It's very possible that it would have been released here on one of those 6-track budget cover EPs (probably on Avenue, Disc-a-Fran, or Flag). And yes, it does look like the Italian equivalent of one of these budget cover singles (a bit like the Embassy label of the late 50s / early 60s). Both sides would have been UK hits around the same month during 1971, and probably a few months later in Italy (though it looked like Italy didn't believe in using a naked nubile to promote the record).
I wonder if the tracks were UK-produced and recorded for such EPs, and then sent over to Italy for similar use? Embassy (which was part of Oriole) did a similar thing by sending their tracks to countries like France and Israel for release out threre. If that's the case, then the real identity of the artistes would be unknown (certainly not the Blue Sharks). These cover versions were always recorded by whoever was available as a session musician at the time - don't forget that even Elton John recorded a few tracks for some Avenue EPs.