACQUISITION CORP.
By:
/s/
                Israel Frieder
Name:
Israel
                Frieder
Title:
Chairman
6