EasyPark Gains Momentum in France With 13 Municipalities Signed
April 04 2011 - 8:00AM
- Combined Population of Over 850,000
- EasyPark Seen as a Growth Engine for OTI Over the Next
3-5 Years, Meaningful Revenues From France Expected to Start in the
Second Half of 2011
ISELIN, N.J., April 4, 2011 (GLOBE NEWSWIRE) --
On Track Innovations Ltd. (OTI) (Nasdaq:OTIV) today announced that
EasyPark adoption in France is gaining positive momentum with 13
signed municipalities by the End of Q1, for a combined population
of over 850,000 people. The project is expected to start generating
meaningful revenues starting the second half of the year, which is
earlier than originally anticipated. France represents one of the
largest markets for parking payment in Europe with about 460
million Euros in annual turnaround and 3 million parking
spaces.
EasyPark TM is OTI's patented in-vehicle
electronic parking meter. It represents a win-win-win solution,
providing municipalities a user friendly, cost-effective, easy to
implement solution to generate additional income from parking
revenues. EasyPark provides consumers and city residents an easy to
operate, pay by the minute solution and the operator with a
business model where revenues are generated from product sales and
recurring fees.
PARX France, PARX's subsidiary, is responsible for the marketing
and implementation of EasyPark in France, where the EasyPark
product is sold under the brand name Piaf. The business model in
France is such that revenues are received each time an EasyPark
device is sold or loaded. Loading the EasyPark can be done via a
secured web site or at different retail locations.
Oded Bashan, Chairman & CEO of OTI said: "EasyParkTM 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 the driver pays only for the actual parked time. To
activate Piaf 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 can be used for both on-street parking
payments and for parking lots. Piaf 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
700,000 users around Israel. OTI and PARX have additional EasyPark
projects in Italy and Bermuda as well.
About OTI
Established in 1990, OTI (Nasdaq: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
information on our website is not incorporated into this press
release.
The On Track Innovations Ltd. logo is available at
http://www.globenewswire.com/newsroom/prs/?pkgid=5736
About PARX
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 .For example, we are
using forward looking statements when we say that the Project is
expected to start generating a meaningful revenues starting the
second half of the year. 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, 2010, 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.
CONTACT: OTI Contact:
Galit Mendelson
Vice President of Corporate Relations
732 429 1900 ext. 111
galit@otiglobal.com
Investor Relations:
Miri Segal
MS-IR LLC
917-607-8654
msegal@ms-ir.com
Media Relations:
Christa Conte/Henry Feintuch
Feintuch Communications
212-808-4902/212-808-4901
oti@feintuchpr.com
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