Initial Orders to be Delivered in Q3
FORT LEE, N.J. and HAMILTON, Bermuda, May 12, 2009 (GLOBE NEWSWIRE) -- On Track Innovations Ltd, (OTI) (Nasdaq:OTIV), today announced that its subsidiary, PARX Ltd., has signed an agreement with Agility Ltd. for Agility to become PARX's 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 EasyPark's contactless microprocessor-based capabilities."
Oded Bashan, OTI's Chairman and CEO, said "PARX's 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.
PARX's 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: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.
