The City of Austin Selects OTI's EasyPark(TM) System to Offer Flexible and Convenient Parking Access for Drivers
10 April 2012 - 1:30AM
On Track Innovations Ltd. ("OTI") (Nasdaq:OTIV) announced today
that the City of Austin had announced that OTI America Inc., a
wholly owned subsidiary of OTI, was selected for the deployment of
EasyPark™ electronic parking management and payment system.
EasyPark will simplify the process of paying for parking in the
City of Austin.
Austin, the capital of Texas and the 14th most populous city in
the U.S. with a population of 790,000, is the first major U.S. city
to adopt the EasyPark system. EasyPark is currently used in 125
municipalities around the world, including Tel Aviv and Jerusalem
in Israel, Lille and Lyon in France, Turin in Italy and Bermuda,
with total device sales of over a million units. In February 2012,
the EasyPark system was introduced to the U.S. with the first
implementation in the University of California Davis campus.
EasyPark is a unique parking management system that offers a
'one-stop-shop' solution for a city's information and payment
needs. The EasyPark system can be launched with minimal investment
in infrastructure, ongoing maintenance or overhead costs that are
required by other parking payment systems.
Last week the newly designed EasyPark™ parking information and
payment system was launched. The new system, based on OTI's
extensive patent and IP portfolio, is designed to provide
municipalities with a 'one-stop-shop' for all their information and
payment needs revolving around parking payment. The system was
designed and built taking into consideration the budget constraints
of municipalities, allowing for cost effective modular
implementation. At the center of the system is the EasyPark
in-vehicle device providing the most cost effective and secured
payment for parking solution to date. By communicating with
supporting information systems to provide real-time data for the
driver and authorities, EasyPark eliminates the hassle for a driver
to find a working meter, look for coins and then return to their
vehicle with a receipt to place on their dashboard. EasyPark
enables drivers to simply park and go.
"We are excited to bring the EasyPark system to a major U.S.
metropolitan area and expand upon existing programs," said Oded
Bashan, OTI's Chairman and CEO. "Our parking management solution is
already being used by multiple municipalities, with more than 1
million of our EasyPark in-vehicle devices sold. At the core of its
success is both the ease in which the EasyPark device can be
introduced by a city and the speed that a driver can begin using
it."
Pre-registration for EasyPark devices in Austin is available at:
www.EasyParkUSA.com.
About On Track Innovations Ltd.
(www.otiglobal.com)
On Track Innovations Ltd. ("OTI") designs,
develops and markets ID-credentialing, payment and loyalty
applications based on its extensive patent and IP portfolio. OTI
combines standards-compliant and state-of-the-art, contactless
microprocessor-based technologies and enabling hardware with
proprietary software applications to deliver high performance,
end-to-end solutions that are secure, robust and scalable. OTI
solutions have been deployed around the world to address homeland
security, national ID, medical ID, contactless payment and NFC
solutions, loyalty applications, petroleum payment, parking and
mass transit ticketing. OTI markets and supports its solutions
through a global network of regional offices and alliances.
The On Track Innovations Ltd. logo is available at
http://www.globenewswire.com/newsroom/prs/?pkgid=5736
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 and/or
OTI America's current expectations and not on factual events, they
are subject to various risks and uncertainties and actual results,
performance or achievements of OTI and/or OTI America 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
related to the expected revenues to be generated from the
introduction of our current and new parking solutions in Austin,
Texas. 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 which are beyond the company's control and which are
further 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 and/or OTI America believe 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 and/or OTI America disclaim 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.
The content of websites or website links mentioned or provided
herein are not part of this press release.
CONTACT: OTI Contacts:
Galit Mendelson
VP, Corporate Relations
732 429 1900 ext. 111
galit@otiglobal.com
Jay M. Meier
SVP, Business Development & Investor Relations
OTI America, Inc.
732 429 1900 ext. 104
jaym@otiglobal.com
Investor Relations:
Todd Fromer / Garth Russell
KCSA Strategic Communications
212-896-1215 / 212-896-1250
tfromer@kcsa.com /grussell@kcsa.com
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