EASYFUEL™ PETROLEUM PAYMENT SOLUTION ENTERS EUROPEAN MARKET: FIRST GAS STATION NETWORK BEING INSTALLED IN SPAIN
Cupertino, CA – October 7, 2003 – On Track Innovations Ltd. (OTI) a global leader in contactless microprocessor-based smart card solutions, today announced another step in its launch of its “EasyFuel” wireless solution for petroleum payment management and loyalty programs for oil companies, commercial transport and transportation fleets, and private motorists. The first European gas station network will be in Spain, currently being installed in a commercial-transport route going from north to south across the country.
In order to create this network, OTI has partnered with Practic Import S.L., one of the main suppliers of products for gas stations in Spain. Practic Import is a distributor in Spain for numerous companies, and many of Spain’s gas station equipment installers are current customers of Practic Import.
wireless solution represents the next generation of OTI’s Gasoline Management System developed specifically to meet the challenges of the U.S. and European markets, providing easy, quick and cost-effective installations, minimum maintenance and fast turn around at the pump. The EasyFuel system has built- in benefits for oil companies, commercial fleet operators, financial institutions, and private motorists. The oil companies build loyalty with fleet companies via long-term contracts, as well as with private motorists. The OTI solutions are easily integrated into existing hardware and software systems. The system allows for 24- hour non-attendant sales, as well as greater in-store purchases. Fleet companies eliminate nonauthorized fueling and receive comprehensive billing and detailed operating information. The financial institutions benefit from new transaction fees and greater cash flows. Retail customers receive 24- hour, fast, cashless service and loyalty program rewards.
Marceli Vidal, Director of Marketing for Practic Import, commented on the partnership with OTI, “We are very pleased to add OTI to the companies we represent and whose products we distribute to gas stations across Spain. We consider OTI and its new EasyFuel petroleum solution of great potential for the present and future. After completing the initial evaluation period of the past few months, we believe that EasyFuel is an extremely innovative and unique solution. Its installation is easy, without any cables, which also eliminates any maintenance required on site.
Based on the first installations, we are very satisfied with the performance of the products and believe that we are on our way to a widespread adoption of this product in our market.” Oded Bashan, President and CEO of OTI, commented, “This exciting partnership with Practic Import in Spain represents an important step for our entry into the European market. Practic Import is a well-established and highly regarded key supplier of Spain’s gas station market.”
Several major oil companies, such as BP, as well as commercial fleet companies, have adopted OTI’s solution for petroleum payment and fleet management in Africa, South America, and Europe. The fleet product has been operating in South Africa via BP under the brand name FuelMaster, and currently includes approximately 500 gas stations and 40,000 vehicles. In 2002, over 26 million gallons (100 million liters) of fuel were dispensed through the FuelMaster System, for which OTI receives a volume-based fee and a monthly management fee for backoffice service. The Company expects a total of approximately 45.2 million gallons (170 million liters) of fuel to be dispensed in 2003.
Mr. Bashan concluded, “EasyFuel, like our product solutions for micropayments, parking, masstransit ticketing, and Smart ID and secure campuses, is another example of how OTI’s technology is improving the way we live and work. We look forward to reporting to you on our future developments and continued progress.”
OTI will be demonstrating both the EasyFuel and Micropayments Solutions at the NACS Show, the largest gathering of convenience and petroleum retailers and suppliers, October 12-14, at McCormick Place in Chicago, booth #5328.