Commerce

oti Opens Albanian Parking Market with PARX’s EasyPark System

Collaboration with TIS Ltd. Begins with 4,000 Managed Parking Spaces

Press Release: ROSH PINA, ISRAEL – May 29, 2014 – PARX Ltd., a subsidiary of On Track Innovations Ltd. (NASDAQ:OTIV), announced today it has signed a 20-year contract to help manage the parking operations for Elbasan, a city in central Albania. PARX will work with its Albanian partner, TIS Ltd., on the project, which is that nation’s first paid parking solution.

The agreement includes general and financial management services, parking fees collection, enforcement, an advanced permit system and customer support. At its inception, the contract includes approximately 4,000 managed parking spaces, a number that is expected to increase during the term of the project.

"Our work in Albania is part of our continuing strategy of entering long-term public/private partnership contracts for municipal parking management,” said Ofer Tziperman, CEO of both oti and PARX. “PARX’s unique parking technology, EasyPark™, allows us to provide municipalities with an unequal value proposition in a market which we expect to exhibit spectacular growth in the very near future.”

“We are excited about the Elabasan project and our collaboration with PARX,” said Bashkim Shall, general manager for TIS. “We plan to expand this operation to additional cities in Albania over the coming months and years.”

“We introduced EasyPark 15 years ago in Israel, and we’ve sold more than 850,000 in-vehicle parking meter devices to date. In Israel, EasyPark is implemented in more than 45 cities where it has help collect more than $150 million in parking fees.” Tziperman added.  We have high expectations from the Albanian market representing the significant potential of new and emerging greenfield markets.  The unique combination of our in-vehicle parking meter together with our new complementary EasyPark Mobile solution will allow us to provide the best service to both municipalities and drivers in Albania,” Tziperman added.

About PARX Ltd.

PARX Ltd. is a subsidiary of oti that develops markets, operates and distributes advanced cashless parking solutions, including the EasyPark™ system.

About TIS Ltd.

TIS Ltd., based in Tirana, serves the Albanian market with innovative solutions for home, business, and institutions. TIS has an exclusive partnership agreement with Panasonic for the region, providing  digital cameras, communications solutions, security systems, CCTVs, home appliances, personal care products and more.

About OTI

On Track Innovations Ltd. (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.

Chiraag Patel

Chiraag Patel is a Senior Reporting Analyst and the Editor of Bitcoin and Virtual Currency channels at Lets Talk Payments. He is an engineer with deep interest in MMORPG, Virtual Banking, Game Currency and Virtual Cash. Chiraag enjoys Reading& Blogging with focus on New Innovation, Technology & Startups in the Payments Space.

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