OTI Awarded Mass Transit Ticketing Project To Supply Cards For Israel’s Mass Transit System
Fort Lee, NJ, June 6, 2006–On Track Innovations Ltd, (OTI) (NASDAQ: OTIV), a global leader in contactless microprocessor-based smart card solutions, for homeland security, payments, petroleum payments and other applications, today announced that OTI has been awarded a contract for supplying Calypso compliant contactless smart cards for payment in public transportation in Israel. The contract was awarded by the Ministry of Transportation of the State of Israel and managed by Adalya Economic Consulting Ltd., a private economic consulting firm.
Israel’s Ministry of Transportation is launching a new card that allows travelers to use one card for payment on multiple public transportation operators–buses, train and light rail. Calypso is an electronic ticketing standard for the mass transit marketing. It enables to support multiple applications on one card. The mass transit ticketing solution is one of OTI’s payment products where OTI provides solutions for both cards and readers.
Oded Bashan, Chairman, President & CEO of OTI commented: “Opportunities in the contactless payments market are growing rapidly. We are looking forward to providing with the Ministry of Transportation an optimal solution to improve the consumers’ payment experience in mass transit.”
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. The company was awarded the Frost & Sullivan 2005 Company of the Year Award in the field of smart cards. For more information on OTI, visit http://www.otiglobal.com.