SOURCE: On Track Innovations Ltd.

On Track Innovations Ltd.

March 02, 2015 08:31 ET

oti Receives Five-Year Contract Extension for EasyPark in Israel

ROSH PINA, ISRAEL--(Marketwired - Mar 2, 2015) - On Track Innovations Ltd. (oti) (NASDAQ: OTIV), a global provider of near field communication (NFC) and cashless payment solutions, has received a five-year contract extension from the Local Government Economic Services of the Local Authority Ltd. for oti's EasyPark parking management system.

EasyPark includes a credit card-sized electronic device that can be preloaded with parking fees and function as an in-vehicle parking meter. Featuring a LCD screen and four functional buttons, the EasyPark device is designed to be intuitive and easy-to-use for the driver, while reducing capital and operating costs for the service provider.

Launched in 2000, oti's patented in-vehicle parking meter has revolutionized Israel's on-street parking management and fee collection system. Since 2000, oti's subsidiary, EasyPark Limited, has sold more than 850,000 EasyPark devices and collected more than $165 million of parking fees for Israeli municipalities. The five-year contract extension will bring the total service time of the EasyPark system in Israel to 20 years.

"The contract extension reflects the effectiveness of EasyPark, the quality of the service we provide our customers, as well as the convenience it affords drivers," said Ofer Tziperman, CEO of oti. "In fact, about one of every four paid parking sessions in Israel is paid for using the EasyPark device."

oti has also continued to innovate with EasyPark. Over the last few years, it has added functionality and options to the device, including the ability to reload funds online via USB and extended battery life. EasyPark now serves more than 170 cities in 13 countries around the world, including France, Italy, Norway, Bermuda, United States, and New Zealand.

EasyPark is sold and managed by oti's subsidiary, PARX Ltd. For more information, visit www.parxglobal.com.

About oti
On Track Innovations Ltd. (oti) is a leader in contactless and NFC applications based on its extensive patent and IP portfolio. oti's field-proven innovations have been deployed around the world to address NFC and other cashless payment solutions, petroleum payment and management, cashless parking fee collection systems and mass transit ticketing. oti markets and supports its solutions through a global network of regional offices and alliances. PARX Ltd., a subsidiary of oti, develops markets, operates and distributes advanced cashless parking solutions, including the EasyPark™ system. For more information, visit www.otiglobal.com.

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. Forward-looking statements could be impacted by the effects of the protracted evaluation and validation periods in the U.S. and other markets for contactless payment cards, or new and existing products and our ability to execute production on orders, as well as other risks and uncertainties, including those discussed in the "Risk Factors" section and elsewhere in our Annual Report on Form 10-K for the year ended December 31, 2013, and in subsequent filings with the Securities and Exchange Commission. Although we believe that the expectations reflected in such forward-looking statements are based on reasonable assumptions, we can give no assurance that our 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. The content of the web site links in the PR do not form part of it.

Contact Information

  • oti Investor Contact:
    Scott Liolios or Matt Glover
    Liolios Group, Inc.
    949-574-3860
    Email Contact

    oti Press Contact:
    Inbar Ben-Hur
    oti Marketing Communication Manager
    Email Contact