oti Lands Five-Year Arlington County Cashless Parking Contract
EasyPark from oti will help county better manage more than 5,000 parking spaces; allows drivers to skip meters and pay only for the time they are actually parked
Arlington, VA, Rosh Pina, Israel–June 5, 2014–On Track Innovations Ltd. (oti) (NASDAQ:OTIV), announced today it has signed a five-year contract to help manage more than 5,000 on-street parking spaces in Arlington County, Virginia. Arlington County was one of the first areas in the US to adopt cashless parking solutions. oti’s EasyPark in-vehicle parking device will replace the county’s existing iPark system.
“The Arlington County Treasurer’s office looks forward to working with oti to provide the motorists of Northern Virginia with a convenient, low-cost on-street parking solution that will meet their needs now and in the future,” said Arlington County Treasurer Frank O’Leary.
The agreement includes general and financial management services, parking fees collection, and customer support services.
“It’s an exciting time for oti as we begin working with Arlington County, augmenting our strong presence abroad with more and more customers in the US. It’s all part of our continuing strategy of entering long-term public/private partnership contracts for municipal parking management,” said Ofer Tziperman, CEO of oti.
Arlington County will begin deploying EasyPark devices early next month. Using EasyPark is simple: The user loads the device with funds through a bank account, and then activates the device and hangs it inside the vehicle while parked. Payment is automatic, and the user is charged only for the actual time spent in the parking space. The system eliminates overpayments to meters, “meter feeding,” and drivers having to walk to a central ticket dispenser and payment device.
EasyPark is already deployed in a variety of other US cities, including Austin, Texas, Manchester, Portsmouth and Dover, New Hampshire, and is in several more pilots across the nation. Since its introduction globally 15 years ago, EasyPark has been deployed in more than 160 municipalities worldwide. oti has sold more than 1,000,000 in-vehicle parking meter devices worldwide since introducing EasyPark.
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 http://www.otiglobal.com.
Safe Harbor for 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 include statements on the successful implementation of our strategy of entering into long-term public/private partnership contracts for parking management, or the successful execution and implementation of the Arlington parking project. Forward-looking statements could be impacted by the effects of the protracted evaluation and validation periods in the U.S. and other markets for contactless payment cards, market acceptance of 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.
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