SECURITIES AND EXCHANGE COMMISSION
                             WASHINGTON, D.C. 20549

                                    FORM 8-K

                                 CURRENT REPORT

     Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934

                                February 27, 2006
                        ---------------------------------
                                 Date of Report
                        (Date of Earliest Event Reported)

                                Teleconnect Inc.
             ------------------------------------------------------
             (Exact Name of Registrant as Specified in its Charter)

         Parque Tecnologico de Andalucia, Edif. Estepona Business Park 2
        C/ Severo Ochoa, No. 16-20, 1a, Campanillas, Malaga 28590, Spain
--------------------------------------------------------------------------------
                    (Address of principal executive offices)

                               011-34-95-202-9400
   --------------------------------------------------------------------------
              (Registrant's telephone number, including area code)

                                       N/A
 ------------------------------------------------------------------------------
         (Former name and former address, if changed since last report)

    Florida                          0-230611                    52-2137517
---------------                    ------------              -------------------
(State or other                    (Commission                (I.R.S. Employer
jurisdiction of                    File Number)              Identification No.)
incorporation)

<PAGE>

Section 1 - Registrant's Business and Operations

Item 1.02 Termination of a Material Definitive Agreement

      The Management Agreement between Teleconnect Inc.  ("Teleconnect") and Mr.
Walter Herman de Haas and his management company, Shareworks Espana, S.L., dated
October  29,  2004 (the  "Agreement")  was  mutually  terminated  by the parties
effective February 23, 2006.

      The  Agreement  provided  for Mr.  de Haas to  become a  director  and the
Executive  Vice  President  of  Teleconnect  and  to  be  the  Administrator  of
Teleconnect Communicaciones, S.A., the wholly owned subsidiary of Teleconnect in
Spain. There were no early termination penalties incurred by Teleconnect.

Section 5 - Corporate Governance and Management

Item 5.02 Departure of Directors or Principal  Officers;  Election of Directors;
          Appointment of Principal Officers

      Effective October 23, 2006, the Management  Agreement between  Teleconnect
and Mr. Walter Herman de Haas and his  management  company,  Shareworks  Espana,
S.L., was mutually  terminated by the parties. As a result, Mr. de Haas resigned
as a director and all officer  positions with  Teleconnect  and its  subsidiary,
Teleconnect  Communicaciones,  S.A. To complete the  compensation  due to Mr. de
Haas and to repurchase  the shares of the common stock of  Teleconnect  owned by
Mr. de Haas,  Teleconnect issued three promissory notes of 15,000 (EURO) each to
Mr. de Haas.

      Mr.  Gustavo Gomez  continues his  positions as the sole  director,  Chief
Executive  Officer  and  President  of  Teleconnect  Inc.  There  have  been  no
appointments to replace Mr. de Haas to any of his former positions.

Item 9.01 Exhibits

Exhibit     10.1 Management  Agreement between  Teleconnect and Walter Herman de
            Haas  and  Shareworks  Espana,  S.L.  dated  October  29,  2004,  is
            incorporated  by reference to Exhibit 10.2 to the Form 10-KSB annual
            report of Teleconnect for its fiscal year ended September 30, 2005.

Exhibit     10.2  Termination   Agreement  dated  February  23,  2006,   between
            Teleconnect and Walter Herman de Haas and Shareworks Espana, S.L.

<PAGE>

                                   Signatures

      Pursuant to the  requirements of the Securities  Exchange Act of 1934, the
Registrant  has duly caused this current  report on Form 8-K to be signed on its
behalf by the undersigned hereunto duly authorized.


Date: February 27, 2006                           Teleconnect Inc.
                                                  /s/ Gustavo Gomez
                                                  ------------------------------
                                                  Gustavo Gomez, Chief Executive
                                                  Officer and President
{"company-data": {"conformed-name": "ITS NETWORKS INC", "cik": "0001101688", "assigned-sic": "4813", "irs-number": "522137517", "state-of-incorporation": "OK", "fiscal-year-end": "0930"}, "filing-values": {"form-type": "8-K", "act": "34", "file-number": "000-30611", "film-number": "06647768"}, "business-address": {"street1": "AVDA SEVERO OCHOA, 28 EDIF MARINA", "city": "MARBELLA", "state": "A1", "zip": "00000", "phone": "01134952772057"}, "mail-address": {"street1": "2 FIELD COURT", "city": "WRIGHTSTOWN", "state": "NJ", "zip": "08562"}, "former-company": {"former-conformed-name": "TECHNOLOGY SYSTEMS INTERNATIONAL INC /FL/", "date-changed": "19991222"}}
SECURITIES AND EXCHANGE COMMISSION
                             WASHINGTON, D.C. 20549

                                    FORM 8-K

                                 CURRENT REPORT

     Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934

                                February 27, 2006
                        ---------------------------------
                                 Date of Report
                        (Date of Earliest Event Reported)

                                Teleconnect Inc.
             ------------------------------------------------------
             (Exact Name of Registrant as Specified in its Charter)

         Parque Tecnologico de Andalucia, Edif. Estepona Business Park 2
        C/ Severo Ochoa, No. 16-20, 1a, Campanillas, Malaga 28590, Spain
--------------------------------------------------------------------------------
                    (Address of principal executive offices)

                               011-34-95-202-9400
   --------------------------------------------------------------------------
              (Registrant's telephone number, including area code)

                                       N/A
 ------------------------------------------------------------------------------
         (Former name and former address, if changed since last report)

    Florida                          0-230611                    52-2137517
---------------                    ------------              -------------------
(State or other                    (Commission                (I.R.S. Employer
jurisdiction of                    File Number)              Identification No.)
incorporation)
Section 1 - Registrant's Business and Operations

Item 1.02 Termination of a Material Definitive Agreement

      The Management Agreement between Teleconnect Inc.  ("Teleconnect") and Mr.
Walter Herman de Haas and his management company, Shareworks Espana, S.L., dated
October  29,  2004 (the  "Agreement")  was  mutually  terminated  by the parties
effective February 23, 2006.

      The  Agreement  provided  for Mr.  de Haas to  become a  director  and the
Executive  Vice  President  of  Teleconnect  and  to  be  the  Administrator  of
Teleconnect Communicaciones, S.A., the wholly owned subsidiary of Teleconnect in
Spain. There were no early termination penalties incurred by Teleconnect.

Section 5 - Corporate Governance and Management

Item 5.02 Departure of Directors or Principal  Officers;  Election of Directors;
          Appointment of Principal Officers

      Effective October 23, 2006, the Management  Agreement between  Teleconnect
and Mr. Walter Herman de Haas and his  management  company,  Shareworks  Espana,
S.L., was mutually  terminated by the parties. As a result, Mr. de Haas resigned
as a director and all officer  positions with  Teleconnect  and its  subsidiary,
Teleconnect  Communicaciones,  S.A. To complete the  compensation  due to Mr. de
Haas and to repurchase  the shares of the common stock of  Teleconnect  owned by
Mr. de Haas,  Teleconnect issued three promissory notes of 15,000 (EURO) each to
Mr. de Haas.

      Mr.  Gustavo Gomez  continues his  positions as the sole  director,  Chief
Executive  Officer  and  President  of  Teleconnect  Inc.  There  have  been  no
appointments to replace Mr. de Haas to any of his former positions.

Item 9.01 Exhibits

Exhibit     10.1 Management  Agreement between  Teleconnect and Walter Herman de
            Haas  and  Shareworks  Espana,  S.L.  dated  October  29,  2004,  is
            incorporated  by reference to Exhibit 10.2 to the Form 10-KSB annual
            report of Teleconnect for its fiscal year ended September 30, 2005.

Exhibit     10.2  Termination   Agreement  dated  February  23,  2006,   between
            Teleconnect and Walter Herman de Haas and Shareworks Espana, S.L.
Signatures

      Pursuant to the  requirements of the Securities  Exchange Act of 1934, the
Registrant  has duly caused this current  report on Form 8-K to be signed on its
behalf by the undersigned hereunto duly authorized.

Date: February 27, 2006                           Teleconnect Inc.
                                                  /s/ Gustavo Gomez
                                                  ------------------------------
                                                  Gustavo Gomez, Chief Executive
                                                  Officer and President