OTI Signs operations agreement with H.S. Participacoes Ltda., which is part of the Brazilian Reunidas Group, to introduce EasyPark(TM) in several states in Brazil
On Track Innovations Ltd. ("OTI") (Nasdaq:OTIV) today announced that its subsidiary, PARX Ltd. ("PARX"), has signed an operations agreement with H.S.
Participacoes Ltda., which is part of the Brazilian Reunidas Group, to introduce EasyPark(TM) to several states in Brazil. Initial orders for more than $500,000 have been received. The EasyPark(TM) solution offers a modular, quick and easy to implement parking solution with minimal investment. With EasyPark(TM) OTI generates revenues from both product sales and recurring fees.
PARX is responsible on behalf of OTI for marketing parking solutions in international markets, will manage the program, with H.S. Participacoes to be responsible for local marketing, sales and operations of the EasyPark(TM) system in the abovementioned Brazilian states.
Leveraging a decade of field proven implementations in various countries around the world, the implementation in Brazil aims to upgrade the exiting parking payment methods such as paper parking tickets and Pay and Display machines. Reunidas is a well-known Brazilian group with a vast experience in management of commercial fleets and working with local municipalities in Brazil.
PARX's local operator, H.S. Participacoes, expects initial implementation and system trial run phase to be followed by full scale deployment in the first half of 2012 in several major Brazilian cities across the northern part of the country addressing approximately 2.5 million drivers.
Commenting on the cooperation, Oded Bashan, OTI's Chairman and CEO, said, "The project in Brazil is another step in our efforts to launch PARX's parking solutions in various global markets. These are based on our patented technology, offering a cost effective, user friendly, easy to operate solution with a proven business case. The project in Brazil is another example of our strategy of focusing on projects that generate both product sales followed by recurring revenues via transaction, licensing or royalty fees and service charges."
The EasyPark(TM) system offers a unique on-street and off-street parking management solution with minimum investment that does not require any expensive infrastructure or ongoing expensive maintenance.
EasyPark(TM) provides detailed reports to the municipality in order to better manage and monitor parking patterns across town. The parking system is able to support multiple rates, cities and tariffs in a modular, scalable and easy to implement way.
EasyPark(TM) creates a uniquely convenient user experience by eliminating the need for cash, change, and looking for parking meters.
To activate EasyPark(TM) the driver turns on the contactless unit and places it in the car window. Upon returning, the driver turns the device off. The driver can reload the device with additional parking funds either online or through public reloading stations. The system is environmentally friendly by eliminating the need for paper tickets.
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 and loyalty programs. OTI has a global network of regional offices to market and support its products.
For more information on OTI, visit www.otiglobal.com