Cubic Acquires Parking Assets of Lexis Systems and Forms New Company

SAN DIEGO, Calif., January 18, 2005 –San Diego-based Cubic Corporation (AMEX:CUB) today announced that it has acquired the assets of Lexis Systems, a Vancouver-based provider of revenue collection systems for parking and public transportation. The acquisition includes intellectual property, technology, the complete product line and software suite, inventory and the Vancouver-based operations.
Lexis_sys.jpgThe assets from Lexis Systems, together with the recently acquired Traf-Park, comprise a new business unit for Cubic Transportation Systems, called Cubic Parking Systems. The company is a wholly owned subsidiary of Cubic Corporation.

The latest acquisition and company formation enhance Cubic’s regional smart card systems for public transit in parking, a vital service in major metropolitan areas.

The North American parking equipment and system control market is more than $200 million per year and is poised for growth as municipalities move away from single-space, coin-operated on-street meters to ‘multi-bay’ meters that take contactless smart cards as a form of payment.

With the combined installed customer base of Lexis and Traf-Park, Cubic Parking Systems has a substantial share of the parking market, with more than 2200 pieces of equipment installed for almost 200 customers in the United States, Canada and Mexico.

Cubic Parking Systems is headquartered in Vancouver and has regional offices in Montreal, Toronto, Nashville and San Diego

Cubic Parking Systems is the only company to offer a contactless smart card payment system for on-street and off-street parking that is integrated and interoperable with public transit fare collection systems, so that commuters can pay for parking their vehicles with the same smart card they use to pay for fares on public transportation.

Previously, Lexis Systems has been a provider of a variety of managed services for major parking operators, national park systems, universities and colleges, hospitals, city and county projects, major ski resorts, boat marinas and large city transit programs.

Earlier this year when the Washington Metropolitan Transit Authority (WMATA) decided to use its SmarTrip® smart card system for all of its parking, it chose Lexis to provide the equipment.

Nearly 1200 Lexis Pay Stations are installed throughout North America in key cities including Vancouver, Seattle, San Francisco, Los Angeles, Santa Monica, San Diego, Denver, Dallas, Houston, Chicago, St. Louis, Minneapolis, Cleveland, Cincinnati, Columbus, Pittsburgh, Baltimore, Washington, D.C, and Atlanta. Cubic has smart card automatic fare collection systems in many of these cities and good opportunities in others. Parking is a factor in all of them. Integration with the mass transit ticketing system is a natural step.

Central Parking Corporation (NYSE: CPC), a $1.3 billion NYSE company, previously owned, through an affiliate, a controlling interest in Lexis Systems and operates Lexis machines in over 500 locations.
Cubic Parking Systems will continue to support Central Parking as a supplier and systems integrator under a 5-year service contract. “As the world’s largest operator of parking services, we are very excited about the opportunities this opens up for us to provide services that are interoperable with regional smart card programs,” said Emmanuel Emanuel Eads, President and Chief Operating Officer of Central Parking Corporation.
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