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Press Release
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Immediate Release
PARX, a subsidiary of OTI, Signs an Agreement with Agility to Introduce
EasyPark in Bermuda
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Initial
Orders to be Delivered in Q3
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Fort Lee, NJ, Hamilton, Bermuda
May 12, 2009
On Track Innovations Ltd, (OTI) (NASDAQ-GM: OTIV), today
announced that its subsidiary, PARX Ltd., has signed an agreement with Agility Ltd. for
Agility to become PARXs distributor in Bermuda for the EasyPark product, starting
with the city of Hamilton and the LWF Bermuda International Airport. Agility is
responsible for operating the program including marketing, sales, help desk, customer
support, installation and all local services in Bermuda. Under this agreement Agility will
also distribute the EasyPark product throughout the Caribbean.
Norris Ebbin, President of Agility,
said: We are excited about the prospect of introducing EasyPark in Bermuda. We
believe it will be accepted very well by customers as their preferred mean to pay for
parking not only because it is environmentally friendly, but more importantly because it
is easy, cost effective and convenient for end users. We intend to use EasyPark for both
on street and off street parking. We are excited to be using a cutting edge technology
with EasyParks contactless microprocessor-based capabilities.
Oded Bashan, OTIs Chairman and
CEO, said PARXs strategy is to build a solid network of distributors that can
introduce its wise parking solutions which include the EasyPark. EasyPark has been well
received in every place we have introduced it and we hope to see the same will happen in
Bermuda.
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 as well.
PARXs parking solutions include
EasyPark, a comprehensive easy-to-use electronic parking payment system that provides the
ultimate solution for drivers, operators and municipalities. It enables drivers to be
charged for the exact period of time parked, while simplifying the monitoring, collection
and revenue distribution of parking fees. EasyPark solution allows municipalities and
parking operators to reduce the cost of parking operation, improve the service to its
customers, encourage on street parking, and create new opportunities to increase revenue.
About OTI
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, 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
www.otiglobal.com
, the content of which is not part of this press release.
About PARX
PARX Ltd. is a subsidiary of On Track
Innovations Ltd. (OTI) responsible for production, marketing, operating and distributing
advanced parking solutions, including the EasyPark
TM
product, in international markets.
About Agility Ltd.
Agility Ltd, a Bermuda company,
provides innovative information systems software and hardware products and consulting
services, including digital compliance and electronic payments solutions, in Bermuda and
the Caribbean.
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 OTIs 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 related to the superiority of the EasyPark Solution, the potential market
thereof or the expected revenues to be generated from the introduction thereof in Bermuda
or elsewhere. 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 OTIs Annual Report on Form 20-F for the year ended
December 31, 2007, 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.
OTI Contact:
Galit Mendelson
Vice President of
Corporate Relations
201 944 5200 ext. 111
galit@otiglobal.com
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