oti Receives Five-Year Contract Extension for EasyPark in Israel

On Track Innovations Ltd. (oti)

, a global provider of near field communication (NFC) and cashless payment solutions, has received a five-year contract extension from the Local Government Economic Services of the Local Authority Ltd. for oti's EasyPark parking management system. EasyPark includes a credit card-sized electronic device that can be preloaded with parking fees and function as an in-vehicle parking meter. Featuring a LCD screen and four functional buttons, the EasyPark device is designed to be intuitive and easy-to-use for the driver, while reducing capital and operating costs for the service provider. Launched in 2000, oti's patented in-vehicle parking meter has revolutionized Israel's on-street parking management and fee collection system. Since 2000, oti's subsidiary, EasyPark Limited, has sold more than 850,000 EasyPark devices and collected more than $165 million of parking fees for Israeli municipalities. The five-year contract extension will bring the total service time of the EasyPark system in Israel to 20 years. "The contract extension reflects the effectiveness of EasyPark, the quality of the service we provide our customers, as well as the convenience it affords drivers," said Ofer Tziperman, CEO of oti. "In fact, about one of every four paid parking sessions in Israel is paid for using the EasyPark device." oti has also continued to innovate with EasyPark. Over the last few years, it has added functionality and options to the device, including the ability to reload funds online via USB and extended battery life. EasyPark now serves more than 170 cities in 13 countries around the world, including France, Italy, Norway, Bermuda, United States, and New Zealand. EasyPark is sold and managed by oti's subsidiary, PARX Ltd. For more information, visit www.parxglobal.com.