FutureIT Inc. Announces That its Parent Company, Datasafe Group Ltd., has Notified the Company That it Will Cease to Provide Interim Financing to the Company Pending the Completion of DataSafe's Proposed Financing

LOD, Israel, December 7 /PRNewswire-FirstCall/ -- FutureIT Inc. (FITI.OB), a leading provider of software solutions for the automated and effective management of Microsoft SQL servers, today reported it was notified by its parent company, DataSafe Group Ltd., that DataSafe Group Ltd. will cease to provide financing to FutureIT, subject to DataSafe Group Ltd.'s receipt of additional financing. In November 2009, the Company signed an agreement with DataSafe Group Ltd., pursuant to which DataSafe Group Ltd. agreed to provide $500,000 in loans to the Company, effective as of October 1, 2009, bearing annual interest of 10%. To date, DataSafe Group Ltd. the owner of 65% of the Company's outstanding shares of common stock, has advanced approximately $1.85 million in loans to the Company.

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