AGILITY RECEIVES PRESTIGIOUS “2010 LOCAL TECHNOLOGY INNOVATION OF THE YEAR” AWARD FOR THE IMPLEMENTATION OF EASYPARK IN BERMUDA
Iselin, NJ, Hamilton, Bermuda – May 25, 2010 - On Track Innovations Ltd (OTI) (NASDAQ GM: OTIV), a global leader in contactless microprocessor-based smart card solutions for homeland security, payments, petroleum payments and other applications, today announced that Agility Ltd, the distributor of OTI's EasyPark product in Bermuda, won the Bermuda Government’s Ministry of Telecommunications & E-Commerce’s most prestigious ‘Innovation of the Year’ award for the EasyPark electronic parking solution based on the EasyPark system provided by OTI's subsidiary PARX.
The local awards, which are designed to showcase the best of local technology in Bermuda, included 153 nominee organizations across the world-class, offshore financial centre’s private, public and non-profit sectors that are “creatively using technology as a tool to innovate in their designated industry” were chosen under 14 categories including: Best Interactive Experience, Best Business Solution Using Technology, Best Customer Service from a Technology Company, Best Use of Green Tech, Best Local Website, Best Local E-Commerce Web Site, Best Local Mobile Application, Best Use of Social Networking Tools; and the top category, Innovation of the Year.
Bermuda’s Telecommunications and E-Commerce Minister, the Hon. Michael Scott, and special guest Christyl C. Johnson, a NASA official and Executive Director of the National Science and Technology Council of the United States White House, presented the crystal trophy award for Innovation of the Year to EasyPark’s Director, Norris Ebbin at the TechAwards luncheon.
Based on criteria including a truly innovative technology solution that is commercially in use in Bermuda and utilizing Bermuda-based infrastructure and/or resources, the winning company’s innovation had to be a true “showcase” piece for the Island, according to the panel of judges representing both Bermuda’s private and Government sectors.
EasyPark’s innovation involved the implementation of a unique parking solution in the form of an “in-vehicle” electronic parking meter; which, consequently, eliminates the need for building and maintaining an aesthetically unpleasing and costly parking infrastructure of outdoor parking meters. The parking solution is based on repurposed smart-card technology that is currently used by the credit card industry and, as a result, the “in-vehicle” parking meters are rechargeable in support of a greener environment.
In addition to lowering infrastructure costs for parking authorities, EasyPark’s solution results in lower user fraud, losses as a result of sabotage, and as a prepaid offering, significantly improves cash flow. The solution can be used for both on and off street parking. There are also numerous benefits for consumers using EasyPark. As local business journalist Roger Crombie, the master of ceremony at the Award’s luncheon, stated, “EasyPark truly saves [users] time, money and makes [their] life easier”.
“We are really proud of this achievement, which truly formally validates our service offering in the Bermuda market only eight months following our initial launch date in mid-September 2009; and particularly given that we were nominated for awards in multiple categories. The Innovation of the Year award represents how quickly EasyPark has become the parking solution of choice for Bermuda’s parking community. In our short period of operation we have been able to capture almost 30% of the local parking market”, said Norris Ebbin.
Oded Bashan Chief Executive Officer & Chairman of OTI said: “This award is a testimony to the great work Agility has put into introducing EasyPark in Bermuda and the superior technological solution offered by PARX. The combination of excellent product with a strong operator can bring great results anywhere in the world.”
Established in 1990, OTI (NASDAQ- GM: OTIV) designs, develops and markets secure contactless microprocessor-based smart card technology to address the needs of a wide variety of markets. Applications developed by OTI include product solutions for petroleum payment systems, homeland security solutions, electronic passports and IDs, payments, mass transit ticketing, parking and loyalty programs. OTI has a global network of regional offices to market and support its products. The company was awarded the Frost & Sullivan 2005 and 2006 Company of the Year Award in the field of smart cards.
For more information on OTI, visit www.otiglobal.com, the content of which is not part of this press release.
PARX Ltd. is a subsidiary of On Track Innovations Ltd. (OTI) responsible for production, marketing, operating and distributing advanced parking solutions, including the EasyPark TM product, in international markets.
About Agility Ltd.
Agility Ltd, a Bermuda company, provides innovative information systems software and hardware products and consulting services, including digital compliance and electronic payments solutions, in Bermuda and the Caribbean.
Safe Harbor for Forward-Looking Statements:
This press release may contain forward-looking statements within the meaning of the "safe harbor" provisions of the Private Securities Litigation Reform Act of 1995 and other Federal securities laws. Whenever we use words such as "believe," "expect," "anticipate," "intend," "plan," "estimate" or similar expressions, we are making forward-looking statements. Because such statements deal with future events and are based on OTI's current expectations, they are subject to various risks and uncertainties and actual results, performance or achievements of OTI could differ materially from those described in or implied by the statements in this press release. For example, forward-looking statements include statements regarding our goals, beliefs, future growth strategies, objectives, plans or current expectations, such as those regarding the superiority of the EasyPark solution of the potential market thereof. Forward-looking statements could be impacted by market acceptance of new and existing products and our ability to execute production on orders, as well as the other risk factors discussed in OTI's Annual Report on Form 20-F for the year ended December 31, 2009, which is on file with the Securities and Exchange Commission. Although OTI believes that the expectations reflected in such forward-looking statements are based on reasonable assumptions, it can give no assurance that its expectations will be achieved. Except as otherwise required by law, OTI disclaims any intention or obligation to update or revise any forward-looking statements, which speak only as of the date hereof, whether as a result of new information, future events or circumstances or otherwise.