- Report of Foreign Issuer (6-K)
October 14 2009 - 1:49PM
Edgar (US Regulatory)
SECURITIES AND
EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 6-K
REPORT OF FOREIGN PRIVATE ISSUER PURSUANT TO RULE 13a-16 OR 15d-16
UNDER THE SECURITIES EXCHANGE ACT OF 1934
For the month of
October, 2009
ON TRACK INNOVATIONS
LTD.
(Name of Registrant)
Z.H.R. Industrial Zone, P.O. Box 32, Rosh-Pina, Israel, 12000
(Address of Principal Executive Office)
Indicate by check mark whether the
registrant files or will file annual reports under cover of Form 20-F or Form 40-F.
Form 20-F
x
Form
40-F
o
Indicate by check mark if the
registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule
101(b)(1):
Yes
o
No
x
Indicate by check mark if the
registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule
101(b)(7):
Yes
o
No
x
Indicate by check mark whether by
furnishing the information contained in this Form, the registrant is also thereby
furnishing the information to the Commission pursuant to Rule 12g3-2(b) under the
Securities Exchange Act of 1934.
Yes
o
No
x
If Yes is marked,
indicate below the file number assigned to the registrant in connection with Rule
12g3-2(b):
ON TRACK INNOVATIONS
LTD.
6-K ITEM
SIGNATURES
Pursuant
to the requirements of the Securities Exchange Act of 1934, the registrant has duly
caused this report to be signed on its behalf by the undersigned, thereunto duly
authorized.
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ON TRACK INNOVATIONS LTD.
(Registrant)
By: /s/ Oded Bashan
Oded Bashan
Chief Executive Officer and Chairman
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Date: October 14, 2009
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Press Release
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Immediate Release
PARX, OTIs
Subsidiary, Introduces EasyPark
TM
to the
First Municipality in
France
Iselin, NJ October 14, 2009
On Track Innovations Ltd, (OTI) (NASDAQ-GM: OTIV), today announced that its
subsidiary, PARX Ltd., is expanding its parking solution to France, with the addition of
Reims, the 12
th
largest city in France with more than 185,000 residents, as the
first municipality to introduce EasyPark
TM
in
the country. PARX France will introduce the product under the brand name
Piaf 2
.
PARX France will manage the new
EasyPark
TM
project. EasyPark
TM
is OTIs patented in-vehicle electronic parking
meter. The EasyPark
TM
business model is one in
which revenues are generated from product sales, transaction fees and customer support.
Last year OTI acquired ID Parking, an electronic parking solution provider in
approximately 40 municipalities in France. The acquisition enables OTI to leverage the
platform to access the French electronic parking payment market and offer multiple
solutions for parking payment.
We are looking forward to the
implementation of EasyPark
TM
in the first
municipality in France. Our strategy of expanding
EasyPark
TM
globally through local channels has
been successful in Italy and Bermuda and we continue to work on additional locations
said Oded Bashan, OTIs Chairman and CEO. The fact that
EasyPark
TM
is an easy-to-use, cost effective
solution that requires minimum infrastructure investment makes it an attractive parking
payment tool for municipalities for on-street parking and parking lots worldwide.
Mr.
Bashan continued: The products business model that enables OTI to
generate revenues from transaction fees and maintenance and support on top of
the product sale coincides with OTIs strategy to increase its ongoing
recurring revenues.
Using
Piaf 2
the driver pays
only for the actual parked time. To activate
Piaf 2
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 2
can be used
for both on-street parking payments and for parking lots.
Piaf 2
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.
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 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 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 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 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 expected revenues to be generated from the introduction or
expansion of our parking solutions in France as well as other locations worldwide and the
potential market thereof and our strategy to increase our ongoing recurring revenues.
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,
2008, 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.
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OTI Contact:
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Investor Relations:
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Galit Mendelson
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Miri Segal
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Vice President of Corporate Relations
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MS-IR LLC
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201 944 5200 ext. 111
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917-607-8654
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galit@otiglobal.com
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msegal@ms-ir.com
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