OTI EasyFuel™ enters Costa Rica–Expanding presence in Latin America
Fort Lee, New Jersey, February 21, 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, announced today that it has received initial orders in Costa Rica. “EasyFuel”. EasyFuel is wireless solution for petroleum payment management and loyalty programs for oil companies, commercial transport and transportation fleets, and private motorists. This follows EasyFuel expansion to Peru and other countries in the region.
CROZET S.A., a Costa Rican company will distribute EasyFuel throughout the country. CROZET S.A. targets gas stations for fleets, as well as the retail gas station market.
Daniel Bronstein, President of CROZET S.A., commented, “This is a unique opportunity and we are excited to work with OTI on EasyFuel. With its proven track record of projects around the world and ease of use we feel that EasyFuel has great potential in Costa Rica. Let’s not forget that together we’ll be able to help developing countries in the effort of allocating resources to improve quality of life for the general population”
Oded Bashan, President and CEO of OTI, commented, “The agreement with CROZET S.A. in Costa Rica represents another important step for our continued expansion. Globally, this builds on our well established implementations in the different petroleum markets.”
EasyFuel wireless solution is an easy, quick and cost-effective installations, minimum maintenance and fast turn around at the pump. The EasyFuel system has built-in benefits for oil companies, commercial fleet operators, financial institutions, and private motorists. The oil companies build loyalty with fleet companies via long-term contracts, as well as with private motorists. The OTI solutions are easily integrated into existing hardware and software systems. The system allows for 24-hour non-attendant sales, as well as greater in-store purchases. Fleet companies eliminate non-authorized fueling and receive comprehensive billing and detailed operating information. The financial institutions benefit from new transaction fees and greater cash flows. Retail customers receive 24-hour, fast, cashless service and loyalty program rewards.
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.
About CROZET S.A.
Established in 2003, CROZET S.A. consults and markets solutions for healthcare, water consumption industries and more. For more information on CROZET S.A. visit http://www.efcontrol.net.