| x      | Quarterly report under Section 13                or 15(d) of                the Securities Exchange Act of 1934 |
|--------|-----------------------------------------------------------------------------------------------------------------|
|   |                                                                                                            |
|   | For the quarterly period ended June                30, 2005                                                     |
|   |                                                                                                            |
| o      | Transition report under Section 13                or 15(d)                of the Exchange Act                   |
|   |                                                                                                            |
|   | For the transition period from _____________                to _____________                                    |

| Delaware                                                                                         | 20-2374143                                                             |
|--------------------------------------------------------------------------------------------------|------------------------------------------------------------------------|
| (State                  or other Jurisdiction of Incorporation                  or Organization) | (I.R.S.                  Employer Identification                  No.) |

| 23                  Karlibach St., Tel Aviv 67132, Israel |
|-----------------------------------------------------------|
| (Address                  of Principal Executive Office)  |

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|                                              |                                                                                                                                                                                               | Page   |
|---------------------------------------------------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|--------|
| Part                    I. Financial Information: |                                                                                                                                                                                               |
|                                              |                                                                                                                                                                                               |   |
|                                              | Item                    1 - Financial Statements (Unaudited):                                                                                                                                      |   |
|                                              |                                                                                                                                                                                               |   |
|                                              | Condensed                    Balance Sheet as of June 30, 2005                                                                                                                                     | 3      |
|                                              |                                                                                                                                                                                               |   |
|                                              | Condensed                    Statements of Operations for the Three Months Ended June 30,                    2005 and the                    Period February 22, 2005 (inception) to June 30, 2005 | 4      |
|                                              |                                                                                                                                                                                               |   |
|                                              | Condensed                    Statements of Stockholders’ Equity for the Period February 22, 2005                    (inception) to June 30, 2005                                             | 5      |
|                                              |                                                                                                                                                                                               |   |
|                                              | Condensed                    Statements of Cash Flows for the Three Months Ended June 30,                    2005 and the                    Period February 22, 2005 (inception) to June 30, 2005 | 6      |
|                                              |                                                                                                                                                                                               |   |
|                                              | Notes                    to Unaudited** **Condensed                    Financial Statements                                                                                              | 7      |
|                                              |                                                                                                                                                                                               |   |
|                                              | Item                    2 - Management’s Discussion and Analysis or Plan of                    Operation                                                                                     | 10     |
|                                              |                                                                                                                                                                                               |   |
|                                              | Item                    3 - Controls and Procedures                                                                                                                                                | 11     |
|                                              |                                                                                                                                                                                               |   |
| Part                    II. Other Information     |                                                                                                                                                                                               |
|                                              |                                                                                                                                                                                               |   |
|                                              | Item                    2 - Unregistered Sales of Equity Securities and Use of                    Proceeds                                                                                         | 12     |
|                                              |                                                                                                                                                                                               |   |
|                                              | Item                    6 - Exhibits                                                                                                                                                               | 12     |
|                                              |                                                                                                                                                                                               |   |
|                                              | Signatures                                                                                                                                                                                         | 13     |

----

**Israel        Technology Acquisition Corp.**

**(a        development stage enterprise) **

**Condensed        Balance Sheet**

**As        of June 30, 2005**

|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            |   | **June                    30,****2005**(unaudited) |        |
|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|--------|----------------------------------------------------|-------------|
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            |   |
| **ASSETS**                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      |   |                                               |        |
| **Current                  assets — Cash**                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                |   | **$**                                              | **1,572**   |   |
| **Deferred                  offering costs**                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    |   | **$**                                              | **130,130** |   |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            |   |                                               |        |   |
| **Total                  assets**                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               |   | **$**                                              | **131,702** |   |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            |
| **LIABILITIES                  AND STOCKHOLDERS’ EQUITY**                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 |   |                                               |        |   |
| **Current                  liabilities**                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        |   |                                               |        |   |
| Accrued                  expenses                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               |   | **$**                                              | **26,302**  |   |
| Notes                  payable, stockholders                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    |   | **$**                                              | **83,000**  |   |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            |
| **Total                  Current liabilities**                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  |   | **$**                                              | **109,302** |   |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            |
| **Commitment**                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  |   |                                               |        |   |
| **Stockholders’                  equity**                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 |   |                                               |        |   |
|       Preferred                  stock, $.0001 par value            Authorized                  1,000,000 shares; none issued      Common                  stock, $.0001 par value            Authorized                  30,000,000 shares            Issued                  and outstanding 1,500,000 shares |   | **$**                                              | **150**     |   |
|       Additional                  paid-in capital                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 |   | **$**                                              | **24,850**  |   |
|       Deficit                  accumulated during the development stage                                                                                                                                                                                                                                                                                                                                                                                                                                                           |   | **$**                                              | (2,600      | ) |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            |
| **Total                  stockholders’ equity**                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           |   | **$**                                              | **22,400**  |   |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            |
| **Total                  liabilities and stockholders’ equity**                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           |   | **$**                                              | **131,702** |   |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            |   |                                               |        |   |

*The        accompanying Notes are an integral part of these Condensed Financial        Statements.*

----

**Israel        Technology Acquisition Corp.**

**(a        development stage enterprise) **

**Condensed        Statements of Operations **

**(unaudited)**

**For        the Three Months Ended June 30, 2005 and the**

**Period        February 22, 2005 (inception) to June 30, 2005**

|                                                  |   | **For                      the three months****Ended June 30,                    2005** |          | **For                        the period****February 22,                      2005****(inception)                    to****June 30,                  2005** |   |
|-------------------------------------------------------|--------|-----------------------------------------------------------------------------------------|---------------|------------------------------------------------------------------------------------------------------------------------------------------------------------|--------|
|                                                  |   |
| Formation                  and operating costs        |   | **$**                                                                                   | **1,500**     |                                                                                                                                                       | **$**  | **2,600** |   |
|                                                  |
| Net                  loss                             |   | **$**                                                                                   | **1,500**     |                                                                                                                                                       | **$**  | **2,600** |   |
|                                                  |
| Weighted                  average shares outstanding  |   |                                                                                    | **1,500,000** |                                                                                                                                                       |   | **1,500,000** |   |
|                                                  |
| Basic                  and diluted net loss per share |   | **$**                                                                                   | **(0.00**     | **)**                                                                                                                                                      | **$**  | **(0.00** | **)** |

*The        accompanying Notes are an integral part of these Condensed Financial        Statements.*

----

**Israel        Technology Acquisition Corp. **

**(a        development stage enterprise) **

**Statement        of Changes in Stockholders’ Equity**

**(unaudited)**

**For        the period February 22, 2005 (inception) to June 30, 2005**

|                                                                         |   | **Common                  Stock** |          | **Additional****paid-in** |   |                  **Deficit****Accumulated****During                  the****Development** |   | **Stockholders’** |        |
|------------------------------------------------------------------------------|--------|-----------------------------------|---------------|---------------------------|--------|------------------------------------------------------------------------------------------------|--------|-------------------------|-------------|
|                                                                         |   | **Shares****(1)**                 |          | **Amount**                |   | **capital**                                                                                    |   | **Stage**               |        | **Equity** |   |
|                                                                         |   |
| Common                  shares issued February 22, 2005 at $0.0167 per share |   |                              | **1,500,000** |                      | **$**  | **150**                                                                                        |   | **$**                   | **24,850**  |   | **$** | **—** |   | **$** | **25,000** |   |
| Net                  Loss                                                    |   |                              | **—**   |                      |   | **—**                                                                                    |   |                    | **—** |   | **$** | **(1,100** | **)** | **$** | **(1,100** | **)** |
|                                                                         |
| Balance                  at March 31, 2005                                   |   |                              | **1,500,000** |                      | **$**  | **150**                                                                                        |   | **$**                   | **24,850**  |   | **$** | **(1,100** | **)** | **$** | **23,900** |   |
|                                                                         |
| Net                  loss                                                    |   |                              | —       |                      |   | —                                                                                        |   |                    | —     |   | **$** | **(1,500** | **)** | **$** | **(1,500** | **)** |
| Balance                  at June 30, 2005                                    |   |                              | **1,500,000** |                      | **$**  | **150**                                                                                        |   | **$**                   | **24,850**  |   | **$** | **(2,600** | **)** | **$** | **22,400** |   |

| (1) | Share                  amounts have been restated to reflect a stock dividend of one share                  of                  common stock for each outstanding share of common stock affected                  on April                  14, 2005. |
|-----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

*The        accompanying Notes are an integral part of these Condensed Financial        Statements.*

----

**Israel        Technology Acquisition Corp. **

**(a        development stage enterprise) **

**Condensed        Statements of Cash Flows**

**(unaudited)**

**For        the Three Months Ended June 30, 2005 and the**

**Period        February 22, 2005 (inception) to June 30, 2005**

|                                                                                              |   | **For                      the three****Months                    ended****June 30,                  2005** |         | **For                      the period****February 22,                    2005****(inception)                  to****June                    30, 2005** |   |
|---------------------------------------------------------------------------------------------------|--------|-------------------------------------------------------------------------------------------------------------|--------------|--------------------------------------------------------------------------------------------------------------------------------------------------------|--------|
|                                                                                              |   |                                                                                                        |         |                                                                                                                                                   |   |
| **Cash                  flow from operating activities**                                          |   |                                                                                                        |         |                                                                                                                                                   |   |
|       Net                  loss                                     |   | **$**                                                                                                       | **(1,500**   | **)**                                                                                                                                                  | **$**  | **(2,600** | **)** |
|       Changes                  in operating assets and liabilities: |   |                                                                                                        |         |                                                                                                                                                   |   |   |   |
|        Increase                  in accrued expenses           |   | **$**                                                                                                       | **25,502**   |                                                                                                                                                   | **$**  | **26,302** |   |
|                                                                                              |
| **Net                  cash provided by operating activities**                                    |   | **$**                                                                                                       | **23,702**   |                                                                                                                                                   | **$**  | **23,702** |   |
|                                                                                              |
| **Cash                  flows from financing activities**                                         |   |                                                                                                        |         |                                                                                                                                                   |   |   |   |
|       Proceeds                  from notes payable, stockholders    |   | **$**                                                                                                       | **13,000**   |                                                                                                                                                   | **$**  | **83,000** |   |
|       Proceeds                  from sale of shares of common stock |   |                                                                                                        | **—**  |                                                                                                                                                   | **$**  | **25,000** |   |
|       Payment                  of deferred offering costs           |   | **$**                                                                                                       | **(105,130** | **)**                                                                                                                                                  | **$**  | **(130,130** | **)** |
|                                                                                              |
| **Net                  cash used in financing activities**                                        |   | **$**                                                                                                       | **(92,130**  | **)**                                                                                                                                                  | **$**  | **(22,130** | **)** |
|                                                                                              |
| **Net                  (decrease) increase in cash**                                              |   | **$**                                                                                                       | **(68,428**  | **)**                                                                                                                                                  | **$**  | **1,572** |   |
|                                                                                              |   |                                                                                                        |         |                                                                                                                                                   |   |   |   |
| **Cash                  - beginning of period**                                                   |   | **$**                                                                                                       | **70,000**   |                                                                                                                                                   | **$**  | **—** |   |
|                                                                                              |   |                                                                                                        |         |                                                                                                                                                   |   |   |   |
| **Cash                  - end of period**                                                         |   | **$**                                                                                                       | **1,572**    |                                                                                                                                                   | **$**  | **1,572** |   |

*The        accompanying Notes are an integral part of these Condensed Financial        Statements.*

----

**ISRAEL        TECHNOLOGY ACQUISITION CORP.**

**NOTES        TO UNAUDITED CONDENSED FINANCIAL STATEMENTS**

**FOR        THE THREE MONTHS ENDED JUNE 30, 2005 AND THE PERIOD**

**FEBRUARY        22, 2005 (INCEPTION) TO JUNE 30, 2005**

| **1.  ** | **INTERIM                  FINANCIAL INFORMATION** |
|--------------------|----------------------------------------------------|

| **2.  ** | **ORGANIZATION                  AND BUSINESS OPERATIONS** |
|--------------------|-----------------------------------------------------------|

----

| **3.  ** | **NOTES                  PAYABLE, STOCKHOLDERS** |
|--------------------|--------------------------------------------------|

| **4.  ** | **COMMITMENTS** |
|--------------------|-----------------|

----

| **5.  ** | **COMMON                  STOCK** |
|--------------------|-----------------------------------|

| **6.  ** | **INITIAL                  PUBLIC OFFERING** |
|--------------------|----------------------------------------------|

----

**ITEM        2 - MANAGEMENT'S DISCUSSION AND ANALYSIS OR PLAN OF        OPERATION**

**Forward        Looking Statements**

**Overview**

**Results        of Operations**

**Financial        Condition and Liquidity**

----

**ITEM        3. CONTROLS AND PROCEDURES.**

** **

----

**PART        II. **

**OTHER        INFORMATION**

**ITEM        2: UNREGISTERED SALES OF EQUITY SECURITIES AND USE OF        PROCEEDS**

**ITEM        6: EXHIBITS**

|   | (a)  | Exhibits:                                                                                                                                                                                                                        |
|--------|-----------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|   |      |                                                                                                                                                                                                                             |
|   |      | 31.1                  - Section 302 Certification by CEO31.2                  - Section 302 Certification by CFO32.1                  - Section 906 Certification by CEO32.2                  - Section 906 Certification by CFO |

----

**SIGNATURES**

|                                    |                                                                                                               |                                   |
|-----------------------------------------|--------------------------------------------------------------------------------------------------------------------|----------------------------------------|
|                                    | **ISRAEL                TECHNOLOGY **ACQUISITION                CORP.****                                          |
|                               |                                                                                                          |                              |
| Dated:                  August 25, 2005 | By:                                                                                                      | /s/ Israel                Frieder |
|                                    | Israel                  FriederChairman                  of the Board and Chief Executive                  Officer |

|   |                                                                |                               |
|--------|---------------------------------------------------------------------|------------------------------------|
|   |                                                                |
|   | By:                                                       | /s/ Glen                Shear |
|   | Glen                  ShearChief                  Financial Officer |

----