'Yellow' Convenience Stores to Distribute and Add Loading Infrastructure for EasyPark
03 October 2006 - 7:00PM
PR Newswire (US)
Increase in Devices Sold Expected to Increase EasyPark Volume 20%
FORT LEE, N.J., Oct. 3 /PRNewswire-FirstCall/ -- On Track
Innovations Ltd, (OTI) (NASDAQ:OTIV), a global leader in
contactless microprocessor-based smart card solutions, for homeland
security, payments, petroleum payments and other applications,
today announced that Yellow Convenience stores, managed by Paz,
Israel's leading energy company, will distribute EasyPark devices
and integrate contactless readers into its point-of-sale terminals
to enable loading of EasyPark devices. With about 250 stations
nationwide Yellow will more than double the number of loading
stations for EasyPark across the country. Yellow now sells EasyPark
devices as well as enables adding value to EasyPark devices. Today
EasyPark total volume is approximately one million USD per month.
The addition of the readers to Yellow stores is expected to
increase EasyPark volume by about 20%. OTI revenues from EasyPark
include both product sales as well as seven percent volume
transaction fees. For Yellow, adding a contactless reader to a
point-of-sale terminal is easy and cost-effective, allowing Yellow
to offer more services to its clients and to increase traffic at
the store. Ben Muskal, General Manager of Yellow said: "With
EasyPark, we at Yellow expect to increase the number of repeat
customers at our locations. With more than 250 Yellow convenience
stores across the country, EasyPark users can take advantage of the
convenience of purchasing or loading funds to their device, while
having the opportunity to grab a cup of coffee and sandwich." Oded
Bashan, President and CEO of OTI, commented, "Providing EasyPark
users convenient ways to purchase and load funds to their devices
is a constant goal of ours. These improvements to the service
together with the expansion of the network allow OTI to get to more
potential customers." EasyPark Quick Facts: * EasyPark is accepted
in 30 cities around Israel * About 350,000 EasyPark devices have
been distributed across the country to date * About 10,000 EasyPark
devices are sold monthly * OTI has begun marketing efforts for
EasyPark internationally How Does EasyPark Work? The EasyPark
subscriber simply parks his/her car, turns on the contactless
in-vehicle parking meter device displayed in the car window; and
when he/she returns, turns the device off. This eliminates the need
for parking meters, and creates a uniquely convenient user
experience. The EasyPark system can be used for both on-street
parking payments and for parking lots, where the device is
presented at the gate when entering or exiting the lot. 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,
loyalty programs and secure campuses. 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 http://www.otiglobal.com/. Safe Harbor for
Forward-Looking Statements: This press release contains
forward-looking statements within the meaning 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. Forward-looking
statements could be impacted by the failure of Yellow to add
EasyPark as anticipated, the failure of OTI to increase revenues as
anticipated from the addition by Yellow of EasyPark, 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,
2005, 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. 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. This press release and other releases
are available on http://www.otiglobal.com/ OTI Contact: Media
Relations Galit Mendelson Adam Handelsman Director of Corporate
Communications 5W Public Relations 201 944 5200 ext. 111 212 999
5585 DATASOURCE: On Track Innovations Ltd CONTACT: Galit Mendelson,
Director of Corporate Communications of OTI, +1-201 944 5200 ext.
111, ; or Adam Handelsman of 5W Public Relations, +1-212-999-5585,
Web site: http://www.otiglobal.com/
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