Alien8's post is the correct info. This is a threadless BB. It doesn't require threads in the BB shell - the 'cups' screw on to the BB body so that you can fit it even if the threads in the frame are useless. There's normally a small taper where they butt up against the frame to ensure a tight fit so filing a small corresponding taper on the frame is a good idea. You don't need to get the frame reamed. It's also possible that if the thread aren't too bad that a BB threading tool will cut enough new thread for a normal BB to work - a good LBS can check this for you.
There are 2 standards for tapers on square taper BB's - ISO (Campag, Miche and some Stronglight) and JIS (far more common). They are slightly different and using one that doesn't match your cranks may cause a problem. A bracket width of 70mm suggests that it's intended for Italian BB shells (i.e. not 68mm which is the BSA standard). It's more likely (but by no means probable) that if it's intended for an Italian BB shell then it's ISO tapers. You need to check the Chainset you intend to use it with and with SJS to find out if it matches.