PARX, OTI'S SUBSIDIARY, EXPANDS EASYPARK(TM) TO MONTPELLIER, THE 8TH LARGEST CITY IN FRANCE
Iselin, NJ –December 8, 2009 - On Track Innovations Ltd, (OTI) (NASDAQ-GM: OTIV), today announced that its subsidiary, PARX Ltd., is expanding its parking solution to Montpellier, the 8th largest city in France with more than 500,000 residents in the city's metropolitan area. Montpellier is the second city in France adopting the parking solution just two months after the announcement on Reims being the first city to adopt EasyPark™ in France. PARX France is PARX's subsidiary and is acting as the local operator in France. PARX France is planning to expand the program to more cities next year. The EasyPark product is sold in France under the brand name Piaf 2.
EasyPark™ is OTI’s patented in-vehicle electronic parking meter. The EasyPark™ business model is one in which revenues are generated from product sales and recurring transaction fees revenues.
Oded Bashan, Chairman & CEO of OTI said: “EasyPark™ is an easy-to-use, cost effective solution that requires minimum infrastructure investment, which makes it an attractive parking payment tool for municipalities for on-street parking and parking lots worldwide”. Using Piaf 2 the driver pays only for the actual parked time. To activate Piaf 2 the driver turns on the contactless unit and places it in the car window. Upon returning, the driver turns the device off. This creates a uniquely convenient user experience by eliminating the need for cash, change, and saving the time looking for parking meters. Piaf 2 can be used for both on-street parking payments and for parking lots. Piaf 2 provides detailed reports to the municipality in order to better manage and monitor parking patterns across town. The parking system is able to support multiple rates, cities, tariffs in a modular, scalable and easy to implement way.
EasyPark system is the largest field tested in-vehicle parking meter implementation of its kind with more than 30 cities and 600,000 users around Israel. Late last year OTI and PARX have announced the introduction of EasyPark in Italy and Bermuda as well.
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 marketing, operating and distributing advanced parking solutions, including the EasyPark TM product, in international markets. Safe Harbor for Forward-Looking Statements:
This press release contains 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 “will”, "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 statements regarding the plan to expand the program to more cities next year or the expected revenues to be generated from the introduction or expansion of our parking solutions in France as well as other locations worldwide and 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, 2008, 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.