ROSH PINA, ISRAEL--(Marketwired - Nov 7, 2014) - PARX Ltd., a subsidiary of On Track Innovations Ltd. (NASDAQ: OTIV), a global provider of near field communication (NFC) and cashless payment solutions, has secured a contract to supply its EasyPark parking management system to a major African capital.
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.
The first phase of the program is valued at $440,000, and includes the supply of equipment and services. The implementation is expected to be completed by the end of Q1 2015. PARX expects more than 300,000 drivers in the African capital will use the EasyPark System and EasyPark personal parking meter in 2015.
"This new contract is in line with our growth strategy of entering long-term contracts for the supply of municipal parking management equipment and services," said Ofer Tziperman, CEO of PARX and oti. "Our patented parking technology allows us to provide municipalities a compelling value proposition in markets that are exhibiting strong growth."
"We have especially high expectations for the African market, which represents a significant untapped market opportunity," added Tziperman. "EasyPark offers a unique combination of a payment system and parking enforcement system, which allows us to provide the best service to both municipalities and drivers in the emerging African market."
First launched in Israel in 2000, EasyPark has since revolutionized the country's on-street parking management and fee collection system. PARX has sold more than 850,000 EasyPark devices in Israel and collected more than $173 million in parking fees for Israeli municipalities. EasyPark now serves more than 166 cities in 13 countries around the world, including France, Italy, Norway, Bermuda, United States, and New Zealand. For more information, visit www.parxglobal.com.
About PARX Ltd.
PARX Ltd. is a subsidiary of oti that develops markets, operates and distributes advanced cashless parking solutions, including the EasyPark™ System.
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. 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 demand for EasyPark System specifically and markets for contactless payment cards generally, 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.