Palm Beach, FL 12/19/11 (StreetBeat) – On Track Innovations Ltd. (Nasdaq:OTIV) announced today that Neos Tech S.r.l. a parking management operator in Italy, has extend the deployment of OTI's EasyPark(TM) electronic parking management system to the city of Turin, Italy. Turin has 1.7 million residents and with 50,000 on-street parking spaces it is the largest on-street parking market in the country. With this implementation, EasyPark(TM) will be available to over 5 million people in 20 cities across northern Italy under the "Neos Park" brand. PARX, OTI Subsidiary, is responsible for global marketing and sales, with deployments in over 110 municipalities including Israel, France and Italy, totalling over 1.1 million devices sold to date.The Turin implementation is the result of Neos Tech, OTI's Franchisee for the EaysPark in Italy, strategy to build a track record of success by deploying EasyPark in smaller cities in the vicinity of Turin. These markets served as a proof of concept, built consumer and product awareness and paved the way to this larger city adoption. Neos Tech and OTI continue to pursue other opportunities throughout Italy.
OTI's Chairman and CEO, Oded Bashan, commented, "We are excited that the city of Turin has chosen EasyPark to help manage its growing parking infrastructure. We are pleased to bring the city and residents of Turin the convenience, security and flexibility of our turnkey parking management solution. We hope that our growing base of municipal adoption in Europe, combined with expanding consumer awareness and experience of the convenience and efficiency of our EasyPark solution, will support the continued expansion of our operations throughout Europe."
What is EasyPark?
EasyPark(TM) is a unique on-street and off-street parking management solution that delivers a quick, flexible and convenient service for drivers, without the substantial capital investment and ongoing operating costs required to deploy and operate other parking solutions. EasyPark utilizes a small in-car electronic device placed in the window where it can be verified visually or using a contactless reader. The device tracks parking usage and processes payments, providing a user-friendly experience that eliminates the need for cash and reduces the time required to find and utilize traditional parking meters or pay-and-display machines. Drivers can securely deposit additional parking funds for the device either online or through public reloading stations. To facilitate adoption, Neos Tech has already established over 400 loading locations at convenience stores, newspaper stands and other retail outlets across Turin. EasyPark(TM) system provides detailed reports that allow municipalities to monitor and manage parking patterns across the city. The system easily supports multiple rates, tariffs and currencies and provides robust security.
Case Study
Since its launch in Israel in 2000, the EasyPark deployment has grown to approximately 700,000 users in over 40 municipalities, representing nearly 60% penetration of Israel's 1.2 million drivers. Israel generates annual device sales and service fees totaling approximately $2.5 million as of year-end 2010.
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