City of New Haven Signs Agreement with Parcxmart Technologies for Comprehensive Smart Card Payment System

Parcxmart Technologies(TM), Inc. announced today that it has signed an agreement with the City of New Haven to launch a secure and convenient payment system for both municipal parking and retail purchases that will benefit the citizens of the New Haven region, improve operating efficiencies for the city, and increase retailer store traffic and sales. The launch is scheduled for early 2005.

"We have joined with Parcxmart to rollout New Haven's smart card program to make parking, commuting, and shopping easier for everyone in our city," said New Haven Department of Traffic and Parking Director Paul Wessel. "What makes this relationship between New Haven, Parcxmart and Duncan so significant is that it is a turnkey smart card parking program that involves both the city and our local merchants. New Haven looks forward to building the first comprehensive multi-application smart card payment system on the East Coast."

Developed and implemented by Parcxmart, Duncan, and VeriFone, Inc., this parking payment system will combine a secure and convenient smart card for use in New Haven's Duncan Optima(TM) parking meters, while providing a new revenue stream for New Haven's merchants due to the Parcxmart(TM) Card multi-application technology. The consumer purchases for a nominal fee a Parcxmart(TM) Card from a participating merchant, loads up to $100 onto that card using a VeriFone Omni 3750 POS payment solution and then uses the smart card for easy payment at meters, parking garages and for small item purchases at participating merchants.

The program begins in early 2005, starting in New Haven's downtown where about 500 Duncan Optima(TM) parking meters and a number of New Haven Parking Authority garages will be able to securely accept Parcxmart(TM) Card transactions.

The Parcxmart(TM) Card solution is the first turnkey smart card payment platform linked to Electronic Funds Transfer (EFT) networks, retail merchants, and merchant banks on behalf of municipalities and the commuting public. A Parcxmart(TM) Card has electronic value loaded through the VeriFone Omni 3750 using cash or a debit or credit card processed via existing EFT networks, just as any other over-the-counter purchase using debit or credit is done today. The consumer inserts the Parcxmart(TM) Card into the Duncan meter and pays for parking. All funds management and movement associated with the value of issued cards is managed by Banknorth. The parking system operator is reimbursed for revenue spent at city parking on a predetermined settlement schedule. Access to purchasing and loading value to the Parcxmart(TM) Card is through a network of local merchants that benefit from commissions generated by selling and reloading dollar value on the cards.

"The benefits of offering Parcxmart multi-application smart cards to a parking system operator are that operating costs decrease while revenue increases. Merchants benefit because they can generate store traffic and income by selling the cards and reloading value on the cards," said John Regan, President and CEO of Parcxmart Technologies. "The interoperability of these cards means consumers can use the cards for parking and for purchasing items within participating local stores and in all participating cities."

About Parcxmart Technologies

Headquartered in Hampton Falls, New Hampshire, Parcxmart is an information technology company specializing in smart card payment solutions, with its initial focus on Municipal parking operations. For more information go to www.parcxmart.com.